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AUI4861/101
Tutorial letter 101/0/2013 INTERNAL AUDIT PRACTICE AUI4861 Year course Department of Auditing
IMPORTANT INFORMATION
This tutorial letter contains important information about your module.
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CONTENTS
1 INTRODUCTION ........................................................................................................................ 3
2 PURPOSE OF AND OUTCOMES FOR THE MODULE ............................................................ 3
2.1 Purpose ...................................................................................................................................... 3
2.2 Outcomes ................................................................................................................................... 3
3 LECTURER(S) AND CONTACT DETAILS ................................................................................ 4
3.1 Lecturer ...................................................................................................................................... 4
3.2 Department ................................................................................................................................. 4
3.3 University .................................................................................................................................... 5
4 MODULE-RELATED RESOURCES ........................................................................................... 6
4.1 Prescribed books ........................................................................................................................ 6
4.2 Recommended books ................................................................................................................. 7
4.3 Electronic Reserves (e-Reserves) .............................................................................................. 7
5 STUDENT SUPPORT SERVICES FOR THE MODULE ............................................................. 8
6 MODULE-SPECIFIC STUDY PLAN ........................................................................................... 8
7 MODULE PRACTICAL WORK AND WORK-INTEGRATED LEARNING .................................. 8
8 ASSESSMENT ........................................................................................................................... 9
8.1 Assessment plan ........................................................................................................................ 9
8.2 General assignment numbers ................................................................................................... 10
8.2.1 Unique assignment numbers .................................................................................................... 10
8.2.2 Due dates for assignments ......................................................................................................................... 10
8.3 Submission of assignments ...................................................................................................... 10
8.4 Assignments ............................................................................................................................. 12
8.4.1 Compulsory assignment 01 ...................................................................................................... 12
8.4.2 Compulsory assignment 02 ...................................................................................................... 27
8.4.3 Compulsory assignment 03 ...................................................................................................... 32
9 OTHER ASSESSMENT METHODS ......................................................................................... 34
10 EXAMINATIONS ...................................................................................................................... 34
11 FREQUENTLY ASKED QUESTIONS ...................................................................................... 35
12 SOURCES CONSULTED ......................................................................................................... 35
13 CONCLUSION.......................................................................................................................... 35
14 ADDENDUM ............................................................................................................................. 35
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1 INTRODUCTION Dear Student It gives us great pleasure to welcome you as an AUI4861 student in the Department of Auditing. We, as lecturers, are at your disposal and will gladly assist you in your studies. Be assured of our willingness to support you with advice during your study programme. You will receive a number of tutorial letters via the internet (myUnisa) during the year. A tutorial letter is one way of communicating with you about teaching, learning and assessment. Please read this tutorial letter (Tutorial Letter 101) as it gives you an idea of generally important information when studying within our college. Right from the start we would like to point out that you must read all the tutorial letters you receive during the year immediately and carefully, as they always contain important and, sometimes, urgent information. This tutorial letter contains important information that will assist you in your studies. Please read it carefully and keep it at hand when working through the study material, preparing the assignments, preparing for the examination and addressing questions to your lecturers. We trust that you will benefit from everything that this module has to offer. Study material You will have access to the following tutorial material for this module via myUnisa at http://my.unisa.ac.za: • Tutorial letters • Learning units (Topics and study units) Tutorial material will be made available to you upon registration. The other tutorial matter that is not available when you register will be made available on myUnisa as you progress with you studies.
2 PURPOSE OF AND OUTCOMES FOR THE MODULE 2.1 Purpose The purpose of this module is stated in the “Introduction to the module” under learning units (Part A). 2.2 Outcomes For the learning outcomes of this module we refer you to the different topics for this module under “learning units” on myUnisa. In the “introduction to the module” you will also find an overview of the module and we also explain our teaching strategy and how the learning units should be used to guide you through the study material. During the semester you should: - kickoff by reading Tutorial Letter 101. - work through your learning units, make summaries and complete the “activities”.
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- complete and submit assignment 01 (compulsory assignment for examination admission) and assignment 02 and 03 before the due dates. All the compulsory assignments are included in this tutorial letter.
- prepare yourself for the examination (for examination preparation and technique refer to the my Studies @ Unisa brochure).
All the solutions to the assignments will also be available on myUnisa.
3 LECTURER(S) AND CONTACT DETAILS
3.1 Lecturer Lecturer for AUI4861 The lecturer responsible for this module, and to whom you should direct your enquiries, is Mr Barry Ackers E-mail: [email protected] The coordinator for the internal auditing courses is Ms Maud van Wyk E-mail: [email protected] PLEASE NOTE: Personal appointments should be arranged beforehand. Always have your student number and module code ready when you contact the university!!!
3.2 Department Department of Auditing: If you wish to write to us, letters should be addressed to:
The Module Leader: AUI4861 Department of Auditing PO Box 392 Unisa 0003 Secretary Tel: 012 429 4707/ +27 12 429 4707 Departmental webpage http://www.unisa.ac.za/Default.asp?Cmd=ViewContent&ContentID=194
The Department of Auditing is situated on the 2nd level of the AJH van der Walt building on the main campus in Pretoria and our telephone number is +27 12 429 4707. Professor JM van Staden is the chair of the department (COD).
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3.3 University If you need to contact Unisa about matters not related to the content of this module, please consult the brochure my Studies @ Unisa, which you should have received upon registration. In this document you will find the contact details of various administrative departments. If you did not receive this document and have access to the Internet, you can find it on myUnisa under the ‘Resources’ option. Remember to always have your student number ready when making an enquiry.
Please ensure that you contact the correct section or department for each enquiry as this will result in a speedy resolution of the enquiry. The contact details are: Fax number (RSA only) (012) 429-4150 Fax number (international) +27 12 429-4150 Other means of contacting the university are: Physical address University of South Africa
Preller Street Muckleneuk
Pretoria City of Tshwane
Postal address University of South Africa
PO Box 392 UNISA
0003 Online address http://my.unisa.ac.za Unisa website http://www.unisa.ac.za E-mail addresses First enquiries (prospective students) [email protected] All international students [email protected] (registration-related enquiries) Other departments Aegrotat exams [email protected] Assignments [email protected] Despatch, study material [email protected] Examinations [email protected] Graduation affairs [email protected] Remark papers [email protected] Recheck papers [email protected] Finance [email protected] Student information Fellow student names [email protected]
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Student counselling and career development [email protected] Enquiries about prescribed books [email protected] Library The my Studies @ Unisa booklet, which is part of your registration package, lists all the services offered by the Unisa library. General library catalogue enquiries [email protected] Library Web co-coordinator [email protected] Inter-library loans enquiries [email protected] Enquiries about subject databases [email protected] Library information desk [email protected] Enquiries about training presented by the library [email protected] Send a question to the library staff [email protected] Short SMS codes Send an SMS direct query with your name, student number/ID number and a short description of your query. Applications and registrations 43578 Assignments 43584 Exams 43584 Study material 43579 Student accounts 31954 myUnisa/myLife 43582 NB: Lecturers cannot assist you with registration, payments, module codes, examinations, etc. These are administrative issues which should be discussed with the relevant sections.
