2.2 Assessment brief including criteria mapped to learning outcomes
Assessment 1 (Weighting 40%)
Assignment
Learning Outcomes Assessed
LO1. Demonstrate ability to critically explain audit approaches and procedures, which are appropriate to a range of business situations
LO2. Apply systematic knowledge of the principles of internal control evaluation and the audit of statement of financial position areas.
LO3. Critically analyse financial and non-financial information relevant to the audit of a limited company using appropriate analytical and review procedures
Assignment Task
You have recently secured a job as an internal audit manager in a company preparing to become listed in two years’ time. Having been informed that the company is deficient in its internal control processes, you have now been charged with recommending a robust system to reduce control risk. This will also help the company in preparation for listed status. In addition, the management has requested your help in understanding the audit procedures usually carried out by external auditors to obtain appropriate audit evidence.
Following your first management meeting, you realise that management have little knowledge of external audits and hold the general belief that, “An audit is only for compliance and doesn’t provide any benefits to the business – it is simply ‘red tape’ and can’t even stop fraud. The costs of the audit represent a non-productive expense and the money could be better used elsewhere.”
Required:
Part A
You should research and write a report to the management disproving their assertions and enlightening them on the significance of audits in a modern business.
Your report must be original, convincing and backed by research.
Part B
Recommend four control activities to help create a robust internal control system, giving practical examples in each case.
You should support your recommendations with appropriate research where necessary.
Part C
Discuss four audit procedures necessary to obtain appropriate audit evidence and give an example in each case.
Specific Marking Criteria:
Introduction (5 marks)
Part A (30 marks)
Part B (20 marks)
Part C (20 marks)
Conclusion (10 marks)
In-text citations (5 marks)
Reference list (5 marks)
Structure/presentation (5 marks)
Total marks for assignment 100%
Submission Criteria:
Your submission must meet all the following criteria:
I. A report with all the requirement listed below (maximum 1,500 words +/- 10%). You will be penalised with 10 marks if you exceed the word limit and your work must not be in PDF format.
It should contain:
• Cover page
• Contents page
• Introduction (must cover parts A, B and C)
• Body of the report broken down into parts A, B and C
• Conclusion(must reflect parts A, B and C)
• Reference list
• No executive summary is required*
II. Electronically submitted on time via Turnitin by due date and time.
III. Submission type: Check and comply with the assessments schedule in your Module Study Guide (MSG).
IV. Be adequately proofread prior to submission, and therefore the work must not contain significant errors of spelling and grammar.
V. Absolutely no plagiarism will be tolerated
VI. Ensure that font style is Arial or Times New Roman and font size is 12 for body text. Font size of headings and subheadings should be consistent. Please refer to those academic journals you have read if you are not sure about the font and presentation.
VII. Ensure that line spacing is 1.5 and alignment is justified.
VIII. Headings and subheadings should be numbered appropriately.
Failure to meet any of the above criteria may result in loss of marks; or disciplinary proceedings in the case of suspected plagiarism / cheating.
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