CAS1501 Assignment 3 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED

CAS1501 Assignment 3 (DETAILED ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED Answers, guidelines, workings and references ................... Read the following CASE STUDY: CASE STUDY Position advertised: Head: Internal Audit Recruiter: Financial Recruitment Job Ref: JHB00521/EG Date posted: Thursday, 14 March 2024 Location: SANDTON, South Africa Salary: R3600000 Annually SUMMARY: An esteemed company in the financial sector with shareholding listed on the Johannesburg Stock Exchange is inviting applications from experienced and qualified professionals for the position of Head: Internal Audit. This company contributes to the well-being of South African citizens by paying dividends annually, promoting financial stability, practising integrity, and stimulating economic growth in the country. The cornerstone of the company’s contribution involves management balancing the company’s profit and innovation focus with compliance with the Constitution of South Africa and all relevant legislation. Practically, the company’s contribution is, amongst others, achieved through resourcing value-creation and relationship building actions, including a defining customer loyalty programme, across the country. Annual reports provide extensive detail of the company’s value-creation and relationship building actions. POSITION INFO: The company is seeking a proactive individual to take charge of the internal audit function, concentrating on supervising human resources, operations, and risk management, including fraud risk, domains. As the Head of Internal Audit, your pivotal role requires propelling the company’s overarching mission through strategic leadership, oversight of compliance with laws and regulations, and the promotion of continuous improvement in audit processes. Join a devoted team dedicated to upholding financial stability, integrity, and growth in South African financial markets. Your leadership and expertise will play a substantial role in driving the accountability and integrity of this company. 2 DUTIES: • Co-developing strategic and audit plans and departmental strategy. • Overseeing the implementation of strategic projects in line with the strategic plan • Planning and overseeing the execution of audit projects according to the annual audit plan. • Staying updated with developments in the internal audit profession and conducting proactive research for added business value. • Overseeing the compilation of executive and individual audit reports for executed projects. • Ensuring compliance with legislative and regulatory requirements, identifying, assessing, and mitigating risks within the Internal Audit Department (IAD) and the division • Managing internal and external client relationships, ensuring satisfaction • Providing management information for the division • Leading, managing, and developing staff members. • Contributing to the development, implementation, and maintenance of methodologies, policies, procedures, and systems for internal audit services QUALIFICATIONS: • Matric (Grade 12) • BCom Accounting / BCom Internal Audit • Honours degree in Business, Commerce, or Technology • CA(SA) or (CIA) EXPERIENCE: • Minimum 10–12 years of experience in an internal audit environment with at least five years in a senior management position • COSO framework and other governance and control frameworks • Data analytics • Governance, risk management, and compliance • Continuous auditing • Project management SKILLS AND COMPETENCIES: • Strong understanding of accounting standards and finance • Adherence to the IIA Code of Ethics • Working under pressure • Leading change in self, others, and the company • Developing and growing others in your team • Effective communication INTERESTED: To express your interest, kindly forward your detailed resume to ………………………………………. 