Internal Auditing Case Study

Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions?

5th Edition (2011); Armond Dalton Integrated Audit Practice Case (group mark). 15% . Attempting homework before

ISO 9001:2008 sets the requirements on the quality procedures and their content in sections 4.2.3, 4.2.4, 8.2.2, 8.3, 8.5.2, and 8.5.3.

The aim of this report is to develop an audit plan using the 2007/2008 annual reports of the WesFarmers. This report will provide an understanding of the underlying concepts of an overall audit strategy. This strategy will bring forward the direction and scope of the WesfFarmers audit plan. This report will address five major points these are as follows:

The company’s outside auditors are Deloitte & Touche LLP. The audit fee was $1,544,071 in fiscal year 2014.

In the event that you are experiencing issues with funds and are thinking about obligation solidification or chapter 11, you may likewise be thinking about procuring a liquidation legal counselor. Obviously for the individuals who are in a money related trench or nearly monetary demolish, thinking of additional assets to pay a chapter 11 legal advisor can be out and out inconceivable. In spite of the deficiency of cash, it is regularly best to in any case consider at any rate counseling with a liquidation attorney before you start the procedure.

| |Check sales invoices against the sales journal to confirm they have been recorded on the|

The audit senior has produced this report as a result of management restricting access to significant evidence, resulting in a lack of evidence to support the capitalization of research and development costs as an intangible asset. The audit senior is correct in identifying that limitation on scope has been imposed by management. The results of trials and tests of new drug would be a vital element of must audit work and without the results to demonstrate that the development costs will lead to future economic benefit, it is not possible to conclude that the accounting treatment is correct. However the imposed limitation has not been explained in audit report. A paragraph should have been included in the report which explains the matter giving rise to modification.

You are the internal audit senior responsible for conducting an assurance engagement of the XYZ Company payroll process. This process has not been audited for three years and, as such, is due in the normal audit cycle. There have been no significant changes since the previous audit, that is, there were no system changes, no reorganization of personnel, and no substantive procedural changes. However, during the last assurance engagement, the internal audit function identified several observations, some of which were considered significant. The significant observations related to:

Company’s new CAE can explain to the non-audit employees that IAD’s objective is to add values and help improve the business processes as well as company performance, which will affect each employee significantly. It is important to let all employees understand that the answers or thoughts they provide to the internal auditors will not be used against them. Moreover, establishing good relationship and providing ongoing communication with the non-audit employees can make them feel more comfortable to share their feedback and thoughts, and can reduce the “us vs. them” relationship between company’s non-audit employees and the staff of internal auditors.

This report analyses Virgin Australia (ASX code VAH) and identifies its potential business and audit risks that will need to be addressed in the 2014 audit. It is presented to the Virgin Australia Audit Committee as part of the 2014 Audit planning process.

19.   Firms that wish to do business with the European Community can benefit from having a quality management system that needs ISO 9000 standards TRUE

| * David should keep a straightforward and honest relationship with MAL. * David integrity will be compromised if these errors are discovered.

According to the Institute of Internal Auditors (IIA), (2011), the internal auditing is a team of consultants, a department and a division or other practitioner which independent, have objective assurance and conduct a consulting activity which is designed to add value and improve the organization operations. The internal auditor can help an organization in achieving its objectives by bringing a discipline and systematic approach in order to improve and evaluate the effectiveness of risk management, control and governance process.

An internal auditor is an independent, objective assurance and consulting activity designed to add value and improve and organization’s operations. Internal auditors search for risk that could potential cause a company to not reach their stated goals. In order for a internal auditor to do their job effectively and efficiently, the executives must be willing to work with the internal auditors through tough issues and be open for change and improvements. Internal auditors must have the full support of the audit committee of the board of directors. Internal Auditors and Management rarely have the same views but must work together for the better of the company. Internal auditors pride themselves in saving their company from losing thousands some times millions in revenue do to the risk that go undetected.