1. A preliminary audit plan assessing internal control risk and providing preliminary
judgment for detection risk.
You are required to justify the audit plan by referring to theoretical grounds learnt from the
unit ACC305 – Auditing and Professional Practice.
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Abstract
Statements of Auditing Standards 300(SASs) (2004) provide guidance in accounting
and internal system controls of risk, audit framework and assessing the internal control risk
carried under the WIP inventory. The preliminary model of audit plans the assignment focuses
at the risk inherent to the system and substantive procedures on the “Working in Progress”
inventory.
The following case study addresses below requirements primarily with the audit plan;
1. In MTI office movement, bookkeeping standard was lost and issues like server crash.
2. Strategic approach to access and formulate guidance for the MIT and EI.
3. Suppliers sent sample programs that had been infected with a virus. No mechanism to
detect and investigate.
4. Secured strategies, legislative regulations for effective and economical use of resources.
5. Ensure dependability of data, records and information.
Safeguard MTI’s interests and assets from losses of all kinds, like fraud, irregularity or
corruption and monitor the achievement based on (CAD/CAM) system.