AUI2601 Assignment 4 Semester 1 - DUE 21 May 2024

AUI2601 Assignment 4 Semester 1 2024 ;100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)........... AUI2601 ASSIGNMENT 4 SEMESTER 1 2024 ;100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)........... Internal Auditing: Theory and Principles AUI2601 Semester 1 – Assessment 4 Department of Auditing IMPORTANT INFORMATION Please register on myUnisa, activate your myLife e-mail address and make sure that you have regular access to the myUnisa module website, as well as your group website. Note: This is a blended module and therefore it is available on myUnisa. However, in order to support you in your learning process, you will also receive some study material in printed format. ASSESSMENT 04: ESSAY-TYPE QUESTIONS DATE OF SUBMISSION First semester: 21 May 2024 10h00 This declaration holds you accountable for completing your assignment on your own. PLAGIARISM DECLARATION: By submitting AUI2601 assignment 04, I declare that: • I have read the Unisa Students’ Disciplinary Code. • I know what plagiarism is, that plagiarism is wrong and that disciplinary steps can be taken against me if I am found guilty of plagiarism. • This assignment, submitted by myself, is my own work and I have referenced all the sources that I have used. • I have not allowed any other student to copy my work. • I know that if I am found to be in violation of this declaration, I will receive 0% for the assignment involved. Please note: You do not have to submit the declaration. By submitting any AUI2601assignment, you automatically declare that you adhere to all the above regarding the specific assignment. QUESTION 1 28 marks Part A Sun-look Ltd is responsible for selling and distributing various types of sunglasses through their online shop. Sun-look expanded their operations during the past few years and recently established an internal audit function. Thabo Ndlovu has been appointed as the internal audit manager. It became clear to Thabo that the concepts of independence and organisational independence are terms that senior management is unfamiliar with. Thabo decided to prepare a presentation on independence and present it at the next management meeting. REQUIRED Marks 1.1 Define independence as it pertains to an internal audit function and explain the reporting relationship that should be in place to obtain organisational independence. (3) 1.2Explain to senior management what independence means for internal auditors. (5) Part B During the first board meeting it became clear that the board of Sun-look Ltd are unsure of the internal audit function’s responsibilities regarding assistance to management and the governance processes. REQUIRED Marks 1.3 List and describe the four functions of management. (6) 1.4Provide examples to senior management on how internal audit can assist management. (5) 1.5 Describe the terms governance, risk, and control. (3) 1.6 Describe the responsibilities that the internal audit function is required to perform to improve the governance processes of an organisation by referring to the Institute of Internal Auditors (IIA) Standards. (6) Main topic Marks 1 Roles and responsibilities of internal auditors 28 2 Phases of internal audit process and types of engagement 11 3 Control and control processes 16 4 Audit evidence 35 5 Internal and external auditing 10 Total 100