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Practical Internal Audit Reports are as follows. Question 1 ABZ Co is new company, so owner of company is not sure about payment process, so request you are accountant who will be promoted as internal auditor when company grows to list and explain payment process. Currently ABZ will pay its supplier, BMM Co for 100 Phones (inventories) of $50,000. Required:

PRACTICAL INTERNAL AUDIT REPORT Learning Objectives I.INTRODUCTION II. INTERNAL AUDIT REPORT ……………………………………………………… I.INTRODUCTION In practice, internal audit reports will be different from company to another company or country to another country. Also internal auditors’ tasks are different, so they are assigned tasks that owners require to do. II. INTERNAL AUDIT REPORT What is an Internal Audit Report? The internal audit

Practical Internal Audit Questions on Inventories The following Questions as follows: Question 1 Describe briefly about the main objective of inventory count. Question 2 What is completeness assertion for inventory? Question 3 What is existence assertion for inventory? Question 4 What are valuation and allocation assertion for inventory? Question 5 Describe briefly the strong internal controls for inventory purchase processes.

Practical Internal Audit Questions on Tangible Fixed Assets as follows: Question 1 ALK Group Co faces problem of managing fixed assets, and non-current assets may lose. Now shareholders of company requests internal auditors, accountants and admin officers corporate each other to make fixed asset management procedure for their company. Required: Make tangible fixed asset management procedure Question 2 Recently company

Practical Audit Questions on Trade Payable and Trade Receivable as follows: Question 1 Recently Gold Trading Group Co faces problem of controlling trade receivable after financial manager resigned. Shareholders of company suspect a few trade receivables are incorrect, so they require internal auditor check one customer, Trading Co, as first sample. This customer trade receivable is required to check from