4 MODULE-RELATED RESOURCES The resources at your disposal are classified into two categories.
4.1 Prescribed books In Internal Auditing, new editions of textbooks are published frequently. If necessary, you will be informed accordingly.
Please ensure that you always have the latest edition available. The prescribed book for this module will be announced on myUnisa. Please consult the list of official booksellers and their addresses listed in the My studies @ Unisa brochure. Prescribed books are available at the university’s official booksellers. If you have any difficulties in obtaining books from these bookshops, please contact the Prescribed Book Section as soon as possible at telephone number +27 12 429 4152 or e-mail address [email protected].
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Information on the use and the sources of information available in the Unisa Library are detailed in the My studies @ Unisa brochure.
One of the prescribed books is the International Professional Practice Framework (IPPF) which consists of the following components:
- Code of Ethics
- Definition of internal auditing
- Internal auditing standards (Attribute Standards and Performance Standards)
- Guidance in the form of Practice Advisories, and other guidance endorsed by the Institute of Internal Auditors
You may either purchase the book mentioned above, obtain the student copy of the IPPF, or you can view the information directly on the Institute’s web page at the following address: http://www.theiia.org
Select the “guidance” option at the top of the page, and view the information contained in the “Professional Practice Framework” option that is on the left of the “guidance” page. However, in order to gain access to the Practice Advisories you have to be a member of The Institute of Internal Auditors.
To obtain the book or a copy of the “New Guidance for the Professional Practice Framework” you can contact The Institute of Internal Auditors SA.
Their contact details are as follows: Address: IIA SA PO Box 2290 Bedfordview 2010 Tel: 011 450 1040 Fax: 011 450 1070 E-mail: [email protected]
Another prescribed book is, Gleim CIA Exam Review, which is also available from the above-mentioned supplier.
In addition, the prescribed books are also available at the official booksellers. We want to emphasise that a study of the textbooks is essential. Students who plan to write the CIA examinations after completing this module can consider buying the entire set of four volumes of the CIA Exam Review textbooks. It is, however, important that only the latest versions be purchased. A complete list of all the prescribed textbooks is available on myUnisa.
4.2 Recommended books The recommended books for this module will be announced on myUnisa.
4.3 Electronic Reserves (e-Reserves) There are no electronic reserves prescribed for this module.
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5 STUDENT SUPPORT SERVICES FOR THE MODULE For student support services you are referred to the my Studies @ Unisa brochure. UNISA LIBRARY LOGIN You will be required to provide your login details, i.e. your student number and your myUnisa password, in order to access the library’s online resources and services. This will enable you to • view or print your electronic course material • request library material • view and renew your library material • use the library’s e-resources Requesting library books Students are expected to purchase their own copies of the prescribed books. A limited number of copies are housed in the Unisa Libraries, subject to each branch library’s lending regulations. Problems experienced in obtaining copies from booksellers should be directed to the Prescribed Book Section at e-mail [email protected] or telephone +27 12 429-4152.
Electronic requests The preferred way of requesting books is online via the library’s catalogue. Go to http://oasis.unisa.ac.za, or via myUnisa, go to http://my.unisa.ac.za > Login > Library > Library catalogue, or for mobile access (AirPAC), go to http://oasis.unisa.ac.za/airpac. Telephonic book requests This can be done on +27 (0)12 429-3133. Please supply the reservation order number (RON).
6 MODULE-SPECIFIC STUDY PLAN Please refer to Learning Unit: Part A – General orientation. In the syllabus section (1.3) you will be introduced to the topics that will be covered in this module. Please also make use of the Schedule link that is available on the left hand side menu of myUnisa. The Schedule link may be used as guidance to plan your studies accordingly to spread your studies evenly throughout the year. Also use the My studies @ Unisa brochure for general time management and planning.
7 MODULE PRACTICAL WORK AND WORK-INTEGRATED LEARNING There is no practical work for this module.
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8 ASSESSMENT 8.1 Assessment plan Assignments Assignments are seen as part of the learning material for this module. As you do the assignments, study the reading texts, consult other resources, discuss the work with fellow students or tutors or do research, you are actively engaged in learning. You are required to submit the compulsory assignment 01 before the due date to obtain admission to the examination. Admission will be obtained by submitting compulsory assignment 01 and not by the marks you obtain for it. The marks you obtain for assignment 01, 02 and 03 will contribute towards your year mark. Commentaries and feedback on assignments The solution to Assignment 01 will be provided to you in Tutorial Letter 201, which will only be distributed after the due date for Assignment 01. The solutions to Assignment 02 and 03 will be provided to you in Tutorial Letters 202 and 203, which will only be distributed after the due date of the assignments. As soon as you have received the feedback, please check your answers. The assignments and the feedback on them constitute an important part of your learning and should help you to be better prepared for the next assignment and the examination. Year mark The marks that you obtained for Assignments 01, 02 and 03 will contribute towards your year mark for the module. Your year mark contributes 15% towards your final examination mark. You require a final mark of 50% to pass a module. The final mark is calculated as follows: 5% x mark obtained for compulsory Assignment 01 plus 5% x mark obtained for compulsory Assignment 02 plus 5% x mark obtained for compulsory Assignment 03 85% x mark obtained in the examination (subminimum of 40%) The subminimum of 40% implies that if you obtain a mark of less than 40% in the examination, your year mark will not be taken into account. Please ensure that your assignment 01, 02 and 03 reach the University before the due date – late submission of these assignments will result in you not receiving marks that count towards your year mark.
