Special Education Emerging Issues
Auditing 2016 Coursework
1/Explain the role and function of an audit committee (25 marks)
2/Management representations are a source of audit evidence. These representations may be oral or written, and may be obtained either on an informal or formal basis. The auditors will include information obtained in this manner in their audit working papers where it forms part of the total audit evidence.
Discuss the implications for the auditor of a small company, if the directors refuse to sign the letter of representation. (25 marks)
3/Dust&Rolls operates 32 food supermarkets. The companys year end is 31 December 2015. The audit manager and partner recently attended a planning meeting with the finance director and have provided you with the planning notes below.
You are the audit senior, and this is your first year on this audit. In order to familiarise yourself with Dust&Rolls, the audit manager has asked you to undertake some research in order to gain an understanding of Dust&Rolls , so that you are able to assist in the planning process. He has then asked that you identify relevant audit risks from the notes below and also consider how the team should respond to these risks. Dust&Rolls has spent 2.4 million in refurbishing all of its supermarkets; as part of this refurbishment programme their central warehouse has been extended and a smaller warehouse, which was only occasionally used, has been disposed of at a profit. In order to finance this refurbishment, a sum of 1.6 million was borrowed from the bank. This is due to be repaid over five years. The company will be performing a year-end inventory count at the central warehouse as well as at all 32 supermarkets on 31 December. Inventory is valued at selling price less an average profit margin as the finance director believes that this is a close approximation to cost. Prior to 2015, each of the supermarkets maintained their own financial records and submitted returns monthly to head office. During 2015 all accounting records have been centralised within head office. Therefore at the beginning of the year, each supermarkets opening balances were transferred into head offices accounting records. The increased workload at head office has led to some changes in the finance department and in November 2015 the financial controller left. His replacement will start in late December.
Required:
(a) List FIVE sources of information that would be of use in gaining an understanding of Dust&Rolls Stores Co, and for each source describe what you would expect to obtain. (10 marks)
(b) Using the information provided, describe FIVE audit risks and explain the auditors response to each risk in planning the audit of Dust&Rolls Stores Co. (25 marks)
(c) The finance director of Dust&Rolls Stores Co is considering establishing an internal audit department.
Describe the factors the finance director should consider before establishing an internal audit department. ( 15 marks)
(Total 50 marks)
Provide examples in the first 2 questions
Criterion 1
Addresses the question
The relevance of content in addressing the question (e.g. discuss, compare and contrast).
Criterion 2
Use of research and examples
The use of material, including course readings, research findings or other forms of evidence.
Criterion 3
Analysis and development of argument
The construction of a coherent and convincing argument for holding a particular view.
Criterion 4
Depth of knowledge and critical understanding
Depth of knowledge of relevant literature and ability to use complex concepts and ideas.
Criterion 5
Originality
Provision of new insights or original ideas based on independent thought or creative thinking.
Criterion 6
Structure
A logical arrangement of the work into sections (introduction, main points, conclusion) with appropriate paragraphs, linking and signposting.
Criterion 7
Presentation
Putting across ideas clearly, succinctly and without grammatical and spelling errors.
Criterion 8
Referencing and bibliography
Acknowledgement of sources using appropriate citation conventions e.g. Harvard Business standards.
Memos to Management (Cases/Presentations) –
The presentations should use the following outline:
(1) Identify presenter(s), the audience, the date and the subject
(2) Provide an executive summary (note: an EXEC SUMMARY IS NOT AN INTRODUCTION OR BACKGROUND INFORMATION, it is a summary of the key points of the report)
(3) Define the problem or opportunity to be analyzed
(4) Develop a relevant and balanced analysis
(5) Identify viable alternative solutions
(6) Analyze alternatives in context with defined criteria
(7) Selects a recommended alternative and discuss how it would be implemented and issues which might arise in implementation.
The cases may have specific questions posed, but these should only guide thinking; the objective of the assignment is to use a decision making process to identify opportunities and to support recommendations.
Although each case is different, students case analysis skills will develop more effectively if a standard approach is used by students using a similar framework. In performing the analysis, the following framework is offered as a method of approach. The basic steps, which will be covered extensively in the course, include:
Decisions: What are the key decisions that have to be made by the focal decision maker? Students often isolate/focus on relatively minor decisions; students will need to develop analysis so that a full decision scope is identified.
Objectives: What objectives is management trying to achieve? These often take the form of growth, market share, profit or cash goals. Do these make sense, given analysis?
Analysis
Market Analysis: What is known about the market size, growth, presence/evolution of market segments? What markets for other products forms impinge upon the market being considered?
Environmental Analysis: What are the key imperatives and/or changes taking place outside of the industry that affect both the firm and its competitors? Examine the economic, technological, social, regulatory, political, and legal environments.
Industry Analysis: What is happening in the industry? What is the state of competition between existing competitors? To what extent are new firms entering the market? What is the level of competition from products made with different technologies? Are suppliers integrating forwards, laterally? Are our customers integrating backwards?
Customer Analysis: Who are the customers? What sets of benefits do they require?
Competitor Analysis: What are the strengths and weaknesses of competitors? What are their strategies? Will their strategies change? If so, how? What strategies might be expected from new entrants?
Firm Analysis: What are the firms strengths and weaknesses? What strategies have been pursued in the past? How successful had these been?
Economic Analysis: What does the economic analysis show? Given the set of decisions and objectives facing the decision maker, what is the nature of the consequences of the decision in economic terms?
Assumptions: As students reflect on their analysis, it will be critical to state the key assumptions upon which the strategy is based.
