Procedural Audits

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

These processes are not performed in isolation. The end result relies heavily on the satisfactory completion of all processes and the communication of all functional areas involved. By viewing these processes as a whole, management can identify process inefficiencies. These inefficiencies may include delays or queuing at process bottlenecks, lack of control or checking, or places responsibility for process activities is not clear.

Moreover, the auditor should preform test for effectiveness of internal controls. He may interview management by asking questions on the process of the transactions and operational activities. He may discuss with management the process of some transactions from beginning to end and then test it by using sample testing. Also he/she should make sure that there is proper control of activities; policies and procedures for adequate segregation of duties are met.

Leadership by the team leader, who has responsibility for the team, is critical for team

The Team Member’s role is to successfully perform the tasks they are assigned to and to finish up their task with full responsibility and to updates the project manager of the happenings.

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:

Explain the reasons for monitoring and reviewing the suitable duties, the responsible person and when it should be reviewed.

Furthermore, it is our goal to ensure that all of the necessary visibility and metrics currently being used by each department remains as transparent as possible. The ability to manage and view the general ledger, accounts payable and receivable, inventories for each manufacturing vertical and project, and provide these through customized reports that should be not only tailored to each group but they should provide for greater control of the enterprise as a whole without the reliance on individual accounting teams to maintain accuracy and performance of their business units.

Once the assessment of the oversight is completed we have changes via process or procedures, or cost along with scheduling. We identify and rectify these areas for future projects to be better. Which will result in better cost, scheduling, vendor interaction and a better process flow chart.

The appointed team leader is coordinating the flow of the work done. The team leader gives directions and instructions in details to team members, he/she is also schedules the care and assigns the tasks in between the team members.

* For example, the topics include develop overall responses to risks, and perform audit procedures responsive to risks of material misstatement; obtain and document evidence to form a basis for conclusions.

List the activities that must be carried out to complete each phase in the audit process

• Directing appropriate attention to the different areas of the audit such as assessing materiality, so that when the detailed audit plan is prepared, audit procedures can be directed towards the material amounts.

A team leader’s role is to instruct a group of people, providing directions and guidance to the team in order to ensure the completion of tasks. A good team leader will motivate and inspire his team, solving problems and empowering others to do the same. A team leader should lead by example and be able to ensure the group work well together in order to promote team spirit. They should ensure that each member of the team receives the correct training in order to perform their duties. Each individual in the team brings their own skills and specialisms to the group. A good team

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