Critical Elements of Learning as Part of an Audit Team

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Auditing Professonal Practice
Name of the Student
Name of the University
Author Note
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Accountability
Attachment 1 – attach an extract from your Reflective Journal that talks about your team work skills (see C1: i, ii
or iii in the additional assessment information sheet in the Assessment block in Moodle).
Summarise your duties and responsibilities as an Audit Assistant for the Cloud 9 audit for weeks 5 to 8 inclusively.
My duties and responsibilities as an audit assistant include:
Executing functions to verify the precision of cash sales and accounts receivables
Check whether the books and financial statements of the entity are in conformance to industry standards.
Assessing, reviewing and recommending changes in accounting systems and controls of cloud9.
Reviewing and suggesting new modifications to existing internal audit controls
Verify whether all accounting and clients databases are updated and functioning properly
Summarise your duties and responsibilities as an Audit Senior for the Cloud 9 audit.
My duties and responsibilities as a senior auditor include:
Leading audit engagements of clients that includes planning, executing, directing and completing financial
audits
Supervising and mentoring junior auditors and trainees and helping them becoming familiar with the audit
process
Research and analyse financial statements of the entity and audit related issues and trying to find material
misstatements while analysing financial statements
Gaining a thorough understanding of the auditing standards and common audit procedures and techniques.
How did you perform your role as a team member? Identify your team work strengths and weaknesses, or aspects of
the role you found challenging. Use an extract from your Reflective Journal to support your claims.
Being a part of an audit team , I believe the group has met the desired standards of auditing
compliance requirements. I believe that we have performed our due diligence in performing the
responsibilities that we were entrusted to do. There were certain strengths and weaknesses regarding the
team. The team was extremely knowledgeable and always knew what to look for while verifying the
existence and valuation of certain items in the financial statements. The team was effective in getting the
job done within the allocated timeand dealt with the misstatements as evidenced in the reflective journal.
The weaknesses include not being able to communicate effectively as team members. There was a lack of
effective communication and not making optimum use of the talents of the team.
How did you perform your role as a leader? Identify your team work strengths and weaknesses, or aspects of the role
that you found challenging. Refer to your Reflective Journal extract for substantiation.
Being an audit leader, I had an enormous responsibility in overseeing the operations of my audit
associates and team members to see if they are applying the correct audit procedures or not. I believe that
as a leader, I performed my role to the fullest of my abilities. However there was a scope for further
improvement. As a leader, I believe that my strengths included on providing an atmosphere that was
conducive to the overall growth of my team. I am also effective in identifying the priorities and the tasks
upfront in addition to making informed decisions in light of extenuating circumstances. I have a good
problem solving mind as well. My limitations included in not being able to communicate effectively to my
team members in certain decision making areas. I also could not optimise the talents of my team members,
which falls on me.
Performance
Attachment 2 – attach an extract from your Reflective Journal that talks about your performance. Focus on your
problem-solving and information literacy abilities which you used while working with your audit team (see C2: i, ii
or iii in the additional assessment information sheet in the Assessment block in Moodle).
Summarise your overall performance and the role you played in communicating your ideas during the audit process.
Substantiate your claims with your chosen extract from your Reflective Journal.
Being a part of an audit team member, I believe that the group has performed to a desirable standard that is
in conformance with the auditing standards and the other relevant provisions. The group set out to review the
accuracy and precision of certain items in the financial statements and checking whether he book confirm to industry
standards or not. The group has successfully done that. I was tasked with modifying existing internal controls . I made
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