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  • Name: Date: Score:: Property of STI

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    Zeniah Louise
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    The document contains two case analyses with internal control issues at different companies. For the first case, the internal auditor at Samson Industries accepted an audit task to review the new computer system controls, but did not have the necessary skills or proficiency for the system. The standard violated was accepting a task without having the required competence. The auditor should obtain training on the new system and ensure they have the ability to properly complete the audit. For the second case, an auditor at Velasco Corporation is responsible for ensuring the internal audit team has the required knowledge and skills to fulfill the audit charter. The auditor needs to assess the team's capabilities and address any gaps through training to meet their responsibilities.

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    CASE STUDY

    Original Title

    01_Activity_1(8)

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    The document contains two case analyses with internal control issues at different companies. For the first case, the internal auditor at Samson Industries accepted an audit task to review the new computer system controls, but did not have the necessary skills or proficiency for the system. The standard violated was accepting a task without having the required competence. The auditor should obtain training on the new system and ensure they have the ability to properly complete the audit. For the second case, an auditor at Velasco Corporation is responsible for ensuring the internal audit team has the required knowledge and skills to fulfill the audit charter. The auditor needs to assess the team's capabilities and address any gaps through training to meet their responsibilities.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    35 views1 page

    Name: Date: Score:: Property of STI

    Uploaded by

    Zeniah Louise
    The document contains two case analyses with internal control issues at different companies. For the first case, the internal auditor at Samson Industries accepted an audit task to review the new computer system controls, but did not have the necessary skills or proficiency for the system. The standard violated was accepting a task without having the required competence. The auditor should obtain training on the new system and ensure they have the ability to properly complete the audit. For the second case, an auditor at Velasco Corporation is responsible for ensuring the internal audit team has the required knowledge and skills to fulfill the audit charter. The auditor needs to assess the team's capabilities and address any gaps through training to meet their responsibilities.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    BM2011

    NAME: DATE: SCORE:

    CASE ANALYSIS (10 points: 2 items x 5 points)

    1. Samson Industries manufactures and sells component engine parts for large industrial equipment. The company
    employs over 1,000 workers for three (3) shifts, and most employees work overtime when necessary. Samson
    has had major growth in its production and has purchased a mainframe computer to handle order processing,
    inventory management, production planning, distribution operations, and accounting applications. Enan Flores,
    president of the company, suspects that there may be internal control weaknesses due to the quick
    implementation of the computer system. As the internal auditor of the company, Enan tasks you to audit the
    internal control of the new computer system. You accepted the said task and performed the audit, knowing that
    you do not have the necessary skills and proficiency about the new system. In no more than five (5) sentences,
    discuss the standard you violated and the necessary actions that you should take to address them.

    2. You are part of the audit management of Velasco Corporation (VC). One of the responsibilities of an auditor
    that was set out in VC’s internal audit charter is to ensure that collectively, internal audit possesses or obtains
    the knowledge, skills, and other competencies needed to meet the requirements of the audit charter. In no more
    than five (5) sentences, discuss the necessary actions that you should take to meet such responsibility.

    Criteria Performance Indicators Points


    Content Provided pieces of evidence, supporting details, and factual 3
    scenarios
    Organization of Ideas Expressed the points in a clear and logical arrangement of ideas in the 2
    paragraph.
    Total 5

    01 Activity 1 *Property of STI


    Page 1 of 1

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