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Fasset Field Audit Group

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					1.    TITLE: Contribute to the Implementation of auditing procedures
                    Range: Internal and external auditing process


2.    UNIT STANDARD NUMBER:                   13018

3.    LEVEL ON THE NQF:                       5

4.    CREDITS:                                12

5.    FIELD:                                  Business, Commerce and Management Studies
      Sub Field:                              Finance, Economics and Accounting

6.    ISSUE DATE:                             30/04/2003

7.    REVIEW DATE:                            30/04/2006

8.    PURPOSE:

      People credited with this unit standard are generally found within the accounting technician
      field. On successful completion of the unit standard, people will be able to contribute to the
      planning and conducting of an audit assignment, as well as preparing related draft reports
      within a supervised environment.

9.    LEARNING ASSUMED TO BE IN PLACE:

           Unit standards in bookkeeping at NQF level 4 .
           Unit standards in basic auditing regulations at NQF level 4.

10.   SPECIFIC OUTCOMES AND ASSESSMENT CRITERIA:

      Specific Outcome 1:         Contribute to the planning of an audit assignment
                                  Range: Manual and computerised accounting systems


      Assessment Criteria

      1.1      Systems under review are ascertained and clearly recorded on appropriate working
               papers
                      Range: Accounting systems include purchases, sales, stock, expenses,
                      balance sheet items, payroll

      1.2      Control objectives are identified correctly

      1.3      Risks are assessed accurately

      1.4      Significant weaknesses in control are recorded correctly

      1.5      Account balances to be verified and the associated risks are identified

      1.6      An appropriate sample is selected

      1.7      Appropriate tests are selected or devised in accordance with the organisation's
               procedures
                       Range: Compliance, Substantive


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1.8    Confidentiality and security procedures are strictly followed

1.9    The proposed audit plan is formulated clearly in consultation with appropriate
       personnel and submitted for approval to the appropriate person

Specific Outcome 2:       Contribute to the conduct of an audit assignment
                          Range: Manual and computerised accounting systems which
                          include purchases, sales, stock, expenses, balance sheet items,
                          payroll


Assessment Criteria

2.1    Tests, as specified in the audit plan, are correctly conducted, the results properly
       recorded and conclusions validly drawn
               Range: Compliance, Substantive

2.2    The existence, completeness, ownership, valuation and description of assets and
       liabilities is established and supported by appropriate evidence

2.3    All matters of an unusual nature are identified and promptly referred to the audit
       supervisor

2.4    Material and significant errors, deficiencies or other variations from standard are
       identified, recorded and reported to the audit supervisor

2.5    The IT environment is examined and assessed for security status

2.6    Discussions with staff operating the system to be audited are conducted in a
       manner which promotes professional relationships between auditing and operational
       staff

2.7    Confidentiality and security procedures are strictly observed

Specific Outcome 3:       Prepare related draft reports
                          Range: Manual and computerised systems


Assessment Criteria


3.1    Clear, concise reports relating to the audit assignment are prepared and submitted
       for review and approval in accordance with organisational procedures

3.2    Conclusions drawn are valid and supported by evidence

3.3    Recommendations made are constructive and practicable

3.4    Preliminary conclusions and recommendations are discussed and agreed with the
       audit supervisor

3.5    Confidentiality and security procedures are strictly followed

Specific Outcome 4:       Demonstrate an understanding of the business and auditing
                          environment



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      Assessment Criteria

      4.1       The business environment is defined in relation to generally accepted auditing
                procedures/ GRAP
                        Range: Legal duties and liability of auditors, Relevant legislation (Auditing)

      4.2       Various auditing techniques are described within the framework of auditing
                procedures
                        Range: Types of audit, Recording and evaluating systems, Verification,
                        Basic sampling, Use of audit files and working papers, Auditing in an IT
                        environment, Types of tests, Management letters

      4.3       The principles and theory underpinning auditing are explained in a meaningful
                manner
                        Range: Control, Materiality, Audit risk

      4.4       Organisational policies and procedures related to accounting and administrative
                systems are explained in GAAP/ GRAP terms
                        Range: Business transactions, Specific auditing procedures

11.   ACCREDITATION AND MODERATION:

      Accreditation for this unit standard shall be obtained from the relevant Education and
      Training Quality Assurance Body, through summative assessment by a registered
      assessor.

      Moderation activity comments by SGB's, organisations and individuals may be forwarded to
      NSB03.

12.   RANGE STATEMENT:

      A person may exhibit this competence in the private and/ or the public sector.
      Internal and external auditing process

13.   NOTES:

           EMBEDDED KNOWLEDGE

            A demonstrated understanding of:

                 The Business Environment

                 Auditing techniques

                 Auditing principles and theory

                 The organisation

                 Recording and evaluation systems (conventional symbols, flowcharts, ICQ's,
                  checklists)

                 Verification techniques

                 Sampling techniques



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        Principles of control (separation of functions, recording custody, vouching,
         verification)

        GAAP's

    Legal Requirements:
    Relevant auditing legislation

    Terminology:
    GAAP - Generally Accepted Auditing Procedures
    GRAP – Generally Recognised Accounting Practices
    ICQ's - Internal Control Questionnaires
    IT - Information Technology

    Notes:
    This unit standard requires the candidate to be supervised in completing the specific
    outcomes and assessment criteria.

   CRITICAL CROSS-FIELD AND DEVELOPMENTAL OUTCOMES

    The ability to:

        Work effectively with others as a member of a team, group, organisation and
         community.

        Organise and manage oneself and one's activities responsibly and effectively.

        Collect, organise and critically evaluate information.

        Communicate effectively using visual, mathematical and language skills in the
         modes of oral and written presentations.

        Use science and technology effectively and critically (showing responsibility
         towards the environment and health of others).

        Demonstrate an understanding of the world as a set of related systems.

        Be culturally and aesthetically sensitive across a range of social contexts




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