AUI3702 ASSIGNMENT 2 ,2025 SEM 1

This assignment focuses on internal auditing principles, specifically within the procurement and production cycles. It covers key audit objectives such as validity, completeness, valuation, and cut-off, requiring relevant audit procedures to assess compliance and accuracy. Additionally, it examines internal controls within a tender committee, highlighting the importance of governance frameworks. The production cycle audit identifies weaknesses in documentation, inventory controls, segregation of duties, and record-keeping, recommending corrective actions. The assignment applies internal auditing standards to real-world scenarios, ensuring accountability, transparency, and efficiency in business operations while enhancing risk management and internal control frameworks.