AUI3703 Assignment 2 Semester 2 2023

AUI 3703
Assignment 2
Semester 2 2023




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Part A
Question 1.1
As the senior internal auditor of Rethink Limited you are required to implement a mission statement for
the internal audit department.
Formulate an internal audit mission statement for the internal audit department and list the key
components of an internal audit mission statement.

At Rethink Limited, our Internal Audit Department is committed to providing independent and objective
assurance and consulting services. Our mission is to enhance and protect organizational value by
assessing and improving the effectiveness of risk management, control, and governance processes. We
play a vital role in helping Rethink Limited achieve its strategic objectives and fulfill its responsibilities to
stakeholders.

Question 2.3
Validating Order Numbers:
Control Type: Application Control
Explanation: This control is specific to the validation of order numbers during the receiving process,
making it an application control.
Validating Income Tax Reference Numbers:
Control Type: Application Control
Explanation: This control is related to the validation of employee information during the process of
adding a new employee to the masterfile, making it an application control.