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THUS: TO GET ADMISSION TO THE EXAMINATION, YOU MUST SUBMIT ASSIGNMENT 01 BEFORE OR ON THE DUE DATE YOUR MARKS FOR ASSIGNMENTS 01, 02 AND 03 WILL BE USED TO DETERMINE YOUR YEAR MARK
8.2 General assignment numbers Assignments are numbered consecutively per module, starting from 01. Only Arabic numerals are used, for example: Assignments 01, 02, 03, and so on.
8.2.1 Unique assignment numbers In addition to the general assignment number (eg 01), each assignment has its own unique assignment number (eg 102717). This number must be written on the mark reading sheet or assignment cover page in the designated area.
8.2.2 Due dates for assignments
Assignment
Due date
01 (Compulsory) 02 (Compulsory) 03 (Compulsory)
16 June 2013 Unique number: 815825 5 August 2013 Unique number: 716653 23 September 2013 Unique number: 874358
8.3 Submission of assignments You may submit written assignments and assignments done on mark reading sheets either by post or electronically via myUnisa. Assignments may not be submitted by fax or e-mail. For detailed information and requirements as far as assignments are concerned, see the brochure, my Studies @ Unisa, that you received with your study material. To submit an assignment via myUnisa: • Go to myUnisa. • Log in with your student number and password. • Select the module from the orange bar. • Click on assignments in the left-hand menu. • Click on the assignment number you want to submit. • Follow the instructions on the screen.
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Please ensure that your assignment 01 reaches the University before the due date – late submission of assignment 01 will result in you not being admitted to the examination. PLEASE NOTE: You must submit assignment 01 in order to be admitted to the examination while assignments 01, 02 and 03 must be submitted for purposes of determining your year mark. No extension of the due dates can be given by the lecturers for these assignments. General remarks For enquiries about assignments (eg whether or not the University has received your assignment or the date on which an assignment was returned to you) please refer to the contact information in 3.1 of this tutorial letter. You may also find this information on myUnisa. To go to the myUnisa website, start at the main Unisa website, http://www.unisa.ac.za, and then click on the “login to myUnisa” link under the myUnisa heading on the screen. This should take you to the myUnisa website. You can also go there directly by typing in http://my.unisa.ac.za. Assignments should be addressed to: The Registrar PO Box 392 UNISA 0003 Completion of assignment cover PLEASE NOTE: Make sure that you read the instructions on the assignment cover carefully before completing it. Make sure that you complete the cover correctly. Please make sure that the following information appears on the COVER of your assignment.
Name. Address (and postal code). Student number. Subject code (e.g. AUI4863). Correct assignment number. Correct unique assignment number. Label with bar code.
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8.4 Assignments 8.4.1 Compulsory assignment 01 Instructions:
(1) Write the correct unique assignment number in the six blocks provided on the mark
reading sheet. (2) Write the ordinary assignment number (01) in the two blocks provided on the mark reading
sheet. (3) Consult my Studies @ Unisa for an example of how a computer mark reading sheet
should be filled in. (4) If you do not follow these instructions, the computer will reject your answer sheet and it will
be returned to you unmarked. Also consult: my Studies @ Unisa when you answer multiple-choice assignments.
Special information regarding the answering of this assignment (1) This assignment consists of 50 multiple choice questions. (2) This assignment covers all the topics of this module.
ASSIGNMENT 01: MULTIPLE-CHOICE QUESTIONS
(compulsory)
UNIQUE ASSIGNMENT NUMBER: 815825
DATE OF SUBMISSION: 14 June 2013
QUESTION 1 50 marks REQUIRED Select for each question only ONE alternative that you consider to be the most correct and then mark on myUnisa or on the mark reading sheet the digit that corresponds to the digit of the alternative which you have selected as your answer. Answer the sub-sections of this question in numerical sequence, for example, as follows: 1.1 1 1.2 3 (1½ marks per question)
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Topic 1: International Professional Practices Framework (IPPF) 1.1 The IIA International Standards are …
1 mandatory for all internal auditors. 2 only applicable in the United States of America (USA). 3 recommended for all internal auditors. 4 mandatory for all members of the IIA and certified internal auditors (CIA’s).
1.2 Practice advisories are …
1 only applicable in the USA. 2 mandatory for all internal auditors. 3 recommendations only and not binding on internal auditors. 4 mandatory for all members of the IIA and CIA’s.
1.3 The IIA International Standards are … 1 revised every five years to meet changing business requirements. 2 first published for discussion by the entire profession through the issuing of exposure
drafts. 3 designed by the standards committee and issued to all IIA members.
4 locally tailored to meet individual country’s needs.
1.4 Implementation standards are …
1 applicable only to consulting services.
2 applicable only to internal auditing services in general. 3 applicable to assurance auditing. 4 multiple in nature and may include guidelines for each of the internal audit activities.
1.5 Exercising “due professional care” is an example of …
1 an attribute standard. 2 a performance standard. 3 an implementation standard. 4 a practice advisory.
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1.6 The IIA International Standards are divided into … 1 proficiency, performance and implementation standards. 2 standards governing professional proficiency and independence. 3 attribute, performance and implementation standards. 4 independence, performance and implementation standards.
1.7 Not being unduly influenced by others in making judgments is an example of …
1 internal auditor objectivity. 2 internal auditor competence. 3 internal auditor independence. 4 internal auditor integrity.
1.8 The code of ethics requires internal auditors to perform their work with …
1 timeliness, sobriety and clarity. 2 punctuality, objectivity and responsibility. 3 knowledge, skills and competence. 4 honesty, diligence and responsibility.
1.9 The International Standards for the Professional Practice of Internal Auditing (the
Standards) require an internal auditor to have the knowledge, skills and disciplines essential to perform an internal audit engagement. Which of the following correctly describes the level of knowledge or skill required by the standards? Internal Auditors must have … 1 an understanding of broad techniques used in supporting and developing audit
findings and the ability to research the proper audit procedures to be used in any audit situation.
2 a broad appreciation for accounting principles and techniques when auditing the
financial records and reports of the organisation. 3 proficiency in applying knowledge of auditing standards and procedures to specific
situations without extensive recourse to technical research assistance. 4 proficiency in applying knowledge of accounting and computerised information
systems to specific or potential problems.
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1.10 Sharing information and coordinating activities with other internal and external providers of relevant assurance and consulting services by the internal audit activity is …
1 required by the IIA International Standards. 2 not allowed by the IIA International Standards. 3 appropriate in order to minimise disruption to auditees and to ensure internal and
external audit both have the same objectives.
4 inappropriate since this will minimise audit coverage and ensure that internal and external audit have differing objectives.
