BBFD2013: Explanation of the nature of transactions for the following transaction cycles or system: Fundamentals Of Auditing Assignment, TARC, Malaysia

School

Tunku Abdul Rahman College (TARC)

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Assignment Type

Individual Assignment

Subject

BBFD2013 FUNDAMENTALS OF AUDITING

Uploaded by Malaysia Assignment Help

Date

16/03/2024

ASSIGNMENT QUESTION

Internal control is a crucial component of an organisation’s internal governance structure and is important for preventing and managing business risks in the current contemporary business environment. For instance, global economic slowdown, digital transformation, Environmental, Social and Governance (ESG), and et cetera.

To conduct research in the area of internal control, select a local business/company which you are familiar with or interested in. It is advisable for you to do some preliminary study on the business/company to get some insights into the background and their internal controls, before selecting your business/company of choice.

COMPANY CHOSEN: OLDTOWN WHITE COFFEE MALAYSIA

  • Explanation of the nature of transactions for the following transaction cycles or system:
    • Sales
    • Purchases
    • Payroll OR Inventory OR Non-current assets
  • Explain FOUR (4) direct controls which you may seek to place reliance on for EACH transaction cycle in the selected business/company. Then, for each direct control explained, design ONE (1) test of controls you should perform to assess if the direct controls are operating (24 marks)

Note: Prepare your points using two columns headed ‘Direct Controls’ and ‘Tests of Controls’.

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