Scribd
Upload
39 views

Semester Spring 2022 Fundamentals of Auditing (ACC311) Assignment No.1

This document provides information and instructions for Assignment 1 for the course Fundamentals of Auditing (ACC311). The assignment involves responding to two scenarios related to internal controls. For Scenario I, students are asked to identify five key areas of internal controls for a new mobile phone company to consider. For Scenario II, students must provide five points to convince a textile company's management to implement a computerized information system to better monitor internal controls. The assignment is due on June 24th and specific formatting and referencing guidelines are provided. Late submissions will not be accepted.

Uploaded by

Mujtaba Ahmad
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
39 views

Semester Spring 2022 Fundamentals of Auditing (ACC311) Assignment No.1

This document provides information and instructions for Assignment 1 for the course Fundamentals of Auditing (ACC311). The assignment involves responding to two scenarios related to internal controls. For Scenario I, students are asked to identify five key areas of internal controls for a new mobile phone company to consider. For Scenario II, students must provide five points to convince a textile company's management to implement a computerized information system to better monitor internal controls. The assignment is due on June 24th and specific formatting and referencing guidelines are provided. Late submissions will not be accepted.

Uploaded by

Mujtaba Ahmad
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 3

Semester Spring 2022

Fundamentals of Auditing (ACC311)


Assignment No.1
Due Date: 24th June, 2022 Total Marks: 10

Topic to be Tested:
Understanding the Entity and Its Environment

Learning Outcomes:
After going through this activity, the students would be able to learn about:
 What is internal control system
 What are its different components
 Why monitoring of controls is important
 Why it is an important to know and review components of internal control to understand
entity and its environment
 What factors should be considered by management to understand the process of internal
control system in a computerized environment

You recently graduated from a business school with specialization of auditing and finance. Now, you
are applying for job and recently called for interview by a chartered accountant firm. During an
interview, panel has given you two different scenarios and asked your response under each of the
following:

Scenario I
Company Bee is relatively a new entrant in the mobile phone industry and keen to develop a strong
internal control system for better monitoring of its operations. Which key areas of internal controls
should be considered by the management while establishing the control system?
(1 Mark each for providing five relevant areas = 5 Marks)

Scenario II
Company Xee is doing business in a textile industry with core focus on supplying raw material to
garments manufacturers. The management is in view to boost business outreach by forward
integration. In this connection, management decided to establish company’s own factory outlets by
targeting key markets of the city. Currently, books of accounts are being kept manually for financial
reporting. Now, there is a dire need to transform from manual to computerized information system
to strengthen the monitoring of internal controls pertaining to financial statements and to avoid
bottlenecks in the business processes. How will you convince the management that they should
deploy a computerized information system for better monitoring of internal controls?
(1 Mark each for providing five relevant points = 5 Marks)
Semester Spring 2022
Fundamentals of Auditing (ACC311)
Assignment No.1
IMPORTANT:
24 hours extra / grace period after the due date is usually available to overcome uploading
difficulties. This extra time should only be used to meet the emergencies and above-mentioned due
date should always be treated as final to avoid any inconvenience.

IMPORTANT INSTRUCTIONS/ SOLUTION GUIDELINES/ SPECIAL


INSTRUCTIONS
BE NEAT IN YOUR PRESENTATION
OTHER IMPORTANT INSTRUCTIONS:
DEADLINE:

 Make sure to upload the solution file before the due date on VU-LMS.

 Any submission made via email after the due date will not be accepted.
FORMATTING GUIDELINES:

 Use the font style “Times New Roman” or “Arial” and font size “12”.

 It is advised to compose your document in MS-Word format.

 You may also compose your assignment in Open Office format.

 Use black and blue font colors only.

REFERENCING GUIDELINES:
Use APA style for referencing and citation. For guidance search “APA reference style” in Google
and read various websites containing information for better understanding or visit
https://linguistics.byu.edu/faculty/henrichsenl/apa/APA01.html
https://wwnorton.com/college/english/write/lsh/full/r-apa-style.html

RULES FOR MARKING:


Please note that your assignment will not be graded or graded as Zero (0), if:

 It is submitted after the due date.


Semester Spring 2022
Fundamentals of Auditing (ACC311)
Assignment No.1

 The file you uploaded does not open or is corrupt.

 It is in any format other than MS-Word or Open Office; e.g. Don’t submit in Excel,
PowerPoint, PDF format etc.

 It is cheated or copied from other students, internet, books, journals, handouts etc.

Note related to load shedding: Please be proactive

Dear students

As you know that Pre Mid-Term semester activities have been started and
load shedding problem is also prevailing in our country. Keeping in view
the fact, you all are advised to post your activities as early as possible
without waiting for the due date. For your convenience; activity schedule
has already been uploaded on VU-LMS for the current semester, therefore
no excuse will be entertained after due date of assignments, quizzes and
GDBs.

You might also like