1.11 It is important that internal auditors possess adequate communication skills. According to
the IIA Standards, the internal auditor should be able to effectively convey all the following, except … 1 the audit objectives designed for a specific internal audit engagement. 2 the audit evaluations based on a preliminary survey of an internal audit engagement. 3 the risk assessment used in selecting the area for internal audit review. 4 recommendations that are generated for a specific internal audit engagement.
1.12 The IIA International Standards define “relevant evidence” as being …
1 information that helps the organisation to meet its objectives. 2 consistent with the internal audit objectives and supporting the internal audit findings
and recommendations. 3 reliable and the best attainable through the use of appropriate audit techniques. 4 factual, adequate and convincing.
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1.13 Which one of the following alternatives would constitute a violation of the Institute of Internal Auditor’s Code of Ethics? 1 Janice has accepted an assignment to audit the electronics manufacturing division.
Janice has recently joined the internal auditing department. She was senior auditor for the external audit of that division and has audited many electronics companies during the past two years.
2 Jane is content with her career as an internal auditor and has come to look at it as a regular 9-to-5 job. She did not engaged in continuing professional education or other activities to improve her effectiveness during the last three years. However, she feels that she is delivering the same quality work she always has.
3 George has been assigned to do an internal audit of the warehousing function six months from now. George has no expertise in that area but accepted the assignment anyway. He has signed up for continuing education courses in warehousing that will be completed before his assignment begins.
4 John discovered an internal financial fraud during the year. The accounting books were adjusted to properly reflect the loss associated with the fraud. John discussed the fraud with the external auditor when the external auditor reviewed the working papers detailing the incident.
1.14 Insider trading would be seen as a breach of the internal auditor’s …
1 duty of confidentiality. 2 duty of loyalty. 3 duty of objectivity.
4 duty of obedience.
Topic 2: Regulatory framework 1.15 According to the King III Report on Corporate Governance, the duties of the audit
committee should include … 1 appointing the chief audit executive (CAE) and ensuring that he/she is a member of
the audit committee. 2 ensuring that the chief executive officer (CEO) is a member of the audit committee. 3 identifying suitable candidates and screening nominations for the board of directors. 4 ensuring that the internal audit activity is independent and has the necessary
resources, budget, standing and authority with the organisation to enable it to discharge its functions.
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1.16 The impact of the worldwide emphasis placed on the regulation of corporate governance, affected the internal audit activity by …
1 changing the focus away from control self-assessment of departments or business
units. 2 holding the internal auditor liable for corporate fraud. 3 changing the focus from financial risk to enterprise-wide risk management. 4 changing the focus from financial risk to fraud risk. 1.17 According to the King III Report, the ethical values underpinning good corporate
governance include … 1 accountability, responsibility, transparency and fairness. 2 social responsibility, fairness, accountability and auditability. 3 discipline, transparency, accountability and responsibility. 4 transparency, social responsibility, fairness and accountability. 1.18 According to the Sarbanes-Oxley Act (SOX), management’s report on internal control over
financial reporting is required to include … 1 a statement of the information system manager’s responsibility for establishing and
maintaining adequate internal control over financial reporting for the company. 2 a statement identifying the framework used by management to assess the
effectiveness of the company’s internal control over the financial reporting process. 3 the use of COBIT as a control framework for evaluating internal controls. 4 the use of professional information systems auditors. 1.19 Good corporate governance depends on … 1 a primary corporate focus on the environmental and social interests of the
communities within which an organisation operates. 2 ensuring compliance with the Sarbanes-Oxley Act (SOX). 3 holding the audit committee responsible for the organisation’s performance. 4 the board and management of the organisation pursuing objectives that are in the
interests of the company and stakeholders.
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1.20 Which one of the following audit committee activities would be of the greatest benefit to the internal audit activity (IAA)?
1 Assurance that the external auditor will place reliance on the work of the IAA. 2 Review and endorsement of all internal audit reports prior to their release. 3 Support for appropriate follow-up of recommendations made by the IIA. 4 Review and approval of internal audit programmes. 1.21 Which one of the following statements is true? 1 The objective of the Public Finance Management Act (PFMA) is to provide for effective
corporate governance of national and provincial government and its agencies and entities.
2 The objective of the Municipal Finance Management Act (MFMA) is to provide for
effective corporate governance of national and provincial government and its agencies and entities.
3 The Johannesburg Securities Exchange (JSE) Regulations do not require JSE listed
companies to apply or explain any deviation from the principles of the King III report, as the King III report is not compulsory.
4 The Sarbanes-Oxley Act (SOX) attempts to address corporate failures, such as Enron
and Worldcom, through providing guidelines relevant to companies trading on any USA stock exchange.
1.22 According to the King III report, the members of an audit committee should be appointed
by the … 1 board of directors; and should consist of at least three members, being a mix of
executive and independent non-executive directors. 2 shareholders; and should consist of at least three members, being a mix of executive
and non-executive directors. 3 board of directors; and should consist of at least three members, being independent
non-executive directors. 4 shareholders; and should consist of at least six members, being independent non-
executive directors. 1.23 Which one of the following statements is incorrect? In terms of King III, an organisation’s
risk management plan should include … 1 the risk management framework followed. 2 the board of directors’ declaration of commitment to the risk management process. 3 details of the assurance and review of the risk management process. 4 the organisation’s risk management structure.
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1.24 Ensuring effective corporate governance practices is the responsibility of … 1 the board of directors, shareholders, management and employees. 2 only the board of directors and the audit committee. 3 the board of directors, management and the internal audit activity only. 4 only management, shareholders and the audit committee. 1.25 The Sarbanes-Oxley Act (SOX) in the United States of America (USA) is applicable to?
1 All companies listed on a stock exchange in the USA no matter where they are based. 2 Companies in the USA and Africa. 3 Only companies based in the USA. 4 All companies no matter where they are based.
1.26 The first step in understanding the reality of corporate governance in any company is to ..
1 consult with the external auditors on compliance with the Sarbanes-Oxley Act (SOX). 2 understand the ownership structure of the organisation. 3 study the latest King, Cadbury, COSO and CoCo reports. 4 read the statement on internal control in the annual financial statements. Topic 3: Establishing the internal audit activity within an organisation 1.27 Some organisations consider outsourcing the internal audit activity to external auditing
firms. An external audit firm that provides an outsourced internal audit activity has an advantage over an in-house activity, because of the external audit firm’s …
1 size. It can hire experienced, knowledgeable and qualified staff. 2 familiarity with the organisation. Its annual statutory audit provides an in-depth
knowledge of the organisation. 3 structure. It is easier for an outsourced firm to accommodate audit requirements in
remote locations. 4 size. It can provide staff who are continuously available, because they are unaffected
by other priorities.
