based on appendix 1 : prepare a summary of audit findings to be concluded in the report to the audit committee of Bluer Blurr Bank. Subject : Management Audit ( Internal Auditing)

After graduating from Universiti Sains Malaysia, you joined Blurr Blurr Bank Bhd (Blurr Blurr Bank) as an Internal Audit Executive. You are based at the bank's head office in Kuala Lumpur, Malaysia. Besides the 326 branches in the country, Blurr Blurr Bank also has offices in Singapore, Thailand, and Indonesia. To ensure that all employees maintain their competency level, Blurr Blurr Bank requires the employees to undergo continuous training held by various external professional bodies. At the beginning of each year, the respective heads of departments will prepare a staff training program for all staff under his or her supervision. Should any of the employees wish to undertake some other ad-hoc training, the employee can still do so provided that the head of department approves the training. Each employee is required to fill up a training application form before he or she can attend any training. Upon approval by the head of department, the training application form is then forwarded to the training department. A training officer would then process the application, arrange for the employee to attend the training and update the details of the training in the employee's personal file. A partially completed working paper detailing some audit findings with regard to the audit of Training Department is given in Appendix 1. Required: a) The main purpose of an external audit report is to communicate to interested users of the financial statements whether the said financial statements have been prepared in all material aspects, in accordance with identified reporting framework. Identify and explain FIVE (5) purposes of an internal audit report. (5marks)Timeleft3:39:2 b) Based on Appendix 1, prepare a summary of audit findings to be included in the report to the audit committee of Blurr Blurr Bank. (You are not required to prepare the full set of internal audit report). (15 marks) Appendix 1 - Risk Areas and Audit Program Risk area 1: Training - Not authorized and not timely updated. Risk area 1: Training - Not authorized and not timely updated. After graduating from Universiti Sains Malaysia, you joined Blurr Blurr Bank Bhd (Blurr Blurr Bank) as an Internal Audit Executive. You are based at the bank's head office in Kuala Lumpur, Malaysia. Besides the 326 branches in the country, Blurr Blurr Bank also has offices in Singapore, Thailand, and Indonesia. To ensure that all employees maintain their competency level, Blurr Blurr Bank requires the employees to undergo continuous training held by various external professional bodies. At the beginning of each year, the respective heads of departments will prepare a staff training program for all staff under his or her supervision. Should any of the employees wish to undertake some other ad-hoc training, the employee can still do so provided that the head of department approves the training. Each employee is required to fill up a training application form before he or she can attend any training. Upon approval by the head of department, the training application form is then forwarded to the training department. A training officer would then process the application, arrange for the employee to attend the training and update the details of the training in the employee's personal file. A partially completed working paper detailing some audit findings with regard to the audit of Training Department is given in Appendix 1. Required: a) The main purpose of an external audit report is to communicate to interested users of the financial statements whether the said financial statements have been prepared in all material aspects, in accordance with identified reporting framework. Identify and explain FIVE (5) purposes of an internal audit report. (5marks)Timeleft3:39:2 b) Based on Appendix 1, prepare a summary of audit findings to be included in the report to the audit committee of Blurr Blurr Bank. (You are not required to prepare the full set of internal audit report). (15 marks) Appendix 1 - Risk Areas and Audit Program Risk area 1: Training - Not authorized and not timely updated. Risk area 1: Training - Not authorized and not timely updated