Financial Systems and Auditing

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COLLEGE OF BANKING AND FINANCIAL STUDIES DEPARTMENT OF PROFESSIONAL STUDIES Assignment (Semester IV) Assignment - 1 Qualification Unit number and title Pearson BTEC Level 5 HND Diploma in Accounting Unit 11 – Financial Systems & Auditing Semester Batch IV Fall 2016 - 17 Student name : Assessor name : Dr. Salman Student No.: Internal Verifier (IV) name : Ms Shobhna Date issued Completion date LO 1: Accounting Systems; and Assignment title Learning Learning Outcome LO 3: Planning and conduct of an Audit Assignment Assessment Cri Outcome Submitted on In this assessment you will have the opportunity to present evidence that shows you are able to: Evidence Task no. (Page no) Criteriaa Understand the importance of 1.1 Explain the purpose and use of the different accounting records 1 keeping effective LO 1 accounting systems 1.2 within a business 1.3 Assess the importance and meaning of the fundamental accounting concepts Evaluate the factors which influence the nature and structure of accounting systems 2 3 Be able to contribute to the planning and LO 3 conduct of an audit 3.1 Plan an audit with reference to scope, materiality and risk 4 3.2 Identify and use appropriate audit tests 5 3.3 Record the audit process in an appropriate manner 6 assignment Learner Declaration I certify that the work submitted for this assignment is my own and research sources are fully acknowledged. Student signature : ____________ Date: ______________ Page 1 of 7 In addition to the above PASS criteria, this assignment gives you the opportunity to submit evidence in order to achieve the following MERIT and DISTINCTION grades Grade Descriptor Indicative characteristic/s Contextualisation M1 Identify and apply strategies to Effective judgements have been To achieve M1, you will make effective judgements by comparing the alternatives find appropriate solutions made. available in the case study scenario. Read the case study properly and generate suggestions / recommendations. (Task 1) M2 Select / design and apply A range of methods and techniques appropriate methods / techniques have been applied A range of sources of information has been used M3 Present and communicate appropriate findings To achieve M2, you will have used a range of methods and techniques to explore and justify. Range of techniques or methods can be based on the theoretical implications of the chosen method. To achieve M2, you will have to use a range of sources of information. (Task 2,4,5) The appropriate structure and To achieve M3, you will have used appropriate structure and approach in presenting the approach has been used case study. It may provide a ready reference or in text referencing pedagogy. (Task 3,6) D1 Use critical reflection to evaluate Realistic improvements have been To achieve D1, you will have proposed realistic improvements against defined case study own work and justify valid proposed against defined scenario. Additional precautions or realistic improvements will have to be made. (Task 3 conclusions characteristics for success & 5) D2 Take responsibility for managing and organising activities Autonomy/independence has been demonstrated To achieve D2, you need to demonstrate autonomy and independence in justifying your stance in the case study scenario. The selection & justification may be shown properly. (Task 1 & 6) Innovation and creative thought have D3 Demonstrate convergent /lateral been applied / creative thinking A range of sources of information To achieve D3, you will have applied innovation and creative thought in assessing the case study and at different levels rather than making a general assessment. (Task 2, & 4) has been used Page 2 of 7 Assignment Brief Purpose of this assignment The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. Financial statements are assembled under certain sets of rules, known as accounting frameworks, of which the best known are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). The results shown in financial statements can vary somewhat, depending on the framework used. The framework that a business uses depends upon which one the recipient of the financial statements wants. Thus, a European investor might want to see financial statements based on IFRS, while an American investor might want to see statements that comply with GAAP. The accountant may generate additional reports for special purposes, such as determining the profit on sale of a product, or the revenues generated from a particular sales region. Thus, the purpose of accounting centers on the collection and subsequent reporting of financial information. In an audit of the financial statements of a company with operations in multiple locations or business units, the auditor should determine the extent to which audit procedures should be performed at selected locations or business units to obtain sufficient appropriate evidence to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. This includes determining the locations or business units at which to perform audit procedures, as well as the nature, timing, and extent of the procedures to be performed at those individual locations or business units. The auditor should assess the risks of material misstatement to the consolidated financial statements associated with the location or business unit and correlate the amount of audit attention devoted to the location or business unit with the degree of risk of material misstatement associated with that location or business unit. Case Scenario The case study talks about Moon Hyper Market. Moon Hyper Market is similar to any other hyper markets dealing in consumer goods and having different retail outlets in Oman. The firm maintains