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Question
As a financial auditor you are expected to undertake annual audits of all organisations that receive government subversions. In this regard, you were tasked to undertake a procurement audit of an institution of your choice.
It is expected that you will take note of the;
-Initiating
-Tendering
-Execution
-Wrap up among many other issues to be considered in a procurement process.
Required:
As a financial auditor you are required to describe the procurement process, while taking note of specific areas of weakness in the process that would result if not taken care of, into fraud or error.You will not be asked to undertake a procurement audit in an institution of your choice.
F8 concentrates on the audit financial statements, ‘normal’ internal control systems etc. in profit-seeking organisations. I suppose procurement would come under the purchases cycle and you would expect authorisation of the purchase, controls over placing the order with a supplier, receipt of goods and then receipt and payment of the invoice.
Look at recent papers to see the sort of topic asked.
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