BACHELOR (HONS) ACCOUNTING

SEM 6 (MAY-AUGUST) / 2021

BBAA 4203

AUDIT II

MATRICULATION NO : 980129025812001

IDENTITY CARD NO. : 980129-02-5812

TELEPHONE NO. : 010-2398988

E-MAIL : iqaahishamudin98@gmail.com

LEARNING CENTRE : OUM SEBERANG JAYA

1. AUDIT OBJECTIVES

Any kind of business running or any kind of documentation or filing purpose for
black and white purpose, it is all must be done accordingly and avoid any kind of fraud
included in the data. It is where its come audit to monitor and to ensure it is all kept
accordingy. Auditing is defined as a systematic checking and examination of the books and
any records of a business or other organization is made by the workers or owner of the
company, which it is to ascertain or verify the data kept, and it is to report upon the facts and
correct update especially regarding its financial operations and the results thereof of a
company (Thakur, n.d.). Auditing process in a time always be concerned with the verification
of accounting data by determining the accuracy, thruthness and reliability of accounting
statements and reports is shown for investor especially and auditor. It is also known as a
systematic process of objectively on obtaining and evaluating the evidence recroded
regarding assertions especially about economical actions and events to make sure and
ascertain the degree of correspondence between assertions and to ensure by established the
criteria and communicating in the results to interested users usch as investors or owner of the
company and others (Leyla G., et al 2017). Audit is also one of the most dynamic areas,
process and cycle in the accounting sciences overall and auditing is can be simply referring
on the evaluation of business books of accounts & vouchers and other resources that reliable
and can be ensure on the accuracy of the facts in that particular source. Other than that, it is
also be done to ensure whether all the financial transactions and financial statement are
accurately recorded as per law. Auditing also aims at finding out on any errors from books of
accounts of the business and other documentations filled accordingly. It is also known that
auditing is the systematic and scientific examination which most of it for the books of
accounts and records of data of a business (Doff, 2008).

It is also enabling the auditor to judge and come out with their own independent
reports on the financial statements, books of account that are need to properly drawn up dan
recorded, so it exhibits a true, reliable and fair view of the financial state of affairs of the
business and profit or loss for the financial period as for their report and to know their status
of the business whether it’s running well or not and free from any fraudulents. The auditor
usually will have to go through a various type of books and accounts and it is included with
any related evidence in order to satisfy himself on the accuracy, reliability and authenticity to
come out with their report of the financial health of the business (Thakur, n.d.). It is also
aiming at the prevention of frauds or to have an early detect if there is any fraud occurred or
have the tendency to perfom any fraud in the future. This examination and also this process is
should be done in a circumstance where is, it is totally unbiased & conducted by an
independent person. The person who are doing auditing should be qualified for the job to
perform it well with accuracy and wirh reliable come out from the person. This is also can be
performed either by internal employees of the organisation or the person who are imported
from external to examined the business status either they are doing well or not so good.
Auditing is must be continuously being conducted at a regular interval by the auditor or a
person who qualified. Anyhow, this system and process is not mandatory for all businesses or
organization. The other objective of an audit for financial statements or financial transactions
make by the company is to enable the auditor to express any opinion and thought as to where
the financial statements of a businesses are prepared, in any material respects, and as it is
performing by an applicable financial reporting framework (Accountants, 2009). In addition,
by having audit to the business, it is easy for the auditor to express any opinion on financial
statements or if they need to give the opinion about the financial statements performed by a
business, the auditor examines the financial statements as to satisfy himself on the truth and
fairness, realibility of the financial position and operating results of a certain businesses.In a
simple discussion and explaination, one of the main objectives of having audit are known as
the primary objectives of the audit. For example, as per below: -

i. Checking and verified arithmetical accuracy of books of accounts, financial

statements and transaction, verifying posting, casting, balancing, and others activities
related
ii. Verifying and aso as authorized the authenticity and validity of any transactions have
been made
iii. Examining and checking to ensure on the system of internal check.
iv. Confirming and verified the existence and value of any assets and liabilities founded
and perfomed by the company in business’s documentation
v. Checking and examine a proper distinction between capital and revenue nature of
transactions of a business based on their documentations.