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Topic 4: Administration and management of the internal audit activity 1.28 The internal audit charter should include …
1 the formal definition of internal auditing and its key objectives. 2 the authority under which the chief audit executive (CAE) acts. 3 the terms of reference for the internal audit activity. 4 All of the above.
1.29 The internal audit charter is … 1 optional. 2 drafted by the chief operations officer (COO) of an organisation. 3 uniquely formulated to meet the needs of an organisation. 4 a standard document to be used by all internal audit activities. 1.30 A chief audit executive (CAE) uses a risk assessment model to establish the annual
internal audit plan. Which of the following would be an appropriate action by the CAE?
I. Maintain ongoing dialogue with management and the audit committee. II. Ensure that the schedule of audit priorities remains unchanged.
III. Employ only quantitative methods to determine risk weightings. IV. Revise the risk assessment and audit priorities as warranted.
1 III. 2 I and IV. 3 I and II. 4 III and IV.
1.31 The chief audit executive (CAE) is responsible for engagement supervision. The most
important form of supervision during the field-work phase of engagements involves ... 1 ensuring that communications are accurate, objective, clear, concise, constructive and
timeous. 2 appraising each internal auditor’s performance at least annually. 3 seeing that the approved engagement work programme is carried out unless changes
are both justified and authorised. 4 providing suitable instructions to subordinates at the outset of the engagement and
approving the engagement work programme.
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1.32 When engagements are performed for the internal audit activity by non-staff members, the chief audit executive (CAE) is responsible for ...
1 providing appropriate supervision from the beginning to the conclusion of the
engagement. 2 ensuring that the engagement communications are accurate, objective, clear, concise,
constructive and timeous. 3 reviewing the engagement work programmes for approval. 4 no work should be performed by staff members not from the internal audit activity. 1.33 Chief audit executives (CAEs) may use a tool called “risk analysis” in preparing work
schedules. Which one of the following would not be considered in performing a risk analysis?
1 Major operating changes. 2 Skills available on the internal audit staff. 3 Financial exposure and potential loss. 4 Results of prior internal audits. 1.34 Which one of the following is not correct? The role of the internal audit manual is to … 1 provide a range of reference material for internal auditors. 2 define the role and responsibilities of the chief audit executive (CAE). 3 provide a comprehensive guide to internal audit work. 4 provide a general framework for the internal audit function. 1.35 The chief audit executive (CAE) of a large manufacturing company is considering revising
the internal audit charter in terms of the minimum educational qualifications and experience required of internal auditors. The CAE wants each internal auditor to have obtained specialised training in accounting, together with a specialised auditing qualification such as the certified internal auditor (CIA) or chartered accountant (CA(SA) qualification. A disadvantage of imposing this approach on the company is that the charter …
1 would not promote the professionalism of the internal audit activity. 2 could limit the range of activities that could be audited by the internal audit activity
owing to the staffs’ narrow expertise and background. 3 might negatively influence the internal audit activity’s ability to perform quality
evaluations of the company’s financial and accounting systems. 4 would prevent the internal audit activity from using outside consultants when the
internal audit activity does not have the skills and knowledge required for certain internal audits.
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1.36 Owing to the fact that different types of auditors (i.e. internal, external and quality) are
perceived to be constantly interrupting the company’s operations, several members of management have suggested that the internal audit activity (IAA) be incorporated into the newly established quality assurance department in order to align the IAA’s activities with the company’s new total quality management drive. The chief audit executive has reviewed the quality standards and programmes that the quality assurance manager has proposed. The CAE’s response to this suggestion should include …
1 estimating the cost savings from eliminating the internal audit activity. 2 amending the internal audit charter to incorporate compliance with the quality
assurance procedures. 3 identifying appropriate liaison and cooperation activities between the internal audit
activity and the quality assurance department to reduce the impact on operations. 4 changing the qualification requirements for new staff members to include quality
assurance experience.
1.37 When determining the number, qualifications and experience level of the internal audit staff to be assigned to an internal audit engagement, chief audit executive (CAE) should consider all the following except the …
1 training needs of the internal audit staff. 2 lapsed time since the last internal audit engagement. 3 available internal audit resources. 4 complexity of the internal audit assignment. 1.38 A written charter, approved by the audit committee, which outlines the internal audit
activity’s (IAA) purpose, authority and responsibility, is primarily meant to improve the IIA’s …
1 organisational independence. 2 relationship with management. 3 due professional care. 4 stature within the organisation.
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1.39 The CAE of a newly formed internal audit activity is in the process of drafting a formal written charter for the department. Which one of the following items, related to the operational effectiveness of the internal audit department, should be included in the charter?
1 The frequency of the audits that will be performed.
2 The manner in which audit findings will be reported. 3 The procedures that the internal auditors will use in investigating and reporting fraud. 4 The internal auditors’ unlimited access to those records, personnel and physical
properties that are relevant to the performance of the audits. 1.40 The chief audit executive (CAE) routinely presents an activity report to the board as part of
the agenda for the board meeting each quarter. Senior management has asked to review the presentation before each board meeting so that any issues or questions can be discussed beforehand. The CAE should ...
1 provide the activity report to senior management as requested and discuss any issues
that may require action to be taken. 2 withhold disclosure of the activity report to senior management because such matters
are the sole responsibility of the board. 3 disclose to the board only those matters in the activity report that pertain to
expenditures and the financial budget of the internal audit activity. 4 provide information to senior management that pertains only to completed
engagements and observations which are available in published engagement communications.
1.41 The CAE has reviewed credentials, checked references and interviewed a candidate for a
staff position. He concludes that the candidate has a thorough understanding of internal auditing techniques, accounting and management. However, he notes that the candidate has limited knowledge of economics and computer science. Which of the following actions would be most appropriate?
1 Reject the candidate because of the lack of knowledge required by the IIA Standards. 2 Offer the candidate a position if other internal audit staff members possess sufficient
knowledge in economics and computer science. 3 Encourage the candidate to obtain additional training in economics and computer
science and to then reapply. 4 Offer the candidate a position despite the lack of knowledge in certain essential areas.
