Advanced Audit

BU447 Sample Quiz #1 (10 minutes – Closed Book)

This quiz was given to one of my BU447 sections in a past semester. Note my comments in the final paragraph below and factor them into your case preparation in future weeks.

With reference to specific case facts, identify five business risks facing LeisureCorp Canada Ltd. and briefly discuss how each of these risks threatens one of the company’s three strategic objectives. Be very concise and please use point form.

Greg’s Comments

All students started with 5/5 and lost marks for doing each of the following, which are all things that would reduce your chances of scoring “competent” or better on related UFE indicators:

• Providing fewer than three risks

• Consistently not citing specific risks, facts, or objectives

• Not making logical links between cited risks and objectives threatened

Our in-class analysis and discussion of the case provided you with details of the major risks and their impact on relevant objectives.

My impression was that most students were somewhat familiar with the case, at least enough to come up with on average three decently discussed risks. I doubt, however, that many students actually devoted 70-80 minutes to preparing a formal response to this question. This is the amount of time you would have had to prepare a response to a question like this on the UFE. The purpose of using cases like this in the course is to provide you with many opportunities to develop your exam-writing skills and auditing knowledge. Simply spending 15-20 minutes reading the case and jotting down a few points about it is not sufficient effort for developing your knowledge and skills and is likely to lead to poor marks on the quizzes and exams in this course.