EXHIBIT 10
The Schwan Food Company Audit Services Client Satisfaction Survey
Strongly agree Agree Neither agree Disagree Strongly No basis
Or disagree Disagree to Respond
1. I was pleased with Audit Services:
a. Knowledge
b. Professionalism
c. Communication
Please provide comments:
2. Audit Services respected my
Existing workload:
Please provide comments:
3. The objectives, purposes,
And scope were clearly
Communicated to me :
Please provide comments:
4. Communication of results
and status was timely and
adequate.
Please provide comments:
5. My business concerns and
Perspective were adequately
Considered:
Please provide comments:
6. The action items made business
Sense:
Please provide comments:
7. Overall, this audit or project
Provided value to me:
Please provide comments:
8. I consider The Schwan Food
Company’s Audit Services to be
Valuable business partner:
Please provide comments:
9. Please provide recommendations
That would improve the process:
6. It is critical that an organization’s IAD be independent. How might a charter ensure this goal is accomplished? How did The Schwan Food Company’s IAD charter contribute toward ensuring independence?
7. Read the executive summary of Internal Control – Integrated Framework by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission (See http://www.coso.org/publications/executive summary integrated framework.htm) and summarize its main points. Critique and evaluate The Schwan Food Company’s initial efforts to implement their internal audit function using the five internal control components as a rubric. How well were each of these five internal control components initially compare and justify their scores.
8. Read the article entitled, “Does Your Control System Pass the COSO Test?” Tone at the Top, The Institute of Internal Auditors, March1998 at the following link: http://www.theiia.org/download.cfm?file=57080. Use the contents of this article to evaluate whether the newly installed audit function at The Schwan Food Company passes the COSO test.
9. Read the article entitled, “Struggling to Incorporate the COSO Recommendations into Your Audit Process? Here’s One Audit Shop’s Winning Strategy,” by Applegate and Will, Internal Auditor, December 1999, at the following link:
http://www.coso.org/audit shop.thm. Contrast the two strategies taken by The Boeing Company and The Schwan Food Company in the COSO recommendations into their respective audit processes. What can the new IAD at The Schwan Food Company learn from the COSO-based internal audit function at The Boeing Company?
TEACHING NOTES
Teaching notes are available from the editor. Send a request from the “For Contributors” page of the journal website, http://gpae.bryant.edu.