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1.42 Recent criticism of an internal audit activity suggested that audit coverage was not providing adequate feedback to senior management on the processes used in the organisation’s key lines of business. The problem was further defined as lack of feedback on the recent implementation of automated support systems. Which two functions does the chief audit executive (CAE) need to improve?
1 Planning and organising . 2 Staffing and decision-making. 3 Staffing and communicating. 4 Planning and communicating.
1.43 Which of the following would be the best source of information for a chief audit executive (CAE) who is planning staffing requirements?
1 Discussion of audit needs with executive management and the audit committee. 2 Interviews with existing audit staff. 3 Review of audit staff size and composition of similar size companies in the same
industry. 4 Review of audit staff education and training records.
Items 1.44 to 1.45 are based on the following information:
Upon his appointment, a new CAE found inexperienced audit staff that were over budget on most audits. A detailed review of audit working papers revealed no evidence of progressive reviews by audit supervisors. Additionally, there was no evidence that a quality assurance programme existed.
1.44 As a means of controlling projects and avoiding time budget overruns, decisions to revise
time budgets for an audit should normally be made ... 1 immediately after expanding tests in order to establish the reliability of findings. 2 when a significant deficiency has been substantiated. 3 immediately after the preliminary survey. 4 when inexperienced audit staff are assigned to an audit.
1.45 The duty to determine that audit objectives have been met is part of the overall supervision of an audit assignment and is the ultimate responsibility of the ...
1 staff internal auditor. 2 audit committee. 3 internal auditing supervisor. 4 chief audit executive.
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Topic 5: Stakeholder communication and audit communication 1.46 The obligation to report to senior management and the board is an important part of the
auditor’s work. Which one of the following items is not required to be reported to senior management and/or the board?
1 An annual report summary was made of the department’s audit work schedule and
financial budget. 2 Significant interim changes were made to the approved audit work schedule and
financial budget. 3 Subsequent to the completion of an audit but prior to the issuing of an audit report, the
audit senior in charge of the audit was offered a permanent position in the auditee’s department.
4 An audit plan was approved by senior management and the board. Subsequent to the
approval, senior management informed the audit director not to perform an audit of a division because the division’s activities were highly sensitive.
1.47 Internal audit reports should be directed towards the …
1 internal audit manager. 2 first level of management empowered to take effective action on any findings. 3 auditee manager only. 4 audit committee.
1.48 Management has requested the internal audit activity to conduct an audit on the
implementation of its recently developed corporate code of ethics. In preparing for the audit, the auditor reviews the newly developed code, compares it with the codes of several similar companies and concludes that the newly developed code has serious deficiencies. Based on this conclusion, the auditor should …
1 state the nature of these deficiencies in a formal report to management. 2 inform management of the problems with the existing code and report that it would be
inappropriate to conduct an audit until the code is revised to incorporate the industry best practice.
3 plan an internal audit for the implementation of the code of ethics and of compliance
with the best practices of other codes, since this represents the best available criteria. 4 conduct the internal audit as requested by management, but only report on non-
compliance with the code.
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1.49 During an audit of a company’s purchasing function, the internal auditors detect several violations of company policy regarding competitive bidding. Although the very same problem was reported during the previous audit, the recommended remedial action still has not been implemented. Which of the following best describes the appropriate action for this repeat finding?
1 The CAE needs to determine whether this condition should be reported to the external
auditor and/or any regulatory body. 2 The CAE should find out whether management or the board has assumed the risk of
not taking corrective action. 3 During the exit interview, management should be informed that a finding from the
previous audit report has not been corrected. 4 The audit report should include a statement to the effect that the same problem has
been reported in the previous audit. 1.50 A follow-up review found that a significant internal control weakness had not been
corrected. The chief audit executive (CAE) discussed this matter with senior management and was informed that management had agreed to accept the risk. The CAE should ...
1 inform senior management that the weakness must be corrected and schedule
another follow-up review. 2 do nothing further because management is responsible for deciding on the appropriate
action to be taken in response to reported internal audit observations and recommendations.
3 initiate a fraud investigation to determine whether employees had taken advantage of
the internal control weakness. 4 assess the reasons why senior management decided to accept the risk and inform the
board of senior management‘s decision.
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8.4.2 Compulsory assignment 02 Instructions: (1) Consult my Studies @ Unisa for instructions on how to submit written assignments. Special instruction regarding the answering of this assignment (1) This assignment covers of all the topics. (2) All the questions should be completed. (3) Only one question will be marked.
ASSIGNMENT 02: ESSAY TYPE QUESTIONS
UNIQUE ASSIGNMENT NUMBER: 716653
DATE OF SUBMISSION: 5 August 2013
QUESTION 1 65 MARKS Biggest Trucks Ltd is a company which manufactures and sells “monster” trucks. The trucks are purchased by enthusiasts to use in performances. The company has retail stores all over South Africa, but the manufacturing plant and head office is located in Johannesburg. Although the company is small, it is listed on the Johannesburg Stock Exchange (JSE). This form of entertainment is very popular in the United States of America (USA) and the company therefore has many overseas investors. Biggest Trucks Ltd has recently appointed a new audit committee. The chairperson of the committee is Mr Lightning Macqueen, the former chief executive officer (CEO), who retired one year ago. In addition to Mr Lightning Macqueen, the members of the audit committee include the managing director Mr Mack Super-Liner, the financial director Mr Chick Hicks, the external audit engagement partner, Mr Rusty Dusty and the chief audit executive (CAE) Mr Strip “The King” Weathers.
Currently, the internal audit activity consists of the chief audit executive (CAE) and two internal auditors, who are all situated at the head office. The CAE is involved in the daily performance of individual internal audit engagements. At a recent audit committee meeting, the following two issues were discussed:
• Compliance with the King III Report on Corporate Governance; and • Changes the structure of the internal audit activity.
Uncertain about the extent of compliance with the King III Report, the audit committee requested a detailed report to be presented to the board of directors to inform the debate on corporate governance and to enable the board to take a policy decision on the matter.
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The audit committee has also decided to appoint three additional internal auditors to relieve the CAE of supervisory duties and to enable him to spend most of his time on strategic issues. The CAE will now have more time to manage the internal audit activity effectively. REQUIRED MARKS 1.1 List the characteristics of sound governance and describe the nature thereof. (17) 1.2 Discuss whether Biggest Trucks Ltd should strive to comply with the
recommendations of the King III Report, with particular reference to the regulatory requirements and also indicate which principles will then be achieved.