different types of transaction in both cash and credit. Recently the firm faced issue of lack of proper data management at their offices. The Chief Financial Officer is worried about lack of proper financial records maintained at the head office. Last year a fire broke at the head office damaging the source documents. Next year there is a state audit, which requires thorough investigation of accounting books and source documents. The Chief IT Officer has argued to convert all the accounting procedures and records to a computer based accounting software. The IT officer emphasizes that using an accounting software will be productive and efficient for the firm. The Chief Financial Officer is concerned about the heavy investment cost to purchase and install the software. In addition, it requires further investment of training the employees so that they can use the software properly. Page 3 of 7 LO1 - Assessment Criteria 1.1: Task 1 To achieve pass, answer what is an accounting record and explain the purpose and usage of appropriate accounting records to Moon Hyper Market. (Pass) To achieve merit, give your judgements advocating the accounting software to the Chief Financial Officer of the mentioned firm. (M1) To achieve distinction, demonstrate autonomy while evaluating the above scenario. (D2) LO1 - Assessment Criteria 1.2: Task 2 To achieve pass, assess the importance and meaning of the fundamental accounting concepts with reference to the attached case study. (Pass) To achieve merit, use a range of sources of information to answer the question. (M2) To achieve distinction, indicate innovation and creative thought applied with proper in text referencing. (D3) LO1 - Assessment Criteria 1.3: Task 3 To achieve pass, evaluate the factors, which will influence the nature and structure of accounting systems in Moon Hyper Market. (Pass) To achieve merit, use appropriate structure and approach to answer the question. (M3) To achieve distinction, propose realistic improvements against the defined characteristics for success for the firm. (D1) LO3 - Assessment Criteria 3.1: Task 4 To achieve pass, consider external audit, plan an audit with reference to scope, materiality and risk of the mentioned firm. (Pass) To achieve merit, use a range of methods and techniques to justify your audit. (M2) To achieve distinction, indicate innovation and creative thought applied with proper in text referencing. (D3) LO3 - Assessment Criteria 3.2: Task 5 To achieve pass, identify and use appropriate audit tests for the mentioned audit. (Pass) To achieve merit, use a range of sources of information during the audit tests. (M2) To achieve distinction, suggest realistic improvements for the stated audit tests of the firm. (D1) LO3 - Assessment Criteria 3.3: Task 6 To achieve pass, record the audit process in an appropriate manner. (Pass) Page 4 of 7 To achieve merit, maintain appropriate structure and approach during the recording process. (M3) To achieve distinction, demonstrate autonomy while evaluating the above scenario. (D2) Evidence Summary of evidence required by student checklist Evidence presented Task 1 Explain the purpose and use of the different accounting records Task 2 Assess the importance and meaning of the fundamental accounting concepts Task 3 Evaluate the factors which influence the nature and structure of accounting systems Task 4 Plan an audit with reference to scope, materiality and risk Task 5 Identify and use appropriate audit tests Task 6 Record the audit process in an appropriate manner Guidance notes: 1. Use standard document formats and structures. 2. Word process the documents. 3. Use 12 point Arial or Times New Roman script. 4. Provide a list of references and use the Harvard referencing system. 5. Complete the title page and sign the statement of authenticity. 6. Upload the entire assignment in MS word format only on Turnitin. 7. Staple only once to keep the pages of your work together. 8. Late submission, late work will only be marked on the next occasion the unit is taught. 9. Submit the work along with the Turnitin report to the respective assessors in their offices. 10. Collect the assignment submission form duly signed by the assessor and the learner. 11. Grades are subject to External Verification. Word limit = 4500 words Page 5 of 7 Achievement Summary Pearson BTEC Level 5 HND Qualification Assessor name Dr. Salman IV name Ms Shobhna Diploma in Business Unit Number and title Unit 11 – Financial Systems & Auditing Student Number Criteria Student name To achieve the criteria the evidence must show that the student is able to: Achieved? Reference (tick) LO1 1.1 Explain the purpose and use of the different accounting records 1.2 Assess the importance and meaning of the fundamental accounting concepts 1.3 Evaluate the factors which influence the nature and structure of accounting systems 3.1 Identify and use appropriate audit tests 3.2 Record the audit process in an appropriate manner 3.3 Explain the purpose and use of the different accounting records Higher Grade achievements (where applicable) Grade descriptor Achieved? Grade descriptor (tick) Achieved? (tick) M1: Identify and apply strategies to find D1: Use critical reflection to evaluate appropriate solutions own work and justify valid conclusions D2: Take responsibility for managing M2: Select/design and apply appropriate and organising activities methods/techniques D3: Demonstrate convergent/lateral M3: Present and communicate appropriate /creative thinking findings Page 6 of 7 Assignment Feedback Formative Feedback: Assessor to Student Action Plan Summative feedback Feedback: Student to Assessor Assessor Signature Date IV Signature Date Student Signature Date Page 7 of 7

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