Auditing The Significance of Problem-Solving and Information Literacy

Running head: AUDITING 1
Auditing
Name
Institution

AUDITING 2
Week 5 Reflective Journal
My team members were characterized with being cooperative and productive based on
the roles that we were provided. This is evidenced by the fact that my team divided work load
amongst ourselves. For instance, each member in my team was supposed to find information
with respect to planning materiality by finding more information through the YouTube links that
were given. This example shows how cooperative my team was in accomplishing the task that
was assigned to us. Nonetheless, productivity is attested by the fact that one member of the team
suggested an alternative solution because the links were not working appropriately. Besides, my
team work skills on accountability contributed to building a rapport with others to develop a
coherent team. This is supported by division of tasks where three roles were assigned to the team
members. Among the roles that were assigned include planning materiality calculation on
YouTube, researching on materiality standard audit and comparing with information from
textbooks. Communication played a critical role in enhancing collaborative approach.
Each member of my team played a significant role in taking responsibility for ensuring
that group goals are achieved. This was accomplished by one member who contributed that trial
balance would be used as an appropriate base since 10 percent is considered as an acceptable
high level risk of calculating materiality. Another member ensured that we had information from
YouTube. Based on the findings from watching YouTube, profit oriented items are considered to
be ideal in calculating materiality. The third member contributed information relating to
professional judgment with regards on how it contributed to calculating materiality. Through the
contribution of each member of my team, all played a key role in taking responsibilities which
contributed to the accomplishing the objectives of the assigned task. In essence, giving and
receiving feedback is a critical team skill that is evidenced through giving clear direction and

AUDITING 3
receiving required feedback in order to complete the task. This skill contributed in ensuring that
my team worked in harmony.
As a leader working with a team, there are various strength about the leaders and
members that define the outcome of the team’s performance. As a leader of the team, I had the
ability to build strong relationship. I managed to achieve this by establishing trust and motivating
the other members to act and complete on the assigned task. I provided positive feedback and
reward for good performance while at the same time coach members in areas where they struggle
such as determining the appropriate base to use for the calculation of materiality. In addition, I
was also efficient in executing work since my team managed to complete the tasks assigned.
Another area of strength is that the members took time to reflect on the assigned tasks and
collaborated to ensure that the overall project was completed as expected. Considering
weaknesses, the primary weakness that was experienced between the leader and other team
members is failing to set clear expectation where we relied on the most appropriate base rather
than finding the correct base to use in calculating materiality.
Week 6 Reflective Journal
This reflective journal is based on week 6 which was concerned with testing of internal
control on accounts receivable. In this regard, the reflective focuses on performance with a keen
look on problem solving and information literacy skills. Therefore, in order to test internal
control on accounts receivables, my team sought out to formulate a strategy to identify define
and solve problems. The strategy that we used involved problem identification, developing
alternative solution, selecting the optimal solution and implementing the optimal solution. First,
we decided to familiarize ourselves with the requirements of the question. This led to defining
and explaining the objectives of internal control. The findings determined that there are various