AUI2601 ASSIGNMENT 4 SEMESTER 1 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)........... 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