ATHE Level 5 Extended Diploma in Accounting (603/4848/3)
You are working in an accountancy firm as a junior assistant in the assurance department dealing with small and medium-sized businesses. As part of your training, you have been asked to undertake the initial planning of several upcoming assurance engagements.
You will need to prepare the required documentation detailed below for your line manager based on each engagement, citing relevant accounting and assurance practice throughout.
Task 1
A client, Danny Featherstone has just completed his first year of trading as a private limited company in the sportswear industry. He has requested advice on a number of issues relating to assurance and internal controls. You are required to prepare a report that must:
• define the term assurance.
• describe the concept of reasonable assurance.
• explain the assurance process.
• compare and contrast the responsibilities of the different stakeholders involved in an assurance engagement.
• identify the need for organisations of having effective systems of control.
• discuss the need for the main areas of a business that need effective control
systems.
• describe the components of internal control in both manual and computerised environments.
• explain how internal controls are evaluated and conclusions drawn.
Extension activities
To gain a merit, your report must:
• analyse the possible purposes and outcomes obtained from different assurance engagements.
• analyse how internal controls mitigate risk.
To gain a distinction, your report must:
• assess the need to plan assurance activities with professional scepticism and professional judgement.
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