Audit also helps to ensure by verifying whether all the statutory requirements presented by
the company are truely fulfilled or not according with reliable source and facts and it is by
proving true and the fairness of the operating results presented by the company’s income
statement and financial position presented by the balance sheet as per checked by the auditor
during audit session (Accountants, 2009). Other than that, there is alsp other objectives of the
audit which are known as Subsidiary Objectives. These are such objectives that are involve in
order to help in attaining on the other type of objectives for audit, the primary objectives.
They are as follows:

Verification of the Books of Account and Statements

The action which are evaluating the fairness & accuracy of books of accounts to
ensure in the reliable facts of the business is the primary objective of Auditing. It requires to
checks each & every financial transaction thoroughly that has been made by the company for
a certain period. It helps to detects and also to prevents any frauds that might occured in the
books of accounts of a company. As per usually, the auditor is provided with free hands to
access and to audit the books of accounts of a company & it is an independent of a business
(Accountants, 2009).

Examining Accounting Policies

Normally, every business or any organisation needs to follow some accounting

policies that is required for every business to imply in the business. Especially, books of
accounts that are prepared it is must be according to these accounting policies and audit
process helps to ensure on these particular policies (Thakur, n.d.). If a business operating well
with an effective accounting system for their business to running, its efficiency can also be
increased. It is the duty and responsibility of the auditor to recheck and investigate the
accounting policies of the business & express with reliable report of his own independent
opinion.

Detection of Fraud & Error

Auditing process has helps in easy on finding of errors & frauds occured from the
books of accounts and it is duty of the forensic auditor to investigate whether erros or frauds
occurred is intentionally or unintentional. It is the duty of management of a company to avoid
& having a regular check on errors & frauds before been called out fot audit. However,
there’s situation and time where it becomes a bit difficult and though for management to find
out or detect any errors from their own checking (Resmi A.F & Fitriany F., 2021). It is
through that is auditing helps management of a company to find out errors & frauds and helps
a company to amend or resolve the issue before it becomes any worst in the future for the
company and helps the management to take a corrective step against these errors or frauds
and to be alert to not make it in future. Steps are taken so that they are not repeated again on
the same errors. This way it helps a company to improves the quality of their business
process and routine & improves its efficiency for business to running well. Also, the
employees of business work properly due to the threat of auditing as per report distributed by
the auditor to the company as an initial warning at the beginning. Meanwhile, errors are
mistakes that are committed and occurred due to any carelessness or negligence or any lack
of knowledge occurred while documented or without having any vested interest
(Accountants, 2009). Errors can also be committed with or without any vested interest. It is
so important, that they are need to be checked carefully and promptly. So, an auditor
responsible and should be detected any such of frauds or error using skills, knowledges, and
also facts from the statements of the company. Errors also can come of various types, and
some of them are:

 Errors of omission.
 Errors of principle.
 Compensating errors.
 Errors of commission

Moreover, difference with error, frauds are those mistakes that are committed knowingly with
some vested interest and with intention and usually can be founded from in the direction of
top-level management. Management usually tends to commits frauds are to deceive tax,
to show the effectiveness of management that they do not achieve, to get more commission
for the business, to sell a share or to have a place in the market or to maintain the market
price of share to avoid any losses from the share as per financial position of the company is
not stable or in a good condition (Doff, 2008). Detection of fraud is the most important roles
and the main job of an auditor. Such frauds are:

 Misrepresent and misappropriation of asset

 Misrepresent and misappropriation of goods
 Misrepresent and misappropriation of cash
  Manipulation of books of account and financial statement and transaction or attempt
for falsification of accounts without any misappropriation

Assurance To Third Party, Investors

By auditing it can help to assures that each & every figure recorded and represented in
the financial statement of a company is correct. It helps a company by evaluating every figure
of business recorded in the books of accounts (Thakur, n.d.). After being audited, financial
statements of a company are considered as trustworthy for the investors to rely on and to
present their decision of a certain company. Investors are now can fully assured by these
financial statements as per verified by the auditors based on their reliable audit report for the
company.

Verifying Assets and Liabilities

Auditing can thoroughly evaluate each and every item and figure of the financial
statements of the business. It is helping a company in confirming the exact value of assets &
liabilities of the organisation correctly. This is also helping an auditor in determining a
reliable financial position of the business. And only afterwards, a proper plan and vision can
be made on order to achieve any tragets and goals or any vision for company in the future
(Accountants, 2009).