(16) 1.3 With reference to the King III Report, make recommendations for the establishment
of an appropriate governance structure for Biggest Trucks Ltd. (10)
1.4 With reference to the International Professional Practice Framework (IPPF),
indicate what the CAE’s responsibilities are with regards to the planning of the internal audit activity.
(7) 1.5 Discuss the requirements of the International Professional Practice Framework
(IPPF) with regard to resource management, that should be kept in mind when appointing the three new internal auditor staff members.
(7) 1.6 With reference to the supervisory responsibilities addressed in Standard 2340:
Engagement Supervision, discuss whether or not the CAE can delegate his supervisory responsibilities to the new internal audit staff members.
(8) QUESTION 2 85 MARKS Mr Sebola is the founder and the chief executive officer (CEO) of Kgosi Limited, a company that has been without an internal audit activity since its incorporation in 2008. The stakeholders are now requesting the establishing of an internal audit function. At a recently held board meeting, the board of directors, indicated that they need more information in respect of the following internal audit principles: Part A: The advantages and disadvantages of outsourcing or in-house internal audit activity;
Part B: The impact of the International Professional Practice Framework (IPPF) on the
conduct of internal auditors; and
Part C: The internal audit charter Part A REQUIRED MARKS 2.1 Discuss arguments favouring outsourcing the internal audit activity as well as
arguments favouring an in-house internal audit activity.
(18) 2.2 Explain to Mr Sebola why you regard outsourcing the internal audit activity to be
the best option for Kgosi Limited.
(18)
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Part B The chief financial officer, Mr Jiyane, is very concerned regarding the principles that govern the behaviour of internal auditors and whether or not internal auditors can be trusted. As he is dating your sister, he requests your assistance as a post graduate student of internal auditing. He sends you an e-mail, containing the following few scenarios in respect of internal auditors and requests you to evaluate these scenarios based on the principles that govern internal auditors. MARKS 1. Peter Brown is a newly appointed internal auditor at Arthur and Sons Accountants
and Auditors. During the audit at one of the company’s key clients, Peter discovers a fraudulent transaction that implicates the chief executive officer (CEO) of the auditee. He raises the matter with the audit manager for direction. Excited about his discovery, Peter informs family and friends about what has transpired and tells them that the CEO may also go to jail.
(2½)
2. George, who is an internal audit manager with a well-known accounting firm, is involved in an audit of the debtors section of the client. George has been involved with the client for five years and has established a good relationship with the key personnel. During the audit, the chief financial officer (CFO) informs George that two ghost debtors have been created in order to avoid paying tax. George does not report the matter, because he has been promised a bonus of R10 000.
(2½)
3. Mrs. Schutte was recently appointed as the chief audit executive (CAE) of a government department. She has been appointed because she is related to the general manager of that department. Mrs. Schutte does not know anything about internal auditing.
(4)
4. Frans Khumalo, an internal audit manager, is responsible for overseeing an audit at a department that is headed by his wife.
(4)
5. The internal audit reports of an internal audit activity always state that its internal
audit activities are conducted in accordance with the Standards for the Professional Practice of Internal Auditing. The internal audit activity has never been subjected to an assessment of its quality improvement programme.
(4)
6. John has just been appointed as an internal auditor at Moonlight (Pty) Ltd. When he asks the CAE about the internal audit charter, the CAE informs John that he does not see the need for an internal audit charter as every staff member has a job description. The CAE informs John that he has been the CAE for five years and although they never had a charter, the internal audit activity has always been able to deliver according to the audit plan.
(3)
7. You are involved in a co-sourced internal audit activity. During your discussions with the in-house CAE, you note that the CAE reports functionally and administratively to the CFO.
(5)
8. An internal audit manager informs you that he sees no need to know about the company’s risk assessment. He further explains that the internal audit engagements are very simple, because they only audit the finance department. Only if they have
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enough time left, do they perform audits on the other four departments. However, they are not compelled to do this.
(4)
REQUIRED MARKS 2.3 Consider the independent scenarios above. For each of the scenarios, indicate the
Standard or component of the Code of Ethics that has been violated. Support your answer by explaining the violation and indicating the requirements that must be met.
(29)
Structure your answer as follows:
Violated Standard or Component of the Code of Ethics
Explanation of the violation
Professional practice requirements
e.g. Code – Objectivity or Standard 1000 – Purpose, Authority & Responsibility
Part C The company secretary, Ms Khumalo has acquired the following extract of an internal audit charter:
Authority
The internal auditor is granted authority for full, free and unrestricted access to any and all of Mokwena Trading Enterprise Limited’s records, physical properties, and personnel relevant to any function under review. All employees are requested to assist Internal Auditing in fulfilling their staff function. Internal Auditing shall only have access to the Chairman of the Board of Directors, and the Audit Committee of the Board of Directors upon receiving authorisation from the Chief Executive Officer.
Documents and information given to Internal Auditing during a periodic review will be handled in the same prudent and confidential manner as by those employees normally accountable for them.
Organisation
The Chief Audit Executive shall report administratively to the Managing Director and functionally to the Chief Executive Officer of the company.
Independence
All internal audit activities shall remain free of influence by any element in the organisation, including matters of audit selection, scope, procedures, frequency, timing, or report content to permit maintenance of an independent and objective mental attitude necessary in rendering reports.
Internal Auditors shall, as the need arises, assist in the preparation of the financial statements of the company and simultaneously audit the financial department. Accordingly, they shall, as the need arises, develop or install systems or procedures, prepare records, or engage in any other activity which would normally be audited.
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Audit Scope
The internal audit scope will be limited to the following:
• reviewing the reliability and integrity of financial and operating information and the means used to identify, measure, classify and report such information.
Audit Planning Annually, the Chief Audit Executive shall submit to the Chief Financial Officer and the Chief Executive Officer a summary of the audit work schedule, staffing plan, and budget for the following fiscal year. The audit work schedule is to be developed based on a prioritisation of the audit universe using a risk-based methodology. Any significant deviation from the formally approved work schedule shall be communicated to the Chief Financial Officer through periodic activity reports. REQUIRED MARKS 2.4 Critique the internal audit charter presented to you, by identifying its shortcomings
and making recommendations to improve the charter where necessary.
(20)
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8.4.3 Compulsory assignment 03 Instructions: (1) Consult my Studies @ Unisa for instructions on how to submit written assignments. Special instruction regarding the answering of this assignment (1) This assignment covers all of the topics of the study guide. (2) All the questions should be completed.
