Research Proposal: Impact of Audit Monitoring on WoolWorth Retail

This research proposal investigates contemporary accounting issues, specifically focusing on the impact of audit monitoring systems on business growth, using WoolWorth retail as a case study. The introduction highlights the business problems associated with ineffective internal and external audit monitoring, which affects risk assessment and strategic planning. The research explores factors affecting the functionality of the monitoring system and poses research questions to determine these factors and analyze their impact on the company. Theoretical approaches, such as the importance of segregated responsibilities and communication within the audit process, are discussed. The research employs secondary data collection methods to gather information, ensuring proper referencing to avoid plagiarism. The proposal aims to provide recommendations for WoolWorth retail based on the identified reasons for ineffective audit monitoring.

Research Proposal

Table of Contents
Research Topic: A contemporary accounting issue.........................................................................1
INTRODUCTION ..........................................................................................................................1
Business Problems..................................................................................................................1
Background of research problems..........................................................................................1
Research question:..................................................................................................................1
Theoretical approaches:..........................................................................................................2
Data Sources:..........................................................................................................................2
REFERENCES................................................................................................................................3

Research Topic: A contemporary accounting issue.
INTRODUCTION
Contemporary accounting refers to the process through which organisation is able to
analyse accounting and financing activities. The present research proposal is based on
determining the business issues based on internal and external audit monitoring system. In this
context, WoolWorth retail of Australia is taken into consideration (Alstadsæter and et.al., 2016).
It helps in determining the impact of ineffective audit monitoring system on the growth of
organisation.
Business Problems
WoolWorth retail firm provides services related to grocery, stationery, clothing, etc. They
are having various outlets across the world (Palepu, Healy and Peek, 2013). The major business
accounting issues of cited company is with ineffective internal and external audit monitoring
function, due to which company is not able to determine risk factors. It affects the planning and
development strategies of the organisation.
Background of research problems
Audit and survey are considered as significant step for determining the market condition.
With the help of gathering information, they are able to determine their strengths and
weaknesses. WoolWorth retail is not having efficient audit monitoring system, due to which they
are not able to analyse internal and external functionality (Kamla and Alsoufi, 2015). It consists
of components like environment, risk assessment, controlling activities and monitoring process.
If the system will not work properly, then it affects the processing and creates huge impact on the
growth and development of the company. Further, it also affects their planning and
implementation activities. The organisation is not able to identify marketing challenges and
unable to maintain their competitive advantage. Through this research proposal, investigator will
be able to identify factors affecting the functionality of monitoring system and take necessary
step for overcoming them.
Research question:
Objectives:
 To determine the factors that are affected internal and external audit monitoring system.
 To analyse the impact of ineffective internal and external audit monitoring system on the
growth of WoolWorth retail.
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Questions:
 What are the factors that are affecting internal and external audit monitoring system?
 What are the impact of ineffective internal and external audit monitoring system in the
growth of WoolWorth retail?
Theoretical approaches:
According to the Krahel and Vasarhelyi, (2014), the effectiveness of internal and external
audit monitoring system can be maintained by segregating role of responsibilities of employees.
It will help the research in considering limited area for investigation and supports in increases
quality of their records. Along with this, communication is also very important element in this
process. It helps in exchanging views and thoughts related to data and helps in identifying the
risk factors. Along with this there are various theoretical approaches are also available such as
top-down view, complex business model, risk quantification, etc. However, Kamla and Alsoufi,
(2015) stated that interactive audits supports the information related to the internal and external
environment of the WoolWorth retail company. On the basis of identified risk factors, firm is
able to take necessary steps and overcome them.
Data Sources:
Data sources refers to the process of gathering information related to the research. In the
present research proposal, researcher will be implementing secondary data collection method. It
will help the analyser in gathering information that are already done by other investigators.
While including those information into the research, proper in-texting and references of the data
should be done (Alstadsæter and et.al., 2016). It helps in avoiding chances of data stoles and
plagiarism. With the help of secondary data collecting method, researcher will be able to develop
deep understanding related to the impact of ineffective internal and external audit monitoring
system. Through identified reasons, they are able to provide recommendations to WoolWorth
retail (Krahel and Vasarhelyi, 2014).
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REFERENCES
Books and journals
Alstadsæter, A. and et.al., 2016. Accounting for business income in measuring top income
shares: Integrated accrual approach using individual and firm data from Norway (No.
w22888). National Bureau of Economic Research.
Kamla, R. and Alsoufi, R., 2015, June. Critical Muslim Intellectuals’ discourse and the issue of
‘Interest’(ribā): Implications for Islamic accounting and banking. In Accounting
Forum (Vol. 39, No. 2, pp. 140-154). Elsevier.
Krahel, J. P. and Vasarhelyi, M. A., 2014. AIS as a facilitator of accounting change: Technology,
practice, and education. Journal of Information Systems. 28(2). pp.1-15.
Palepu, K. G., Healy, P. M. and Peek, E., 2013. Business analysis and valuation: IFRS edition.
Cengage Learning.
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