Cloud 9 Audit Report: Learning Experience, Teamwork, and Ethics

This report details the experience of an audit team member during the Cloud 9 audit, covering the roles of audit assistant and senior auditor. It examines teamwork dynamics, including strengths, weaknesses, and challenges faced, substantiated by reflective journal extracts. The report analyzes performance, focusing on problem-solving and information literacy, and assesses professional conduct and ethical practices. The author reflects on critical learning elements, emphasizing effective teamwork, communication, and the importance of ethical considerations. The report highlights the value of diverse perspectives, technological tools, and unbiased opinions, concluding with a positive assessment of the overall experience and its contribution to professional development. The author also provided references of the sources used to support their arguments in the assignment.

Personalise this page as your title page – include your name and student number
After writing your Performance Review Summary
delete any extra line spaces on the following pages
so it fits neatly on 2 pages plus the title page
and attachments (journal extracts)

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.
As an audit assistant, my role required to help my senior auditors in routine and non routine matters related
to the audit of the company, and to work as per their directions. It required me to work in team with my
fellow article assistants and maintain proper code of ethics in my work (Prasad & Chand, 2017). Refer to
journal Attachment 1 was further light on the role.
Summarise your duties and responsibilities as an Audit Senior for the Cloud 9 audit.
As the senior auditor of the company for the given week, I had a fair share of responsibilities that helped
me in understanding the overall concept of auditing very closely. As the senior auditor I was required to
deal with the clients, and solve all their queries which they brought up every now and then (Alexander,
2016). Refer to attachment 1 for further light on the role.
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.
As a team member I feel my performance was quite satisfactory and it helped in getting to understand the
different perspectives of people. The most challenging aspect was to come on a neutral ground on certain
specific matters with respect to my team member. It was also difficult to understand the view point of all
the members of the team. Refer to journal attachment 1 was further explanation
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.
As a leader the role was very challenging, because it required managing the overall work and providing
full support to my team. It also required taking some very important decisions related to the audit that
might have affected the entire company. It required dealing with the management of the company and also
give proper feedback s and when asked for (Grenier, 2017). Refer the journal for further reference.
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.
I played an important role and took initiative in presenting my ideas and my view points to the
management of the company and my team of auditors. The seniors found my overall ideas very insightful
and detailed also considered few of them in the overall audit process (Abbott & Kantor, 2017). Refer to the
journal attachment 2 for further information.
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What did you do? How well did you perform and contribute through problem-solving and information literacy, and
what part did this play in successfully completing the Cloud 9 audit?
I tried using my basic knowledge and my skills that I had developed over the weeks by working with my
team. I also did my own research to get an insight into the most important matters relating to the company.
These made all my suggestions very apt and suited to the needs of the management (Knechel & Salterio,
2016). Refer journal extract attachment 2 for further references.
Professional conduct
Attachment 3 – attach an extract from your Reflective Journal that talks about your professional conduct,
especially your ethical practice while working with your audit team during the term (see C3: i, ii or iii in the
additional assessment information sheet in the Assessment block in Moodle).
Summarise your thoughts on professionalism and ethical practice, drawing on your experience as an Audit Assistant
for W & S Partners, working independently and as part of a team. For example, how well did you demonstrate your
professional and ethical behaviour towards others? Draw on your Reflective Journal to give some examples of your
approaches.
It is important as an auditor to maintain the highest level of professional scepticism in my work and I did
the same both when I was working independently and as the member of the audit team. I made sure to
follow the required code of ethics. Refer to the journal extract 3 for further light on the question.
Explain your awareness in upholding professional values and ethics, e.g. what measures did you personally observe,
or most likely to observe in the future? Support your assertions with an extract from your Reflective Journal.
The auditing committee and its member must be unbiased in their approach while they are conducting an
audit, and should follow the prescribed rules and guidelines that has been stated by the body of law. I as a
professional educated myself on the same and maintained the same throughout the process of audit (Prasad
& Chand, 2017). Refer to Journal extract 3 for further reference.
Summary
In 500 words or less, discuss the critical elements of your learning as part of an audit team, paying particular
attention to some of the questions outlined within the additional information sheet provided in the Assessment block
in Moodle. You may have already written similar reflections in your Reflective Journal; please feel free to use and
summarise what you have already recorded in your journal. You may also indicate the date of your journal entries to
demonstrate improvement in your professional practice skills. Do not include reflections in this section that you have
