1. OBJECTIVE
To enable participants to upgrade their knowledge and skills in performing their job as auditors in their co-operatives by identifying some important techniques and procedures of co-operative auditing and reporting, focusing on internal auditing.
2. PARTICIPANTS
2.1 Government officers supervising co-operative and/or doing audit functions
2.2 Internal auditors of co-operative societies
3. DATE OF COMMENCEMENT :
4. DURATION : 4 WEEKS
5. COURSE CONTENT
5.1 Introduction to Malaysia and its Socio-economic Development
5.1.1. Introduction to Malaysian Government Structure
5.1.2. The Economic and Social Development of Malaysia
5.1.3. The Co-operative Movement in Malaysia
5.1.4. The National Co-operative Policy
5.2 The Audit Function
5.2.1. What is an Audit? Why the need for audit?
5.2.2. Types of Audits
5.2.3. An overview of the audit function
5.2.4. Comparative Study of the Legal Framework Governing Co-operative Accounting and Auditing
5.3 Audit and the Accounting System and Source Documents
5.3.1. Accounting System
5.3.2. Relationship of the Accounting System and Source Documents to audit
5.4 Internal Control
5.4.1. Objective of Internal Control
5.4.2. Designing an effective Internal Control System
5.4.3. Internal Control System for :-
- Cash
- Purchases and sales
- Assets (fixed assets, investments, members’ loan and stocks)
- Liabilities
5.5 Audit Evidence
5.5.1. Positive and Negative Evidence
5.5.2. Underlying, Corroborating and Contradictory Evidence
5.5.3. Physical Evidence
5.5.4. Oral Evidence
5.5.5. Detection of Fraud
5.6 Audit Tools and Techniques
5.6.1. Audit Techniques
5.6.2. Audit of Cash,
5.6.3. Sales and Receivables
5.6.4. Purchases and Payables,
5.6.5. Audit of Inventory Cycle
5.6.6. Liabilities and Other Assets
5.7. Audit Programme and Working Papers
5.7.1. Audit Files
5.7.2. Designing the Audit Programme
5.7.3. Purpose of Audit Working Papers
5.7.4. Contents of Working Paper
5.7.5. Standards for Preparation of Working Papers
5.8. Understanding and Analysis of Financial Statements
5.8.1. Introduction to Financial Statements
5.8.2. Ratio Analysis as an Audit Tool
5.9. Audit Reports
5.9.1. Purpose of Audit Reports
5.9.2. Writing effective Audit Reports
10. Role of Internal Audit in Corporate Governance
11. Discussions on current issues related to audit practices
6. QUALIFICATIONS
6.1 A minimium of GCE ‘O’ Level or equivalent
6.2 Must be able to speak and write good English
7. COUNTRY PAPER
7.1 Participants are required to :
7.1.1 Prepare a country paper on co-operative auditing in their respective countries and
7.1.2 Bring a copy of the Co-operative Act of their countries.
8. METHODOLOGY
8.1 Instructional Methods Applied in the Course Include :
8.1.1 Formal classroom lectures
8.1.2 Group discussions and workshops
8.1.3 Case studies and project work
8.1.4 Simulation exercises
9. REFERENCE
1) The Institute of Internal Auditors Malaysia: Editor Assoc. Prof. Puan Sri Datin Dr. Mary Lee. (2004). Internal Audit Practices in Malaysia. Petaling Jaya, Selangor: Pearson Malaysia Sdn Bhd.
2) Alan Milichamp. (2002). Auditing. London: Continuum.
3) Alvin A.Arens, James K. Loebbecke, Takiah Mohd Iskandar, S.D. Susela dan Shaari Isa; Edited by Margaret Boh. (1999). Auditing in Malaysia: An Integrated Approach. Petaling Jaya, Selangor: Prentice Hall Malaysia Sdn Bhd.
4) Akta Koperasi 1993 (Akta 502) dan Peraturan-Peraturan. Petaling Jaya, Selangor: International Law Book Services.
5) Undang-Undang Kecil; contoh yang disediakan oleh Jabatan Pembangunan Koperasi Malaysia.