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    AUE3702 Tutorial Letter 202/1/2015

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    joemad22
    This document is a tutorial letter providing feedback on Assignment 03 for the module AUE3702 Substantive Procedures and Finalising an Audit. It begins by stating that no suggested solution is provided, as the study guide references should be used to answer the assignment activities. It then lists the activities that made up Assignment 03 and provides specific feedback. This feedback indicates that some students did not attempt all required activities or include self-reflections, resulting in lost marks. The letter concludes by stating that properly completing the assignment demonstrates certain competencies required by SAICA.

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    AUE3702 Tutorial Letter 202/1/2015

    Uploaded by

    joemad22
    440 views3 pages
    This document is a tutorial letter providing feedback on Assignment 03 for the module AUE3702 Substantive Procedures and Finalising an Audit. It begins by stating that no suggested solution is provided, as the study guide references should be used to answer the assignment activities. It then lists the activities that made up Assignment 03 and provides specific feedback. This feedback indicates that some students did not attempt all required activities or include self-reflections, resulting in lost marks. The letter concludes by stating that properly completing the assignment demonstrates certain competencies required by SAICA.

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    This document is a tutorial letter providing feedback on Assignment 03 for the module AUE3702 Substantive Procedures and Finalising an Audit. It begins by stating that no suggested solution is provided, as the study guide references should be used to answer the assignment activities. It then lists the activities that made up Assignment 03 and provides specific feedback. This feedback indicates that some students did not attempt all required activities or include self-reflections, resulting in lost marks. The letter concludes by stating that properly completing the assignment demonstrates certain competencies required by SAICA.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    440 views3 pages

    AUE3702 Tutorial Letter 202/1/2015

    Uploaded by

    joemad22
    This document is a tutorial letter providing feedback on Assignment 03 for the module AUE3702 Substantive Procedures and Finalising an Audit. It begins by stating that no suggested solution is provided, as the study guide references should be used to answer the assignment activities. It then lists the activities that made up Assignment 03 and provides specific feedback. This feedback indicates that some students did not attempt all required activities or include self-reflections, resulting in lost marks. The letter concludes by stating that properly completing the assignment demonstrates certain competencies required by SAICA.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    AUE3702/202/1/2015

    Tutorial Letter 202/1/2015


    SUBSTANTIVE PRODEDURES AND
    FINALISING AN AUDIT

    AUE3702
    Semester 1
    Department of Auditing

    IMPORTANT INFORMATION:
    This tutorial letter contains important information
    about the module.

    1.

    Suggested solution to Assignment 03

    The objective of Assignment 03 was to guide you through topics 2 to 4. The same approach and
    principles applies to this assignment as was explained for Assignment 02 in Tutorial Letter 201.
    For Assignment 03 you were required to attempt all the activities as listed in section 2 of this
    tutorial letter.
    A suggested solution is not provided because the study guide provides the exact references in
    the prescribed textbook for answering the activities.
    Lets look at an example from your study guide to illustrate this point.

    Property, plant and equipment


    Study
    Refer to Jackson and Stent (J&S) 2015:14/19 to 14/24 (2012:14/19 to 14/26).

    ACTIVITY 3.5.4
    You are the audit manager of ProRide (Pty) Ltd. You are provided with the trial
    balance at year-end, indicating that the property, plant and equipment (PPE)
    balance amounts to R1 550 000 (Dr) (previous year R550 000).

    Required:
    Formulate the audit procedures to verify the PPE at year-end.
    (The above study reference will enable you to formulate the answer to the
    activity.)
    To answer the question above you should have consulted pages 14/19 to 14/24 in the 2015
    J&S textbook (if you used the 2012 J&S textbook you would have found these references on
    pages 14/19 to 14/26). The substantive audit procedures to verify PPE at year-end is set out in
    the textbook under each of the applicable assertions.
    Assignment 03 represents your own study notes and therefore we will not be providing you with
    a suggested solution.
    2.

    List of activities that make up Assignment 03

    3.
    2

    Activities 3.1.2 to 3.1.4


    Activities 3.2.2 to 3.2.4
    Activities 3.3.1 and 3.3.2
    Activity 3.4.1
    Activities 3.5.1 to 3.5.4
    Activity 4.1.2
    Activity 4.2.1
    Activities 4.3.1 to 4.3.4
    Activities 4.4.1 and 4.4.2
    Activities 4.5.1 to 4.5.3
    Activities 4.6.1 to 4.6.6

    Feedback on Assignment 03

    AUE3702/202
    3.1 Specific feedback
    Students did well in the Assignment 03, but lost marks unnecessarily in the following areas:

    Many students did not include activity 0.1 as part of the assignment submitted as a
    result marks could not be allocated.
    Many students did not include all the activities as set out in section 2 above. Please
    remember that as a professional accountant you have to perform your work at a
    certain standard with the necessary due care. If you are given a task you have to
    complete it at a certain standard. You were requested to complete and submit all the
    activities that form part of Assignment 03 (section 2 above). If you did not include all
    the activities when submitting Assignment 03, you have not performed your duties
    with the necessary due care. By not attempting all the activities students lost
    unnecessary marks.
    Many students did not include a self-reflection where requested by the activity. This
    is probably the most important part in learning and/or preparing for this module. You
    will repeat the same mistakes in the future if you do not remedy yourself by means of
    a self-reflection. Once you have answered a question, you mark it against the
    suggested solution. You then have to analyse and investigate what you did well and
    what you did not do well. It is very important to include a self-reflection to
    demonstrate to the lecturers that you have a plan for improving your knowledge and
    avoiding similar mistakes. (Also remember to give yourself credit for what you did
    well.)

    3.2 Assessment approach


    Please refer to the completed marking grid that you received with your assessed assignment.
    Go through your assignment and the marking grid completed by the marker. If you are not
    satisfied with the outcome of your assessed assignment please contact the lecturer to discuss
    the matter.
    The marking grid is an assessment tool we use to assess your assignment. We assess specific
    competencies which are required by the South African Institute of Chartered Accountants
    (SAICA) competency framework. Each of these selected competencies assessed are identified
    on the marking grid.
    4.

    Conclusion

    Completing Assignment 03 properly and with the necessary due care has enabled you to
    demonstrate that you are able to

    conduct your own research


    be an active learner
    demonstrate your writing and reading abilities
    formulate your own substantive procedures for each of the five (5) business cycles
    deal with any audit finalisation and/or audit reporting issue

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