3 DO NOT CONTACT US: If you have not had any response in two weeks, please consider the vacancy application unsuccessful. Your profile will be kept on our database for any other suitable roles / positions. USING THE BEST OF YOUR KNOWLEDGE BASE, ANSWERS ALL QUESTIONS BELOW B1.1.1 State WHAT the CASE STDUY contains. B1.1.2 Name the role-player that the CASE STUDY is about (not the company). B1.2 in one or two full sentence(s), describe where the role-player in the CASE STUDY fits into an organogram. B1.3.1 Using 2.2.1.1, name the broader role of the role- player in the CASE STUDY. B1.3.2 Using 2.2.1.1, in one of two full sentences, describe what the broader role in B1.3.1 requires of the role- player in the CASE STUDY. B1.3.3 Using 2.2.1.1a, in one of two full sentences, describe how the role- player in the CASE STUDY would comply with their broader role in B1.3.1 B1.3.4 Using 1.3.4.4, name ONE principle listed that would support attempts of the role-player in the CASE STUDY to practise their broader role described in B1.3.3. B1.3.5 For the principle named in B1.3.4, in one of two full sentences, describe why that ONE principle is likely to support attempts of the role-player in the CASE STUDY to practise their broader role described in B1.3.3. Align your answer to 2.2.1.1a and 2.2.7.3f. Phrase your answer as follows: The (insert the broader role from you answer in B1.3.1) of (insert the name the role-player in the CASE STUDY as mentioned in B1.2) is supported by (insert the principle from B1.3.4), which leads to (DESCRIBE HOW YOU’RE YOUR ANSWER IN B1.3.3 WOULD BE ACHIEVED BY THE PRINCIPLE= align your answer to 2.2.1.1a and 2.2.7.3f). B1.4.1 Using 2.2.3.1, NAME the ONE category that the role-player in the CASE STUDY fits into. B1.4.2 Using 2.2.3.1, in one or two full sentences, describe the broad aim of the category named in B1.4.1. B1.4.3 Using 2.2.4.2 in one or two full sentences, describe the specific aim of the category named in B1.4.1. B1.5.1 Using 2.2.5.1, name the ONE main problem. B1.5.2 Using 2.2.5.1, in one or two full sentence(s), describe how the problem in B1.5.1 is addressed. B1.6.1 Using 2.2.5.2, provide the ONE overall name for the response to the problem discussed in 2.2.5.1 B1.6.2 Using the discussion in 2.2.5.2, in one or two full sentence(s), describe how the role-player in the CASE STUDY addresses the problem named in B1.5.1. B1.7.1 Using the discussion in 2.2.6.5b, name the ONE MAIN component where the role-player in the CASE STUDY fits in. B1.7.2 Using your answer in B1.7.1 and the discussion in 2.2.6.5b, name the ONE MAIN FOCUS AREA of the role-player in the CASE STUDY. B1.8.1 Using 2.6.6.5d, name the TWO perspectives to be kept in mind by the role-player in the CASE STUDY. B1.8.2 Using 2.6.6.5d, in one or two full sentence(s), describe the ONE MAIN focus of THE FIRST perspective mentioned in B1.8.1. B1.8.3 Using 2.6.6.5d, in a full sentence, describe the ONE MAIN focus of THE SECOND perspective mentioned in B1.8.1. B1.9.1 In the CASE STUDY, under the heading SKILLS AND COMPETENCIES, six items are listed. FULLY AND CORRECTLY COPY from the CASE STUDY into your answer the three items listed that you DIRECTLY associate with the content of 2.2.7. B1.9.2 For the FIRST item copied into your answer in B1.9.1, in a full sentence motivate your item based on 2.2.7. Phrase your answer as follows: (Your FIRST item in B1.9.1) aligns with (a concept from 2.2.7). B1.9.3 For the SECOND item copied into your answer in B1.9.1, in a full sentence motivate your item based on 2.2.7. Phrase your answer as follows: (Your SECOND item in B1.9.1) aligns with (a concept from 2.2.7). B1.9.4 For the THIRD item copied into your answer in B1.9.1, in a full sentence motivate your item based on 2.2.7. Phrase your answer as follows: (Your THIRD item in B1.9.1) aligns with (a concept from 2.2.7). B1.10.1 In the CASE STUDY, under the heading SKILLS AND COMPETENCIES, six items are listed. FULLY AND CORRECTLY COPY from the CASE STUDY into your answer the three items listed that you DIRECTLY associate with the content of 2.2.2. NOTE: YOU MAY NOT REPEAT