Explore the nature of internal controls in business organizations.

Assignment for Advanced Auditing

Marks : 15%
Basis : Group, maximum 2
Due date :

Objective Explore the nature of internal controls in business organizations.
To relate the concept of internal control on classroom to those in practice.
To apply the skills/ method used by auditors to document the internal control system
Learning Outcome Understand and appreciate the nature and significance of internal control.
Understand the actual practice of the internal control systems in an organization.
Understand the nature and method applied by auditors concerning their responsibility in internal controls.
Apply all relevant communication skills to communicate with others particularly in data collection.

General guidelines

Topic: The internal Control System and Procedures in XYZ: A Case of XYZ System
Identify an organization
Identify a specific process in the organization that is related to the accounting cycles (refer text book).
Please confirm the title and selected process before proceed.

Structure of the report
An overview of the company/ organization
Detail description about the selected process (narrative)
The whole process
The types of documentation involves in the process
Category of control activities at each step in the process
Identify any control weaknesses in the process
Suggestion of control activities needed to improve the system
Present the above description using relevant flowcharts
Conclusion on the overall internal control of the system (ignoring the control assessment part).

The format of the report.
Cover
Title page
Acknowledgement
Table of contents
The main part of the report as per (2) above.
Proper acknowledgement from the executive involves.
Consistent font and type (TNR/Arial/Calibri

Submission
Hard copy
Late submission subject to 5% deduction of marks.

Assessment specifications
The originality of the report
The extent of details provided
The accuracy of flowcharts presented
The ability to accurately identify the control weaknesses
The ability to suggest the possible control improvements
The overall format (consistent/ formal and well organized)

References:
Mainly refers lectures on internal controls in Unit 1 and 2
May get initial ideas on the accounting cycles from text book.

No. Element Assessment Criteria Grade
1 Format Cover
Title page
Acknowledgement
Table of contents
Proper acknowledgement from the executive involves.
Consistent font and type (TNR/Arial/Calibri)
2 Submission Hard copy
3 The contents The originality of the report
The extent of details provided
The accuracy of flowcharts presented
The ability to accurately identify the control weaknesses
The ability to suggest the possible control improvements
Deduction of marks

Total Marks