AUI2601
ASSIGNMENT 4 SEMESTER 1 2024
UNIQUE NO.
DUE DATE: 21 MAY 2024
, AUI2601/1/2024
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.
BARCODE
Open Rubric
, 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 AUI2601
assignment, you automatically declare that you adhere to all the above regarding the
specific assignment.
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
100
2
, AUI2601/1/2024
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)
1.2 Explain 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)
1.4 Provide 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)
3
ASSIGNMENT 4 SEMESTER 1 2024
UNIQUE NO.
DUE DATE: 21 MAY 2024
, AUI2601/1/2024
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.
BARCODE
Open Rubric
, 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 AUI2601
assignment, you automatically declare that you adhere to all the above regarding the
specific assignment.
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
100
2
, AUI2601/1/2024
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)
1.2 Explain 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)
1.4 Provide 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)
3