2. BUSINESS RISK

Every business and business owner have always bear that there will always risks in
any circumstances that might be happen. It is also advised to always forecast for the worst
scenario that can turn down the business in the future. Business risks are likely the factors
that could prevent or delay the achievement of an organizational goals and objectives and
make it hards to achieve within the timeline as per planned. Moreover, business risks can be
related to the organization and also its stakeholders and investors, while audit risk usually
only relates specifically to an auditor instead of the business (Chlapek, 2017). Anyhow,
business risk and audit risks are totally dissimilar in nature whether its on target or purpose,
and it is often a scenario and situation where recognition of a significant business risks can
lead to the detection of audit risks before it may occur as we shall see in the following
examples. As usual, businesses will face all kinds of risks in their business in so many ways,
some of which can lead to a much serious loss of profits for the company or even worst,
bankruptcy which is the main things all of business owner try to avoid inany circumstances
(Doff, 2008). But meanwhile, the majority of large companies may have and offered to have
an extensive specific risk management department, while on the other hand, the smaller
businesses more likely not to look at such issue in any specifically systematic way. When it
comes to the risk management, there are actions that a business owner can take to avoid the
risk or at least to reduce the how it might impact to the company. But before any action taken,
the person shall really immerse and understand the business risks, and here are seven main
types of business risk that a business owner might want to address in the company (Mehrdad
A., Baqer K, & Elnaz T., 2011).

Economical Risk

The economy will always constantly be changing their behaviour as the markets
fluctuate based on market demand time by time. There are also some positive changes that
are good for the economy need and situation, which also helps in lead to a booming purchase
environment for the people, while on the other hand, negative events can cause reducing in
sales which also will not help out the economy so much in anyways. It's quite important to
watch and keep on updates if there is any changes and trends occurred that can be potentially
identify and helps to plan for an economic downturn in the future. To reduce and counteract
the economic risk, businesses are advised to save as much money possibly in cash as much as
possible to helps in maintaining a steady cash flow of the business. In addition, to ensure a
good stability of a business by operating with a lean and within the budget with low overhead
through all economic cycles occurred as part of the business plan (Mehrdad A., Baqer K, &
Elnaz T., 2011).

Fraud & Security Risk

As for today, there are increasing amount of customers nowadays who choose to use
online and mobile as one of channels for them to share on their personal data, and there is
always have chance of greater opportunities for unresposibility community to hacking for the
sack of the data. Nowadaysa there are so many news stories about private data breaches,
identity theft and also the most common ‘cyber crime’ which is payment fraud that illustrate
how this type of risk is keep on growing for businesses today. It is also can be considered
things that out of contol, as per today most of business running by online that cost effective
and easy access for consumer & regular customer especially (Chlapek, 2017). However, not
only does this risk impact more on trust and reputation of a company, but a company is also
will turn to financially liable for any kind of data to breaches or fraud by hacker. To be
achieve such an effective enterprise risk management, it is advised for a company to focus
more on security solutions from internal and external, fraud detection tools from the specialist
and employee & customer education on how to detect and avoid any early potential issues
that may occur (Doff, 2008).

Compliance Risk

In any kind of business whether it’s a product business nor service business or maybe
both, any business owners would have to face an abundance details of laws and regulations to
comply with in the business to keep the business legal and always under good status in
economy and society. As for example, a recent data of protection and payment processing
compliance could be impact on how a company handle any kind or certain aspects and things
of the business’s operation cycle and process (Doff, 2008). By staying well versed in an
applicable and reliable laws from federal agencies such as the Occupational Safety and
Health Administration (OSHA) or also it can be the Environmental Protection Agency (EPA)
as well as state and any local agencies that can help minimize the compliance risks that can
attempt to occurred in a certain business.

