Deliverable Length: Word document of 2–3 pages Details: Download theExcel filefor this assignment. Assume that you applied for a position in UPC’s internal audit department after 5 years in the...

Individual project Capital planning
Running Head: Individual project Capital planning
Name
Institution
Date
Identify and explain 5 or more audit objectives for UPC’s capital plans.
Auditors have to examine the books of accounts and the relevant documents to enable them report the financial condition of the business. Hence, the following are objectives for the organizations’ capital plans:
1. Detection and prevention of Errors: the following types of errors were found in the process of auditing:
1.1. Errors of Commission: These errors are as a result of either wrong posting in the books of original entry or ledger accounts or wrong totaling, wrong calculations, wrong balancing and wrong casting of subsidiary books. It may be as a result of the negligence made by the accountant.
1.2 Errors of Omission: When records of transactions are missing in the books of original entry or omission of posting in the ledger could lead to such errors. Although errors due to entire omission will not affect the trial balance, partial omission errors affect the trial balance and can be detected.
1.3 Compensating Errors: are errors committed in such a way that the net result of these errors on the debit side and credit side would nullify the net effect of the error(). .
2. Misappropriation of Cash: Cash especially in big organizations can be misappropriated by various ways: Recording fictitious payments, recording more amount than the actual amount of payment, suppressing receipt, and recording fewer amounts than the actual amount of payment (Parte, 2012).
3. Misappropriation of goods: occurs when there are improper records of stock inward or stock outwards. Companies handling with high value goods are often have this kind of misappropriation (Parte, 2012).
4. Falsification or manipulation of accounts: In order to accomplish...