College of Banking and Financial Studies Accounting Auditing and Finance Essay

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Business Finance

College of Banking and Financial Studies


Requirements :

1. A small introduction.

2. Answers to the three (3) questions on page 238 (CASE3.1)(attached - Case - Assignment 1).

3. Summary.

The other requirments for the assignment are in the brief (attached - Assignment Brief- 1)

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COLLEGE OF BANKING AND FINANCIAL STUDIES DEPARTMENT OF UNDERGRADUATE PROGRAMME B.Sc. in Accounting, Auditing and Finance ASSIGNMENT BRIEF – Summer 2020 Weightage: 50 % Student Name Student no. Year Assignment Title Module Summer 2020 Internal control: issues, challenges and remedies Internal Audit & Financial Assessor: Dr. Salman Control (UG055) Start Date: 21st July 2020 Due Date: 6th August 2020 (formative Feedback) Internal Verifier Ms Mariam 13th August 2020 (Final Submission) 1 Required Work, Format and Grading You must submit the following by the assignment due date: ▪ Completed answers to each task, making sure that you fully address each of the outcome criteria. ▪ Answer all questions separately. ▪ Assignments without TURNITIN report will not be accepted. Resources: You need to demonstrate a confident application of the theories to the assignment task. The theoretical underpinning of your observations and deliberations should also demonstrate a good understanding of the subject by the way that your analysis is structured. You can access the Internet to research about the topic. You should demonstrate good academic practice by the appropriate use of academic texts and journals that are properly referenced. Guidelines and further information about assignment: Assignment must be submitted with the “Turnitin” report. If the report generated indicates a similarity index percentage of 20% or more, a review of your assignment is necessary to ensure the same is reduced to less than 20%. Student declaration: I certify that the work contained in this assignment was researched and prepared by me: Signature: ______________________________ Date: ___________________ Grades given are subjected to External Verification. No grades are Final 2 Submission time and date You should submit the assignment by the time and date mentioned otherwise a ‘NA’ will be awarded. Fill in the form cover and staple it with your assignment. Make sure that all the relevant details are complete. Assignments must be submitted by the due date. You may include diagrams, figures etc without word penalty. Plagiarism Writing Summary 1. Plagiarism occurs if you use somebody else’s work in an assignment or exam answer, but fail to state where you got the material from. You need to be also very careful about the amount of words you are using from somebody else’s work. 2. It can happen in any type of assessment where you are given the questions or tasks in advance. 3. If another student uses your work in his/her answer(s), both you and he/she will be punished when caught. 4. Punishments for committing plagiarism can be very severe. Details Plagiarism is a form of cheating in which students use the work of others and present it as their own. It may include all or any one of the following – 1. Copy extensively from the work of others (from sources such as books, magazines, journal, web-sites etc) and submit the work as your own. 2. Copy another students’ work and submit it for assessment under your own name. 3. Allow another student to copy your work and then submit it for assessment under their own name. What happens if you get caught? The examining body of CBFS may punish offending students in any manner that they deem fit. Typical punishments may range from reduction in grades, making students resit modules and even failing students on a module or an entire award. The college considers this form of cheating as a serious offence. Therefore be forewarned! 3 Summary of Task/(s): Attached are the cases belonging to internal control. Read the case studies and answer the questions mentioned at the end of the cases. Your answers should be specific to the questions and the case study. Write work distribution (if it is a group assignment). In-text referencing and end assignment referencing, (if applicable) should be based on Harvard Style. Refer to the lecture discussions for further details. This is a “Group Assignment”. Word Count: 1. Individual Assignment – 2000 words. 2. 2 people in a group 2000 + 1000 = 3000 words 3. 3 people in a group 2000 +1000 + 500 = 3500 words 4. 4 People in a group 2000 + 1000 + 500 + 250 = 3750 Words 5. 5 people in a group 2000 +1000 +500 + 250 + 125= 3875 words. NOTE: Instructions to candidates: • Your submissions should be through Turnitin. • You should write your answers clearly and show relevant workings. • Use Times Roman / Arial font of 12 size, 1 ½ spacing. • Downloading information and pasting it in assignment is prohibited. • Plagiarism is an academic offence. Avoid plagiarism. ****** END OF THE ASSIGNMENT ****** 4
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Accounting, Auditing and Finance

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Payroll is one of the major expenses in most businesses making it a critical area in
auditing. It entails the total sum of all compensation made by an organization to its employees at
the end of the pre-determined period usually monthly. The general objective for any audit
procedure is to confirm that expenses in financial statements reflect the actual records during the
financial year. Auditing for the client’s payroll enables an independent auditor to explore the
whole payroll system in all aspects. At the end of the process, the auditor should provide an
opinion on the accuracy and truthfulness of the data in the payroll records. It is essential to
adhere to internal control procedures in all aspects of every business and payroll should be on top
priority (Brown, 2020).
There are a number of key objectives that push organizations into auditing the client’s
payroll function. To begin with, the initial objective of auditing is to assess audit risks in the
payroll. The outcomes of this assessment determine the way subsequent steps of auditing will
proceed. The auditor is required to familiarize themselves with steps used in the organization to
process payrolls and all internal control measures incorporated in their systems. The level of data
transparency and the number of internal controls within an organization is an indication of the
level of risks. Any signs of insufficient controls to prevent fraud and enhance data accuracy
implies that an auditor will be required to be more vigilant. This may involve extra random
calculations and spending more time observing payroll processing activities.
Secondly, auditing is performed to countercheck the existence of actual payments and
ascertains whether the payments made to genuine employees of the organization. This will aid in
establishing whether there are sufficient controls over the function. Segregation of duties is an
important control in payroll function as it ensures that malicious individuals cannot create
positions of ghost workers in the organization.
Another key objective of auditing is to review, test, and report on the status of payroll
(Lohrey, 2020). An auditor assesses, observes, and creates a payroll audit trail to ensure
consistency in time and amounts. The next step in this objective is to reconcile, recalculate
random sample data, and make comparisons. To complete the objective of testing, the auditor is
required to reconcile the payroll journa...

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