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You are the internal auditor of XYZ Limited, a transport company. Vehicles and ...

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You are the internal auditor of XYZ Limited, a transport company. Vehicles

and trucks are very important to the continual operations of the company. The

board of directors have requested internal audit to perform a financial audit

(substantive procedures) to verify the value of vehicle and trucks in the

balance sheet of the company.

Fixed assets: Vehicles and

trucks R2 350 000

REQUIRED

Match the audit objective in column A with the correct

audit engagement

procedure

in column B. (12)

To determine that the disclosure requirements of

the Companies Act and general accepted accounting practice have been adhered

to.

To determine the validity and adequacy of

insurance cover.

To determine whether the vehicles and trucks are

stated at a fair value in the financial statements.

To determine that vehicles and trucks exist and

to determine their general condition.

To determine the legal licensing of the vehicles

and trucks.

To determine the existence of the vehicles and

trucks.

To determine the ownership of the vehicles and

trucks.

To determine agreement of the amount on the

financial statement.

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