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.