Alternatives: What are the two or three major courses of action that could be followed to reach the firms objectives? For each alternative identified, lay out pros and cons (this can be done as a table for conciseness, but students should be prepared to defend their positions).
Action Plan: What is being recommended? Lay out a broad strategy and identify specific action steps as well as a rough plan for implementation. Consideration of investments/costs must be made.
A special note about EXECUTIVE SUMMARIES:
Case assignments include a request for an EXECUTIVE SUMMARY; as indicated in class, this is written AS THE LAST PHASE of the writing process however it appears FIRST in the report or memo.
An EXECUTIVE SUMMARY is SINGLE SPACED and is a one-page (or for our cases, one paragraph) statement of the problem, the purpose of the communication, and a summary of the results, conclusions, and recommendations. THE EXECUTIVE SUMMARY does not have to appear on its own page; it can precede the balance of the report on the first page.
An Introduction provides an orientation for the reader, it explains the PROCESS of development of the content and provides the broad beginning of the paper that answers three important questions: What is this? Why is the reader reading it? What do you want the reader to do?
The Background offers general background information of a particular issue in order to help the reader understand the basis of facts.
EXPLANATORY NOTES ON TASK
Use of the 5 Ps framework: You are required to analyse all of the 5 Ps but you are free to give greater emphasis to some of the 5 Ps than others. If one of the 5 Ps does not fit your company, you should explain why.
Each of the 5 Ps is based on a considerable body of literature and you are encouraged to delve into this literature to gain a deeper insight into each of the 5 Ps. For example, the definition of strategy as position is based on the work of Michael Porter (2004) and the Boston Consulting Group (Stern and Stalk, 1998), among others.
Presenting your analysis of the 5 Ps of your companys strategy in 3,000 words is a difficult task and should not be underestimated. It is strongly advised that you use diagrams to help you present your findings clearly and economise on words.
Carry out original research: Your analysis should be based on data that you have collected and analysed yourself. As a minimum, it is suggested that you use your companys website, its official reports, and press releases as sources of data. Further, to analyse a number of the 5 Ps you will likely need to collect data over a number of years, for example strategy as pattern.
Conduct a critical evaluation: For this assignment, it is not enough to describe your companys strategy. You will need to consider the limitations of their strategy also. The 5 Ps framework can help to you to critically evaluate your companys strategy. For example, you may feel that your company is paying insufficient attention to one or more of the 5 Ps or that the relationships between some of the 5 Ps is problematic.
Present a clear and convincing argument: The quality of your argument will likely be a key determining factor in the grade you receive. Your report should say something meaningful about your companys strategy and you should be able to summarise this message in no more than three sentences. Further, it should be clear from the report how the analysis supports your argument.
ASSIGNMENT STRUCTURE
The assignment must include an abstract, an analysis section and a critical evaluation section. The expected content for each section is provided below. The sections will be weighted as follows:
Abstract – 10%
Section 1 60%
Section 2 30%
Abstract
The abstract should present the following:
Description of the company chosen.
Rationale for choosing the company.
The argument of the report.
Description of the data used for the analysis.
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Added on 28.10.2016 13:21
I prefer you to chose the company HSBS, thank you!
Instruction files
strategic_management.docx(126,58 KiB)
individual_assignment_template.docx(15,80 KiB)
ftse4good_uk_50.pdf(125,65 KiB)
Write an evaluation of the credibility of the author and his claims.
Consider and discuss the authors biographical and professional background as you asses his own credibility
Reflect on the factors that influenced your judgments.
Determine and assess the degree of credibility inherent in the arguments presented by the author.
What details in the tales told by the three old men in pages 1190–1197 are relevant to Shahrayar\’s situation, and how do you think Shahrazad is using these details to change him from an angry, misogynistic murderer into a loving husband? Explain how each old man\’s tale can be related to the lives of Shahrayar and Shahrazad. ( STORY: A thousand and one nights)
Your Statement of Purpose should be a carefully written essay of three to five paragraphs (300-500 words). Pay special attention to grammar, spelling, and form. We encourage you to drop in during advising hours to review your draft with peer mentors and advisors. The purpose of the essay is for you to convince the selection panel that you have chosen an appropriate study abroad program and are prepared to succeed abroad. We recommend that you use details and examples to respond to the questions below in your essay.
How will participation in this specific program contribute to your academic, personal, and professional goals?
What have you done to prepare linguistically, culturally, and academically to study and live in this country?
Note: If you do not completely meet the programs requirements, or have a unique circumstance with your application or academic record, please briefly explain the situation and demonstrate why you believe you are ready to study abroad and be successful on your chosen program.
Video needs to watch before start working on it :
https://www.youtube.com/watch?vEiKwbt-Qw90
1. It is not only summary of the 8 pages big paper, but I also prove to instructor and audiences that I know the two CONCEPTS very well. The presentation should use key points (main concept in a concepts) and specific terms from TEXTBOOK by using the examples in the big paper . Thus, it should use impact and outstanding key points in a presentation. For example, the Rs concept is main one in Awareness. Specifically, the recognize, refocus, and release are related to maligning stress. (look ch 10, 180 pgs). Please take a look at the TEXTBOOK about confidence concept, especially self talk. ( ch 14)
2. Please make the presentation in power point, 6-8 slides.
3. Please make a srpt each of slide separately correspond to the each slides of presentation. Total 825 words without All the TITLES. For example, 1 slide: , 2 slide :, 3 slide: .
4. I would just read the srpt with showing the slides in front of audiences. Thus, please use speaking terms on the srpt and use impressive and impact terms, not wordy or not general terms.