Reputation Risk

As a nature of a business, there has always been the risk of having an unhappy
customer, weak customer service and services, product failure, negative press from the
society or media or lawsuit that can be adversely impact a company's brand reputation in so
many aspects that a business owner might not thinking of it. Anyhow, social media nowadays
has its own benefit and disadvantages and place in a business where it has amplified the
speed and effectiveness for scope of reputation risk (Doff, 2008). Even if just one negative
tweet and commen or bad review from social media can decrease the number of customers
following a business update, products and care to have their services and can cause revenue
of a business to plummet. To prepare for this type of risk, must have to leverage reputation of
a management strategies to a regularly monitor on what others are saying about the company
through online and also offline or maybe can come out with a person in charge to keep on
track on these matters of a company from words and thought from the society. And also, to
always be ready to respond to those comments either it’s a positive or negative comment
from society and try to help to address any of their concerns immediately before it getting
wider and vague to the public ans to society (Chlapek, 2017). Keep on the quality top of mind
to avoid of any kind of lawsuits or any product failures, weak quality of customer services,
that can also damage a company's reputation.

Competition/Comfort Risk

A business should always be aware that there is always some competition out there in
their same industry, and sometimes it's quite easy to miss out on what businesses are offering
that may and how it appeals to the customers. In this scenario and situation, the business risk
usually involves a company leader or CEO becoming so comfortable with their own success
and kind of labelled their company have been success eventhough maybe operate not more
than 5 years and the status quo that they don't even look for ways to pivot or make continuous
improvements and additional benefits to the company, staff and especially to customers
where the company serve them the same things for years and have no additional value to the
customer. Increasing numbers of competition in the market and a combination of an
unwillingness to change for a better judgement and action, it may result in a loss huge
number of customers anytime sooner or later (Mehrdad A., Baqer K, & Elnaz T., 2011).
Enterprise risk management of a company or in a business nature, which means a company
must always continually reassess, upgrade their performance, refine and narowwer their
strategy annually if possible, and maintain strong and sturdy in the market, having an
interactive relationship with the audience and customers frequently. In the nutshell,
additionally it's very important to keep an eye and always up to date and aware on the
competition that keep on appear in the market nowadays by regularly having a research on
how most competitors use online facility and gadget today and also effectiveness usage of
social media channels as part of their business or marketing strategy.

Operational Risk

When discuss about operation, usually it comes and can be happen from internally
management of an organization, or externally or it can also come from involvement a
combination of both factors. Something just could be happening unexpected which can cause
a business owner to lose business continuity smoothly and worst, shut down the business
immediately. Additionally, this unexpected event could be a natural disaster for the company
or fire up that damages that already occured or destroys the business’s physical condition
which might give a bad reputation to the society or speculation for the society and place in
the market. Or, also it might can be involving a server outage which caused by technical
problems in the company, people (workers/staff), or power cut (Mehrdad A., Baqer K, &
Elnaz T., 2011). Most of the cases and scenario, operational risks are come from people-
related, for example where there is an employee might have made mistakes that more likely
to cost time and money in double or triple for the company to reciver the mistakes and
undone the mistakes. In addition, whether it's a people or organizational process failure, this
type of risk, operational risks can adversely impact or might highly affect the business in
terms of money especially in terms of revenue, time and reputation and place in the society
and market. It is advised to address each of these potential root cause to operational risks
throughout employee training and during the business continuity plan or in the meetig where
each and everyone in the organisation having a clear knowledge and understanding in this
issue while working for the company with one reason to achieve the vision that company
have set it in the beginning when the comoany was built up. For these both tactics it helps to
provide a way to think on what could possibly go wrong and helps to establish a strong and
united backup system to ensure operations of the company aren't badly affected of
circumstances in the future (Chlapek, 2017).

Financial Risk

Lasty, this type of risk may also get involve credit extended to both neither customers
nor the company's debt load itself. Interest ratemostly from the banks that fluctuations can
also be a threat and one of the root causes that leads to the financial risk for a company. Is it
also advised to making adjustments to the business plan continuously and regularly casue it is
also will help the business avoid from occurred any harming cash flow for their operational
or protect the company from creating an unexpected loss during operation or any activities
that running in the business. A business should be and at least need to try to keep the debt to a
minimum rate as possible, and create a a plan or ways that helps to start to lowering that debt
load as soon as possible anytime soon. Anyhow, if a business only relies on all of the
business income from only one or two clients, it is clearly shown that the financial risk could
be a very significant to the business or if one or both have no longer use their services or
products out of nowhere that can be happen unexpectedly (Doff, 2008). It is advisable to start
marketing the company’s services or products and upgrade by rebranding the company to
diversify the company’s base, in term of not to loss or at least, the loss of one won't devastate
and bring the company to lowest bottom line or worst, bankcrupty.