(3) Only one question will be marked.
ASSIGNMENT 03: ESSAY TYPE QUESTIONS
UNIQUE ASSIGNMENT NUMBER: 874358
DATE OF SUBMISSION: 23 September 2013
QUESTION 1 35 MARKS You are the chief audit executive (CAE) of Get Ahead (Proprietary) Limited and are busy orienting newly appointed internal auditors about the company, the internal audit department and its processes. One of the new internal audit recruits, a newly qualified chartered accountant, mentions that from his experience while serving his articles with one of the Big 4 auditing firms, it appears that the biggest challenge for internal audit activities is to be heard while still remaining independent. REQUIRED MARKS 1.1 Discuss the concept of independence in the context of internal auditing. (10)
1.2 Discuss how the CAE should go about ensuring that the internal audit activity
overcomes this challenge of being heard while remaining independent. Your answer should address the factors affecting independence and ways to ensure effective internal audit reporting.
(25) QUESTION 2 67 MARKS You are a Certified Internal Auditor (CIA) who works as a consultant. You are assigned to help Smart Parking Limited with certain issues on corporate governance. The company has a June year-end and is listed on the Johannesburg Stock Exchange. During a meeting with Mrs. Matlota, the CEO, she indicated to you that the company has not established its own internal audit activity as yet, but considered to do so in the near future. She also briefed you on a new corporate governance process that was being implemented by the
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board of directors in order to meet the company’s obligations under the King III Report. She inter alia indicated that the following were discussed during a recent meeting of the board: Internal Audit: The board decided to establish its own internal audit activity and to no longer outsource this function. Mr Le Roux was considered for appointment as head of this activity. He would report directly to Mrs. Matlota and his designation within the company would be principal internal auditor. He was not appointed on any management level, mainly because he does not have much internal audit experience. The board requested Mrs. Matlota to review Mr Le Roux’s position to determine whether he was able to prove that he can do the job. Mrs. Matlota also asked for advice on setting up the internal audit activity. Audit committee: During the meeting the directors expressed their concern about the requirement in the King III Report that the board should appoint an audit committee. Mrs. Matlota asked to be advised on the factors that contribute to an effective audit committee. Corporate governance: During the meeting one of the directors expressed his concerns on what the likelihood is of an Enron or WorldCom happening in South Africa. Mrs. Matlota asked you to also state your view on this. REQUIRED MARKS 2.1 Advise Mrs. Matlota on how to set up an internal audit activity. (20)
2.2 Compile a brief job description for the new chief audit executive that the company
would like to appoint.
(20)
2.3 Explain briefly how executive management can promote the internal audit activity’s role of adding value to the organisation.
(12)
2.4 Advise Mrs. Matlota on the factors that contribute to an effective audit committee. (15)
QUESTION 3 26 MARKS At a recent audit committee meeting, following resistance on the part of the external auditors to place too much reliance on the work of the internal audit activity (IAA), the audit committee chairperson raises his concern about the quality of the work performed by the IIA. She expresses particular concern over whether the internal audit activity has complied with its mandate, as defined in the Internal Audit Charter and has acted in accordance with the ethical and professional standards set by the Institute of Internal Auditors (IIA). The chairperson asks what measures exist within the department covering quality assurance and whether these have ever been independently attested. In essence, the question being asked is: “who audits the internal auditors?” You reply that you unfortunately did not have all the documentation on hand, and that an external quality assurance evaluation was completed a few years ago. However, you do not tell him that the results of this evaluation were never provided to the audit committee. You advise him that you are a Chartered Accountant (CA(SA)) and not a member of the IIA, and are therefore bound by the code of ethics and conduct provided by the South African Institute of Chartered Accountants (SAICA) and not by the code of ethics and conduct of the IIA.
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You are asked to prepare a report for a special audit committee meeting to be held to consider quality assurance matters relating to the internal audit activity under your control. REQUIRED MARKS Answer the following questions with specific reference to internal audit quality assurance: 3.1 Discuss whether, as a CA(SA), you are required to comply with the Internal
Professional Practice Framework (IPPF), since you are already bound by the SAICA Code of Professional Conduct.
(6)
3.2 Indicate the quality assurance requirements as reflected in the IPPF. (20) QUESTION 4 22 MARKS You are the newly appointed chief audit executive (CAE) of No-Net, a national government agency that is researching the use of industrial experimental fishing techniques as an alternative to the environmentally hazardous gill nets currently in use. Prior to your appointment, No-Net did not have an internal audit activity but did, however, have an audit committee that management and the Auditor General reported to on a quarterly basis. Following a recent audit committee meeting, where the Auditor General emphasised the fact that No-Net did not have an active internal audit activity, a decision was made to establish an internal audit activity. After familiarising yourself with the organisation, its objectives and relevant legislation and regulations, your first task is to establish a fully functional, in-house internal audit activity. REQUIRED MARKS Provide a draft of the internal audit charter for discussion and the approval of the audit committee. You should clearly indicate both the reporting lines and the responsibilities of the internal audit activity.
(22)
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9 OTHER ASSESSMENT METHODS There are no other assessment methods other than the activities provided in this tutorial letter. 10 EXAMINATIONS Requirements for admission to the examination Submission of the compulsory assignment 01 by its due date will give a student admission to the examination in this module. Admission will be obtained by submitting this assignment in time and not by the marks you obtain for it. Please ensure that this assignment reaches the University before or on the due date. Late submission of the assignment will result in you not being admitted to the examination. No extension will be given for the late submission of assignments 01, 02 and 03.
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The Examination Period This is a year module. The examination period commences in October 2013 and a supplementary opportunity is available during January/February 2014. Previous Examination Papers Previous examination papers are available to students on myUnisa. Suggested solutions are not provided. You may, however, accept that the type of questions that will be asked in the examination will be similar to those found in your study material. Use the my Studies @ Unisa brochure for general guidance for the examination as well as for your preparation for the examination. 11 FREQUENTLY ASKED QUESTIONS The my Studies @ Unisa brochure contains an A-Z guide of the most relevant study information. 12 SOURCES CONSULTED Except for the prescribed text books for the module no additional sources were consulted.
13 CONCLUSION Wishing you every success with your Auditing studies! We are here to assist you where we can with the content of the module. Please make the most of your opportunity to learn from this module. 14 ADDENDUM There are no addendums to this tutorial letter.