ITEMS ALREADY LISTED IN B1.9.1. B1.10.2 For the FIRST item copied into your answer in B1.10.1, in a full sentence motivate your item based on 2.2.2. Phrase your answer as follows: (Your FIRST item in B1.10.1) aligns with (a concept from 2.2.2). B1.10.3 For the SECOND item copied into your answer in B1.10.1, in a full sentence motivate your item based on 2.2.2. Phrase your answer as follows: (Your SECOND item in B1.10.1) aligns with (a concept from 2.2.2). B1.10.4 For the THIRD item copied into your answer in B1.10.1, in a full sentence motivate your item based on 2.2.2. Phrase your answer as follows: (Your THIRD item in B1.10.1) aligns with (a concept from 2.2.2). B1.11.1 Use the information in the CASE STUDY, under the heading QUALIFICATIONS and the content of 2.3. Give the FULL NAMES (not abbreviations) of the TWO professional bodies that the role-player in the CASE STUDY could be a member of. B1.11.2 Considering you answer in B1.11.1, motivate whether or not the role-player in the CASE STUDY is likely to meet the requirement in 2.2.7.3d. B1.12.1 Name the principle discussed in 2.4.1.2a. B1.12.2 Indicated whether or not the principle named in B1.12.1 applies to the organisation that the CASE STUDY is about. Your answer should be either YES or NO. B1.12.3 Using 2.4.1.2a, motivate your answer in B1.12.1 and B1.12.2 in a full sentence. B1.13.1 Using the SUMMARY section of the CASE STUDY, identify and copy A FULL SENTENCE in the CASE STUDY that supports one of the actions mentioned in 2.4.1.2c. B1.13.2 Using the SUMMARY section of the CASE STUDY, identify and copy a FULL SENTENCE in the CASE STUDY that supports the guidance mentioned in 2.4.1.2e. B1.14.1 Using the SUMMARY section of the CASE STUDY and 2.4.1.4, identify and NAME the ONE school of thought applicable to the organisation that the CASE STUDY is about. B1.14.2 Using the SUMMARY section of the CASE STUDY, identify and copy THREE PHRASES in the CASE STUDY that supports your answer in B1.14.1. Note – each phrase should consist of between three to eight words. B1.14.3 Using your answer in B1.14.1 and 2.4.1.4, identify and NAME the OTHER school of thought (not the one you selected in B1.14.1). B1.14.4 Using 2.4.1.4 and your FIRST answer in B1.14.2, explain ONE change to the CASE STUDY that would clearly make the school of thought in B1.14.3 applicable. Phrase your answer as follows: (FIRST phrase from B1.14.2) should be changed to (add your answer) to change the case study to (school of thought in B1.14.3). B1.14.5 Using 2.4.1.4 and your SECOND answer in B1.14.2, explain ONE change to the CASE STUDY that would clearly make the school of thought in B1.14.3 applicable. Phrase your answer as follows: (SECOND phrase from B1.14.2) should be changed to (add your answer) to change the case study to (school of thought in B1.14.3). B1.14.6 Using 2.4.1.4 and your THIRD answer in B1.14.2, explain ONE change to the CASE STUDY that would clearly make the school of thought in B1.14.3 applicable. Phrase your answer as follows: (THIRD phrase from B1.14.2) should be changed to (add your answer) to change the case study to (school of thought in B1.14.3). B1.15.1 Read and reflect on 3.6.2. Using your understanding of 3.6.2, name ONE method that you applied to avoid plagiarism when answering question B1.8.2. B1.15.2 Motivate how the method in B1.15.1 avoids plagiarism in B1.8.2. B1.15.3 Read and reflect on 3.6.2. Using your understanding of 3.6.2, name ONE method that you applied to avoid plagiarism when answering question B1.14.2. Do not repeat the method in B1.15.1. B1.15.4 Motivate how the method in B1.15.3 avoids plagiarism in B1.14.2. Do not repeat the motivation in B1.15.3. B1.15.5 Read and reflect on 3.6.2. Using your understanding of 3.6.2, name ONE method that you applied to avoid plagiarism when answering question B1.14.4. Do not repeat the method in B1.15.1 or B1.15.3. B1.15.6 Motivate how the method in B1.15.5 avoids plagiarism in B1.14.4. Do not repeat the motivation in B1.15.2 or B1.15.4.