3. QUALITY AUDITING

Quality auditing can be defined as the systematic examination of an organization’s

quality management system (QMS) internally of the company’s progress. Usually, it is
also typically carried out by whether internal or external qualified and quality auditor or
audit team built in the company or from external. It is also known as a key component of
the ISO 9001 quality system standard that qualified a company’s any documentation on
company’s transaction, business filing, and more (Resmi A.F & Fitriany F., 2021).
Quality audit also can be defined as a verification effort of a company that intend at
evaluating the degree and level of conformance to achieve a standard requirement a
specification or procedure of the company process, such as products, service, and others.
The quality audit has two components which are known as, first is the analysis of the
system of the company within which the list and things of product or services that are
brought into being in an organization and it is called the quality system audit. They also
attempt to help on determine whether an organization is progressing and operating within
compliant with the requirements and specification of a specific quality system that an
organization of a company need to be follow. The effectiveness and adequacy of the
process of controls, for example such as established by work constructions, procedures of
certain documenting, frequent training, and process of a certain specifications and
requirements (Accountants, 2009). Here is few importance for a company and
organization to have a quality audit process and report which also came out from a
reliable source of data from a qualififed & quality auditor.

Employee growth

As per an internal audit occurred in an organization that is conducted by an internal

employee within the company but was imported from a different department to attempt
for the audit, the process within the period also can be an important learning tools for the
employee, from the checking side and also for the preparing side. The appointed auditor
can learn quite much about a different aspect that occurred in the company and it become
better in the future and can be able to see the parts that take part in making and built up
the whole of the company function and progress running well (Accountants, 2009). This
can also be empowering for the different departments involved and could also helps in
increasing the growth within the company and organization for them, each and every staff
and employee, in its career wise.

Identify areas in need of improvement

As an internal audit helps in evaluating the effectiveness of a quality management

system of organization, it is quite easy for a company to identify and detect an early sign
and areas that requires attention for improvement from the results of auditing process
among appointed auditors in the company (Resmi A.F & Fitriany F., 2021). This makes a
quality audit made from internal and also external can be an important tool for an
organization in which the company may increase up their functionality and ability to
move forward in order to achieve their purpose and vision in the future for a better
position in the market and the stability of the company.

Ease Preparation for external audits

One of a great benefit of having an early internal audit in the organization, is it helps
the company to be prepared, for in case where, should an external audit occur towards the
company. By performing an internal audit first in the organization, it allows the company
to gain knowledge and alert of what areas and which items that requires focus from the
company that need to improve upon, so should the external auditors come up with the
same purpose and observations, the company can be prepared earlier of how to express
their ideas and plan on how they are addressing any issues from the organization
(Accountants, 2009). Addition, performing an audit, especially for an internal audit for
the organization, which is considered as a great opportunity and good chances for a
company to learn, grow and make a preparation and amendment for a better internal
arrangement. Internal audits are also very important to any businessn, neither small
organization nor large organization, because they help in evaluating the company’s
processes and to ensure that the company are meeting the requirements and specification
of the quality standards and conformance (Resmi A.F & Fitriany F., 2021).
 Investors’ needs for high-quality information

Professional investors which also known as the third party of a company, they always
consider the outputs reports from the audit, such as the quality of financial disclosures of
a company, reported episodes of fraud if occurred in the organization within audited
companies, and the quality and reliability of the information and facts in the auditor’s
report as some of the most important factors that remain on their focus, that influence
their own perception of the audit quality of the company. In order to invest some of their
funds to the company, they will need to seek for a high quality and insightful
communication and outcoum reports on the situation, position and state of the company
from the internal (Accountants, 2009). Investors also keep on to see a clear relationship
and reliance between the audit quality and the quality of the financial report presented in
the reports, which show up and demonstrates the key role of the auditors in playing in the
contributing to the quality of financial reporting reported by them towards the company.
As demand is also keep on increasing and rising from the investors for the scope and
nature of audit/assurance in order to expand up to incorporate for a review of risk from
the company, and also more broadly in a review of forward-looking, and forecast of non-
financial information from the reports and measures for the sake of determining for the
long-term value in the company position (Resmi A.F & Fitriany F., 2021). The necessity
and need for having a high-quality audit will remain neutral and constant, even for in this
broader view of audit and assurance of the company, and its key importance for the high
quality of audit is the number of auditors to challenge towards the company’s
management on their own independent assumptions and views and judgements made in
the course of and for the sake of to build up a better development of financial information
for an organization of the company.

