Audit and Assurance

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BA (HONS) ACCOUNTING & FINANCE
BA (HONS) PROFESSIONAL ACCOUNTING
PROFESSIONAL ACCOUNTANCY COURSE
YEAR 3
AUDIT & ASSURANCE 1
INDIVIDUAL ASSIGNMENT BRIEF

HAND OUT DATE:5th October 2011
HAND IN DATE:

INSTRUCTIONS FOR COURSEWORK

You are required to research and prepare a report based on one of the following topics. Please seek the assistance of the module leader Ivor Pingue and your seminar tutors for help and guidance with your coursework. Do not leave the research too late!!

The word limit for the report is a minimum of 3,500 (+10%) words. maximum word count can be + 10% (Note: reports submitted with less than 3,500 words will be rejected and given a mark of zero !!). Reports must indicate the word count and any report that does not include this will be rejected. All reports must be properly referenced and also be submitted with a TURNITIN report. NOTE that high similarity reports could be subject to further investigation which might lead to a charge of academic misconduct for plagiarism.

PERSONAL DEVELOPMENT PLAN

In addition to the written report, you are to prepare a separate individual personal development statement in accordance with the attached brief. This individual submission is to be handed in for the attention of Peter Blowes. The personal development statement will contribute up to 10% of your overall mark for the unit.

TOPIC 1

Given the recent banking crisis and the current volatility of the financial markets, some commentators have suggested that the current audit model is not fit for purpose and should be changed to reflect the current business practices and models particularly relating to risk and risk assessment.

REQUIRED

Critically evaluate this statement and consider whether in your view, the current risk based approach to auditing should be amended and if so, what model should be adopted. (NOTE: YOU DO NOT HAVE TO RESTRICT YOUR RESEARCH TO THE UK).

TOPIC 2

External auditing has changed to accommodate the changes in corporate governance in the UK and other countries such as South Africa, Australia, US, India and China

REQUIRED

Using a country or countries of your choice, research and prepare a report to critically evaluate the above statement.

TOPIC 3

With the current emphasis on carbon emissions and damage to the environment that businesses cause and an awareness of social issues, the role of auditors in providing social and environmental assurance engagements is likely to increase as we enter into the 21st Century.

REQUIRED

Research and explain the growth and development of social and environmental auditing in both the UK and a country of your choice. Explain whether you agree or disagree with the statement made. (NOTE: make sure that your research supports and is evidenced by any assertions that you make !!)

TOPIC 4

Auditors are not only engaged in performing statutory audits but can provide assurance reports to a number of entities both incorporated and unincorporated. Also, auditors can help reduce the incidence of fraud within a business.

REQUIRED

Write a report suggesting ways that an assurance engagement can be useful to various forms of businesses including the use of forensic auditing services. Also, do you agree that an assurance service can reduce the incidence of fraud? How and why do you arrive at your view?

TOPIC 5

There have been a number of reports by the Audit Inspection Unit examining, amongst other things, audit quality and audit compliance reviews (ACR’s)

REQUIRED

Research the reports that have been produced in the UK that have considered audit quality and critically appraise them. In your report, you should make clear why you consider audit quality to be an important aspect of both the external and internal audit process. Your report should also consider how an audit firm can perform an effective audit compliance review (ACR).

TOPIC 6

Given the behaviour of the audit firm Arthur Andersen...
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