included elsewhere in this document.
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On the basis of all the experience that I had as a group member in the audit team I can state that my
experience was very good. I learned all little details about the entire audit procedures from my seniors and
my leaders. In areas where I got to be the senior and the leader, I learned small details about team
management and understanding how we should handle our team and our assistants and make sure that we
get the best output from the same. After considering all the key aspects related to the role as a team
member of the audit team, I can say that I was able to deal with my work and perform my duties to the best
of my knowledge (DeZoort & Harrison, 2016). As a team member I feel I have performed pretty well. And
have left a good impression on all my team members. I have learned that each team member might have
different opinions on similar matters and it is important to respect each other views and opinions. I have
tried to give my inputs and my suggestion wherever possible. I have also tried to lead from the front and
voluntary take up tasks on my own will. I have learned a lot form this moodle and it has also helped me in
getting over my weakness and prepared me for my future assignments. I feel that technological tools, often
takes away the basic tools and essence of effective communication between the members of the team. But
after working on this group work and dealing with these moodle it will help me in developing better skills
and also enhance my communication skills. I was able to leave a good impression, and all my seniors were
ready to listen to my suggestion and methods throughout the project. And they also provided their
necessary feedback, which helped me in developing my skills. It also made me more responsible about the
entire work and will help me in future when I will handle assignments independently (Lefkowitz, 2017).
Thus overall the entire experience was very satisfactory in all the aspects. It prepared me for my future
work and helped me in understanding where my weakness is. It helped me in removing my deficiencies
and will definitely help me in becoming a better auditor in the future. I have also learned the importance of
effective teamwork and how important it is to be aware of the various ethical issues that the auditor might
face (Sonu, Ahn, & Choi, 2017). As an auditor it is very important to have an unbiased opinion and it
should not be influenced by external parties. I have learned a lot from my seniors and other team members
throughout this group work. The audit of the cloud 9 company was a very enriching experience in all
aspects possible. I would like to further work with the same group, as I was made very comfortable
throughout this process and it has helped in better development of my views and opinions. All in all it was
a very good experience for me (Knechel & Salterio, 2016).
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References
Abbott, M., & Kantor, A. (2017). Fair Value Measurement and Mandated Accounting Changes:
The Case of the Victorian Rail Track Corporation. Australian accounting Review .
Alexander, F. (2016). The Changing Face of Accountability. The Journal of Higher Education ,
71 (4), 411-431.
DeZoort, F., & Harrison, P. (2016). Understanding Auditors sense of Responsibility for detecting
fraud within organization. Journal of Business Ethics , 1-18.
Grenier, J. (2017). Encouraging Professional Skepticism in the Industry Specialization Era.
Journal of Business Ethics , 142 (2), 241-256.
Knechel, W., & Salterio, S. (2016). Auditing:Assurance and Risk (fourth ed.). New York:
Routledge.
Lefkowitz, J. (2017). Ethics and Values in Industrial-Organizational Psychology, Second Edition
(second ed.). NY: Routledge.
Prasad, P., & Chand, P. (2017). The Changing Face of the Auditor's Report: Implications for
Suppliers and Users of Financial Statements. Australian Accounting Review .
Sonu, C., Ahn, H., & Choi, A. (2017). Audit fee pressure and audit risk: evidence from the
financial crisis of 2008. Asia-Pacific Journal of Accounting & Economics , 24 (1-2), 127-
144.
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Journal Extracts
Copy and paste extracts from your online Reflective Journal, under the appropriate headings below.
Attachment 1:
The main role that I was assigned was of an audit senior in the week 8 that required me to deal with the
client and also guide my assistants. That role was more challenging than all the other previous roles. The
role required strong leadership qualities and providing assistance to the management of the company in
case they face any issue during the audit. It also required that the proper team management was there so
that the overall flow of work was without any hindrance. As a leader I learned how important the work of
all the team members in a joint group assignment.
Attachment 2:
I helped my team by providing them with important suggestions and ideas that was helpful in the overall
audit work. In certain areas where the seniors were not able to reach to a solution, I provided my opinions
and that was considered by my group. In that way I helped in closing the overall audit of the company. I
was able to leave a lasting impact on the group members as they always asked for my opinion in most
crucial matters that were related to the audit of the company. As a senior also I gave my valuable
feedbacks that were very helpful.
Attachment 3:
As an auditor it is very important to maintain professional scepticism and I did the same. I tried my best to
make sure that the management was not hiding any important details from the auditor, and all the
important audit paper were saved and kept in a proper secure place. I made sure that non of the members of
the group, was related to the management in any way and the entire opinion of the audit team was unbiased
and free from any adulterations. I also made sure that proper code of ethics must be maintained and all the
members of the group were following the same.
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