4. IMPLICATIONS OF AUDIT

Recovering from employee turnover

ormally as for small businesses, they are often heavily reliant on key workers or staff
with a specialized knowledge or skills in completing task. Without any proper way, methods
and benchmark for documentation of their own duties and job scope, the losses of certain
employees’ can lead to a difficulty to overcome (Leyla G., et al 2017). By having an internal
auditor in the organization can assist in developing a proper way of documentation on
describe a staff’s job functions, job scope and resposibility which can also be done by
capturing that information through tools such as narratives, or flowcharts, and also it can be
in diagrams. This helps in minimizing the loss of knowledge during employee transition for
the upcoming situation or upcoming new employees coming in. the documenting policies of
an organization and also its procedures help in clarify the business operations process and it
does make it easier to have a confirmation and alignment with management’s expectations
for the company (Paula H., et al 2016).

Monitoring key processes and controls of an organization

As a normal scenario that happens in an organization nowadays, most of the time, the
senior management are more likely often focuses more on running the company towards
having more revenue and results and most probably they may not place enough emphasis and
their focus & priority on monitoring key processes or controls of the organizations (Leyla G.,
et al 2017). However, by having an internal audit in the organization can help to monitor the
situation and always responsible to maintain it in a good way and stable and also may helps
to reduce any errors and fraud thay may occur or detect any early signange before any worst
scenario may happen in the organization.

Segregation of duties

Small businesses often affected and struggle to properly segregate and distribute
duties among employees in an organization. The chances and probability for errors or fraud
to occurred in a small business is higher than in larger corporations, where there is
incompatible functions tha are often, always and regularly handled by different people even
from the same department. Anyhow, the internal auditors may help to identify and detect
where if there is any fraudulent risk or early sign that may exists and helps in making any
recommendations to adequately mitigate such risks from happening in the organizations
(Resmi A.F & Fitriany F., 2021).

Addressing potential IT security concerns

Compare to large organization, small businesses are usually often having a weaker
data security in their organization and IT controls on their operation process. A specialized
internal auditor for example like forensic auditor, helps to evaluate amd improvise the
technical controls on to assess also to protect the organization’s potential data security
concerns especially to outsiders and third party. With helps from having internal auditors it is
helps and can bring out a systematic plan, disciplined that can be approach to managing a
small business gooespecially and a system that can help on so many ways, by helps to
identifying, mitigating, and providing a major attention to risks that may affect the
company’s organization’s long-term goals and vision in the future (Accountants, 2009). In a
view from the high-profile accounting side, scandals in current times, the role, job scope and
responsibilities of auditors has always been questioned. This s also reinforces the importance
of having a bird’s eye view especially for entity’s business and any significant business risks
by the auditors at the audit planning stage for the company (Doff, 2008).

References
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an Audit in Accordance with International Standards on Auditing. New York:
International Auditing and Assurance Standards Board.

Chlapek, K. (2017, January). The Types of Business Risk Identified in Integrated Reporting.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie.

Doff, R. (2008). Defining and measuring business risk in an economic-capital. The Journal
of Risk Finance.

Leyla G., Javad N., & Isa Noorani F. (2017). The effect of the audit report on the relevance of
accounting information. European Online Journal of Natural and Social Sciences
2017, 6(1).

Mehrdad A., Baqer K, & Elnaz T. (2011, July). A study of different types of business risks
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Social Science, 2(12).

Paula H., Manuel M.L., Carlos S.P., & Rosario R. (2016, October). The Impact of Audit
Reports on Auditor Change – Verification of the Determining Factors for Auditor
Change in the Portuguese Context. International Journal of Business and Social
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Resmi A.F & Fitriany F. (2021). The influence of client importance on the audit quality: A
study to understand external auditor's role as the guardians of strong and justice
organizations. The 1st Journal of Environmental Science and Sustainable
Development Symposium.

Thakur, M. (n.d.). Audit Objectives. Retrieved from What are the Objectives of an Audit?:
https://www.wallstreetmojo.com/audit-objectives/