Case 1 Solution and Answers

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CASE 1 : A DELIMA (SOURCE: ANSWERS FROM ALL GROUP PRESENTATION AC2208E MARCH-JULY 2012) PROBLEM SOLUTION - TIMESHEET ARE MANUALLY PREPARED BY EMPLOYEES Em!"#$$% &$'"& *$+& +m$ +, ". *$m%$!/$%) U%$ .,'* '& U%$ $#$% &$'",++", U%$ +m$ '!"'3 m'*+,$ 4 *.m5&+, S.$&/+%$ +m$ +, ". "6 *$ $m!"#$$%  S*".! *+&$ , ++",! $m!"#$$  7*" ', m",+"& *$ $,,'$ , +m$%*$$ -DOCUMENTS ARE NOT PROPERLY PRE- NUMBERED RECORDED DOCUMENTED S!$% +,/"+'$ &$ m,.!!# &".'$% ," &$-,.m5$&$ M",*!# %$m$, "6 ''"., ," $&+"+'!!# &$&$ 9 ",!# &$&$ %$, " '.%"m$& 7*$, #m$, * 5$$, !", ".%,+, -D"'.m$,% (+,/"+'$ PO DO $') %*".! 5$ &"$&!# &$-,.m5$&$ -U%$ !$% $++", "6 %,& 6+,,'+! %"67&$ (MYOB UBS SAP $') -P$&+"+'!!# &$&$ .$ '",&"! ''".,% -LAC OF AUTHORISATION OF BUSINESS TRANSACTION N" SOP 9 !! $'+%+", 7$&$ m$ .*"&+%$ 5# $+*$& E, ;#$ "& P, H%*+m* P$&%",! /$*+'!$ $<$,%$% 7$&$ '*&$ " '"m,# A!! $'+%+", %*".! 6"!!"7 SOP E<$,%$% %*".! 5$ .*"&+%$ 5# !$% 7" $&%",% P$&%",! $<$,%$ ', 5$ '*&$ % '"m,#=% $<$,%$ S$&$+", "6 .+$% 57 $&%",%  7*" &"/$ %m+, *$ "'.m$,% S*".! 5$ %$&$ " $,$&! , %$'+6+' .*"&+>+", LAC OF TRAINING I,$?.$ @"5 &+,+, T*$ '"m,#=% %$'&$&# +% +, *$ "+,+", * C+3 Am# +% 6&$%* &.$ 6&"m !"'! .,+/$&%+# 7+* ," &$!$/, 7"&3+, $<$&+$,'$ " *,!$ *$& @"5 $%'&++", $66$'+/$!# % F+,,'$ E<$'.+/$ A %+m!$ *+, % ''".,+, &$m$, 7% .,5!$ " 5$ %"!/$ 5# C+3 Am# C+3 Am# %*".! 5$ %$, 6"& 6.&*$& &+,+, 5# *$ '"m,#=% " m,$m$, " 6.&*$& $,*,'$ *$& .,$&%,+, +, &$!+", " *$&  @"5 $%'&++", , '"m$$,'# " $&6"&m *$& @"5 T*$ m,$m$, %*".! $,&"! *$& " %*"& '".&%$ $%+,$ " +m&"/$ 7"&3 $66+'+$,'# , $66$'+/$,$%% +, ,# !"'! +,%+.+",% %.'* % U+TM S.,7# U,+/$&%+# , "*$&% IMPROPER ORGANI;ATION CHART   I %*".! 5$ &"$&!# &7, 7+*

Transcript of Case 1 Solution and Answers

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CASE 1 : A DELIMA (SOURCE: ANSWERS FROM ALL GROUP PRESENTATION AC2208EMARCH-JULY 2012)

PROBLEM SOLUTION- TIMESHEET ARE MANUALLY PREPAREDBY EMPLOYEES

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• U%$ .,'* ' &

U%$ $#$% &$'" ,+ +",• U%$ +m$ '!"'3 m '*+,$ 4 *.m5 &+,

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• S*".! *+&$ , + +", ! $m !"#$$ 7*" ' , m",+ "& *$ $, ,'$ ,

+m$%*$$

-DOCUMENTS ARE NOT PROPERLY PRE-NUMBERED RECORDED DOCUMENTED

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* 5$$, !", ". % , +,

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-U%$ ! $% $ + +", "6 % , & 6+, ,'+ !%"6 7 &$ (MYOB UBS SAP $ ')-P$&+" +' !!# &$ &$ . $ '", &"!

''"., %

-LAC OF AUTHORISATION OF BUSINESSTRANSACTION

• N" SOP 9 !! $'+%+", 7$&$ m $ . *"&+%$ 5# $+ *$& E, ; #$ "& P,

H %*+m *

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!$ % 7" $&%",%• P$&%", ! $< $,%$ ' , 5$ '* & $

% '"m ,#=% $< $,%$• S$ &$ +", "6 . +$% 5 7 $&%",% 7*" &"/$ % m +, *$

"'.m$, %• S*".! 5$ %$ & $ " $,$& ! ,

% $'+6+' . *"&+> +",

LAC OF TRAININGI, $?. $ @"5 & +,+,

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IMPROPER ORGANI;ATION CHART I %*".! 5$ &" $&!# & 7, 7+ *

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P # 5!$% , R$'$+/ 5!$% %*".! 5$%%+ ,$ " +66$&$, $&%",,$!

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ISSION AND MISSION• T*$ C"m ,# ",!# * % m+%%+",

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APPOINTMENT OF AUDITOR• D+&$' "&% %+m !# "+, . + "&

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C=S CREDITWORTHINESS T*$ 3$# $!$m$, % 5"&&"7$& %*".! * /$+, "& $& " "5 +, '&$ + :

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STATUTORY AUDIT• C"m ,# + ," $&6"&m *$

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• P&+/ $ C"m ,+$% m # ,$$ " "%" 7*$, !#+, 6"& !" ,% , $ '6&"m F+, ,'+ ! I,% + . +",%

AUDITOR=S DUTIES ANDRESPONSIBILITIES

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PROBLEM IN FINANCE DI ISION• I,/"+'$ ," &$-,.m5$&$• C"m ,# + ," %$, S $m$, "6

A''"., (SOA) " '!+$,• N" &$ &$ m", *!# &$'",'+!+ +",• U%$ '"m ,#=% m",$# 6"& $&%", !

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YES

W*" %*".! 5$ *$! &$% ",%+5!$ ,''"., 5!$

NOT ONLY DIRECTOR ALLMANAGEMENT LE EL SHOULD BERESPONSIBLE ANDACCOUNTABLE

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7+ * G$,$& !!# A''$ $ A''"., +,

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P&+'+ !$% (GAAP) *$, *$ . + "&%+m !# % $% * *$ 6+, ,'+ !% $m$, % &$ 6 +&!# &$%$, $ 7+ *

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