F8 Revision Test - Section B.xlsx

F8 Revision Test - Section BThis section of the exam contains three constructed response questions. Please note that you must complete Sections A of the Revision Test in the interactive PDF. Each question contains a scenario which relates to one or more requirement(s) which may be split over multiple tabs in this excel document Each question is worth 20 or 30 marks and is compulsory. This exam section is worth 70 marks in total.Important: Just as in the live exam, markers will give credit for workings as long as these are within the answer space. Markers will be able to see formulae in cells in spreadsheet answers.Please save this excel copy after you complete your Section B answers and submit it for marking to your tutor along with your completed Section A in PDF format.The content for this F8 revision test has been provided by BPP Learning Media.a) Describe the substantive audit procedures you should perform to confirm the assertions of completeness, occurrence and cut-off for purchases in the financial statements of Westra Co. For each procedure, explain the purpose of that procedure. 12 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.b) Describe the audit procedures you should perform on the trade payables balance in Westra Co's financial statements. For each procedure, explain the purpose of that procedure. 8 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.c) Describe the internal controls that should be in place over the standing data on the trade payables master file in Westra Co's computer system.5 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.d) Discuss the extent to which computer-assisted audit techniques might be used in your audit of purchases and payables at Westra Co.5 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.d) Discuss the extent to which computer-assisted audit techniques might be used in your audit of purchases and payables at Westra Co.a) Describe two methods for documenting the sales and dispatch system; and for each explain an advantage and a disadvantage of using this method.6 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.a) Describe two methods for documenting the sales and dispatch system; and for each explain an advantage and a disadvantage of using this method.b) List two control objectives of Oregano Co's sales and dispatch system.2 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.b) List two control objectives of Oregano Co's sales and dispatch system.c) Identify and explain six deficiencies in Oregano Co's sales and dispatch system and provide a recommendation to address each of these deficiencies.Double-click in the box to start typing answer and click 'OK' if a message window appears.Control Deficiency Control Recommendation c) Identify and explain six deficiencies in Oregano Co's sales and dispatch system and provide a recommendation to address each of these deficiencies.Control Deficiency Control Recommendation Control Deficiency Control Recommendation 12 marksc) Identify and explain six deficiencies in Oregano Co's sales and dispatch system and provide a recommendation to address each of these deficiencies.Double-click in the box to start typing answer and click 'OK' if a message window appears.Control Deficiency Control Recommendation Control Deficiency Control Recommendation Control Deficiency Control Recommendation a) List FIVE sources of information that would be of use in gaining an understanding of Sunflower Stores Co, and for each source describe what you would expect to obtain.5 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.a) List FIVE sources of information that would be of use in gaining an understanding of Sunflower Stores Co, and for each source describe what you would expect to obtain.b) Using the information provided, describe FIVE audit risks and explain the auditors response to each risk in planning the audit of Sunflower Stores Co .Double-click in the box to start typing answer and click 'OK' if a message window appears.Audit Risk Auditors Response b) Using the information provided, describe FIVE audit risks and explain the auditors response to each risk in planning the audit of Sunflower Stores Co .Audit Risk Auditors Response Audit Risk Auditors Response 10 marksb) Using the information provided, describe FIVE audit risks and explain the auditors response to each risk in planning the audit of Sunflower Stores Co .Double-click in the box to start typing answer and click 'OK' if a message window appears.Audit Risk Auditors Response Audit Risk Auditors Response Audit Risk Auditors Response The finance director of Sunflower Stores Co is considering establishing an internal audit department. Required: c) Describe the factors the finance director should consider before establishing an internal audit department.5 marksDouble-click in the box to start typing answer and click 'OK' if a message window appears.The finance director of Sunflower Stores Co is considering establishing an internal audit department. Required: c) Describe the factors the finance director should consider before establishing an internal audit department.