Scenario 2

Selecting sample from the population to apply the verification process to gather evidence would facilitate the auditor to manage the audit effectively. You have been appointed as the audit junior of M/S JBL Associates audit firm soon after completed your College Degree. The audit manager requested you to demonstrate your knowledge and understanding of audit sampling techniques that can be followed during the audit verification.

Requirement:

Compare some of the audit sampling methods that are applicable during an external audit.

(15 marks)

(100 150 words)

SECTION: C (Total 40 marks)

Only one question (compulsory)

The purpose of Corporate Governance is to set out processes by which corporates are controlled and directed to create efficient enterprises contributing to building a strong, transparent and competitive national economy. The aim of such a process is to mitigate any adverse impact on the national economy, the stakeholders and the local community arising from failure to comply with corporate governance best practices.

a. Identify and explain the basic elements of corporate governance principle with your own examples? (10 marks)

(75-125 words)

b. Critically comment on the importance of the 2^nd principle of corporate governance the board of directors, formation, role and responsibilities? (Your answer should include your own comment to score well in this section) (30 marks)

(200 250 words)