Operational Audit Project Guideline

BKA2013 AUDIT & ASSURANCE SERVICES PROJECT

SECOND SEMESTER 2014/2015 (A142)Project Guideline (25%)This project is assigned to the Audit 1 students. The project is designed with the aimed to fulfill the coursework assessment. The purposes of the Project are two folds: provide students with thorough understanding of the auditing procedures and processes and developed the communication and cognitive skills in planning audit focusing on accounting cycles. Specifically, this Project is designed to assess students achieving Course Learning Objective (CLO) 3, which is applying the audit procedures from planning to completion in an audit of financial statement. In doing so, students are expected to identify various sources of documents, processes and activities and related internal control of the accounting cycles. In addition, students are expected to acquaintance knowledge and experience of auditing process in each of the accounting cycles, for example audit plan, assessing the risk and internal control of business, and audit procedures. Upon completion of the project, students are expected to be familiar with the document sources in the accounting cycles and internal audit.

Assessment will be judged based on clarity in describing the source documents, relevance of the audit process and thoroughness of presenting the audit procedures in relation to the accounting cycles.

Project Guideline: Please refer below.

1. Select any type of company that can be adequately studied and researched. Please consult your lecturer about the company before starting the project.

2. Use appropriate methods in gathering the information about the company (e.g. interview method and archival method).

3. All members of each team should meet and decide how to organize the teams and who will accept leadership positions on the teams. All team members are expected to make substantial contributions. If any team member does not perform up to the expectations of the other team members, he or she will receive a reduced grade on the project. 4. To complete the project during the semester and all of group members need to participate in presentation. 5. Communication and contacts with personnel at local companies and in all presentations, you should dress and act professionally.Tasks

You are required to produce a report addresses the following:

Part 1: Introduction

Briefly describe the background of the company

Part 2: Related to accounting

1. The source documents use in the accounting cycles.2. Draw the flow charts of the cycles.

3. The activities or processes involved for the whole accounting cycles.4. The accounting records and accounts involved for the whole accounting cycles.

Part 3: Related to Auditing

1. The audit plan for the above accounting cycles.

2. The assessment of internal controls in place either through the source documents, activities or processes involved in the accounting cycles.3. The solution for the weak internal controls above if any.

4. The relevant audit procedures for the above accounting cycles.

Part 4: Conclusion

Conclude the report based on the field works and archival information.

Marks

Report: 20%

Presentation: 5%

Submission date: 23 April 2015

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