Scribd
Upload
42 views

GP D D20201093501 Nur Auni Nabihah Binti Zakaria

This document provides information about an assignment for an auditing course. The assignment requires students to explain the differences between two types of auditing: internal audits and external audits. Internal audits are performed internally within a company, while external audits are conducted by a third party. The assignment must be submitted individually as a PDF file by Week 6 and will contribute 10% toward the student's final grade.

Uploaded by

Nur Auni Nabihah Zakaria
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
42 views

GP D D20201093501 Nur Auni Nabihah Binti Zakaria

This document provides information about an assignment for an auditing course. The assignment requires students to explain the differences between two types of auditing: internal audits and external audits. Internal audits are performed internally within a company, while external audits are conducted by a third party. The assignment must be submitted individually as a PDF file by Week 6 and will contribute 10% toward the student's final grade.

Uploaded by

Nur Auni Nabihah Zakaria
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

PAU3023: Auditing

Faculty : Management and Economics


Department : Accounting and Finance
Semester/Session : Semester 1 Session 2022/2023 (Semester A221)
Course Code / Name : PAU3023 Auditing

ASSIGNMENT I: CRITICAL WRITING (10%)

PLO11 Apply lifelong learning skills an academic and career development


(Programme
Learning Outcomes)
CLO4 Become critical and analytical in thinking.
(Course Learning
Outcomes)

The Objective of the Assignment:


This assignment is aimed to develop students understanding:
(i) Different types of audit,
(ii) Describe the auditing profession and its requirements.

(iii) Explain the framework in the auditing profession.

NUR-ALFISYAH BINTI SUZARI (D20201093500)

Question:
May Chin is an audit intern at Paul Adam Chartered Accountants. She is confused about the
responsibilities of the profession it is difficult for her to understand the need for an internal audit when
there is an external audit.

Required:
With reference to the above statement, you are required to:
a) Explain to her the two types of auditing.
b) What are the differences.
She needs to know the types of auditing because she already become a chartered accountant. So this
are the types of auditing: -
1. Two types of auditing
Internal Audits
An internal audit is an audit performed by a qualified auditor or accountant who is
part of your company. You can conduct these audits on a weekly, monthly, or
PAU3023: Auditing

annual basis. Regularly performing internal audits also ensures risk management and guards
against possible issues such as fraud, waste, or financial abuse.
2. External Audits
An external audit is an audit of your financial statements made by a third-party
professional. These types of audits are more unbiased and reliable than internal audits.
External auditors can be candid and honest about the issues found during the audit, without
affecting daily work relationships within the business.

3. IRS Audits
IRS audits are government reviews conducted to a business to ensure that financial
data has been reported in compliance with tax laws. Mail audits are documentation requests
from the IRS that you will receive and send via email. Office audits consist of in-depth, in-
person interviews where IRS agents examine your tax returns and examine all relevant
information to legitimize your financial reporting. Field audits within your business premises
are similar to office audits but the IRS will also make assessments based upon your business
place and the processes occurring there.

References
1. What Is Auditing? Definition, Types & Importance. (2022, July 21). Deskera Blog.

https://www.deskera.com/blog/what-is-auditing/

Instructions for Completing and Submitting Assignment:


1. This is an individual assignment.
2. Explore more knowledge and understanding on how to prepare critical writing before
complete this assignment.
3. The written assignment must properly cite all the references and literatures using APA style.
4. This assignment will contribute 10% towards the final mark. Marks will be given according to the
content and appropriate discussion, cases/example as well as literatures used in the discussion.

5. Report Submission: Week 6


The assignment due date refers to the day up to which assignments will be accepted for marking
purposes. Late assignments will be accepted (based on genuine reason) but 25 marks will be
deducted. No assignments will be accepted after Week 6.
PAU3023: Auditing

6. For submission, the softcopy of the assignment should be uploaded in MyGuru. Hardcopy is not
required to be submitted.
7. Only PDF file is acceptable for the submission purposes. Please rename your file as (CLASS
GROUP SPACE MATRIC NUMBER SPACE YOUR FULL NAME). Another file rename is
rejected.
8. Format of the report:
Font - Arial 11, Paragraph 1.5 spacing.
Words limit: 5,000 words.

You might also like