COURSEWORK

Growfast Plc. was formed on 1 August 1990 in order to manufacture minicomputers. The directors are unsure as to their responsibilities, and the nature of their relationship with the external auditors. The audit partners has asked you to visit the client and explain to the director the main fundamental aspects of the accountability of the company and their relationship with the auditor.

Required:

Write a report explain to the directors of Growfast Plc.

• Why there is a need for an audit.
• Howthe auditor of a public company may be appointed under the companies Act.
• What are the auditors right are under the companies Act.
• The responsibilities of the directors in relation to the accounting function of thecompany.

Solution Guidelines

• Your assignment should be written in the style of a report to be presented to a Board of Directors.
• It should therefore include title and contents pages (not included within the word limit).
• References should use the Harvard system.
• The word limit is 1,500 words, +/- 10%, excluding any appendices and contents pages.
• The deadline for submission is
• Submission is via Turnitin.
• Penalties will apply for late submission and being more than 10% either side of the word limit.
• The assignment is worth 50% of your course mark.

Marking Scheme

Mapping to Learning Objectives

This coursework maps to learning objective

L1.       Critically evaluate the importance of internal and external auditing to organisation.

L2.       Demonstrate an awareness of the audit process from acceptance of a client through evidence collection to opinion formation and understanding of the importance and nature of financial control