Accounting Assignments


M21082 Auditing Assignment Answer UK

M21082 Auditing Assignment Answer UK

Welcome to M21082, the Auditing course! This course is designed to provide you with a comprehensive understanding of the auditing process, including the various types of audits, the roles and responsibilities of auditors, and the methods and techniques used in auditing. This course will cover various topics, such as the legal and ethical framework of auditing, audit planning and risk assessment, audit evidence, and the audit report. You will also learn about the principles of internal control and the role of information technology in auditing.

By the end of this course, you will have developed the skills and knowledge necessary to perform a high-quality audit, interpret audit reports, and assess the effectiveness of internal controls. Whether you are pursuing a career in accounting, auditing, or finance, this course will provide you with valuable insights and expertise in the field of auditing.

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In this section, we will discuss some assignment outlines. These are:

Assignment Outline 1: Critically appraise the role and responsibility of auditors, both statutory and non-statutory in a national and global context.

Auditors play a vital role in ensuring the integrity and transparency of financial information in organizations. Statutory auditors are typically appointed by the government and have a legal obligation to conduct an audit of a company’s financial statements. Non-statutory auditors, on the other hand, are engaged by companies or organizations to provide independent assurance on their financial statements.

In a national context, the role and responsibility of statutory auditors are regulated by laws and regulations specific to each country. The main objective of statutory auditors is to provide an opinion on whether the financial statements of an organization are true and fair, based on the application of generally accepted accounting principles. This opinion is crucial for stakeholders such as investors, lenders, and regulators in making informed decisions about the organization.

Non-statutory auditors, on the other hand, have a broader scope of work beyond financial statements. They can provide various assurance services, including reviewing and testing internal controls, investigating fraud, and assessing the risk management processes of an organization. Their role is to provide an objective assessment of the quality of an organization’s operations and help identify areas of improvement.

In a global context, the role and responsibility of auditors are becoming increasingly important due to the growing complexity of business operations, the expansion of multinational corporations, and the increased scrutiny of financial reporting. This has led to the development of international standards for auditing, such as the International Standards on Auditing (ISA) issued by the International Auditing and Assurance Standards Board (IAASB).

However, despite the efforts to standardize auditing practices, auditors face numerous challenges, including increasing pressure to meet client demands, ethical issues, and legal liability risks. The failure of auditors to detect accounting irregularities and financial fraud has led to several high-profile corporate scandals and undermined the public’s trust in the audit profession.

Assignment Outline 2: Be able to apply and appraise an audit with reference to auditing principles, procedures and techniques to real business problems.

To apply and appraise an audit with reference to auditing principles, procedures, and techniques to real business problems, you can follow these steps:

  1. Understand the business problem: The first step in auditing a business problem is to understand the issue that needs to be addressed. This involves gathering information about the problem, its impact on the business, and the potential risks associated with it.
  2. Determine the audit objectives: Once you have a clear understanding of the business problem, you need to define the audit objectives. Audit objectives should be specific, measurable, achievable, relevant, and time-bound (SMART).
  3. Develop an audit plan: Based on the audit objectives, you can develop an audit plan that outlines the procedures and techniques that will be used to achieve those objectives. The audit plan should also include a timeline, budget, and resources required to complete the audit.
  4. Conduct the audit: The audit itself involves testing the internal controls and procedures in place to determine their effectiveness in addressing the business problem. This may involve conducting interviews, reviewing documentation, and testing data.
  5. Analyze findings and draw conclusions: After completing the audit, you need to analyze the findings and draw conclusions based on the evidence collected. This involves identifying weaknesses and areas for improvement, as well as making recommendations for corrective action.
  6. Report and follow-up: The final step is to report the findings and recommendations to management and stakeholders. You should also follow-up to ensure that corrective action is taken and that the business problem is addressed.

To appraise an audit, you should consider whether the audit was conducted in accordance with auditing principles, procedures, and techniques. This involves evaluating the audit plan, the quality of the evidence collected, and the conclusions and recommendations made. You should also assess the relevance of the audit objectives and whether they were achieved. Finally, you should consider the impact of the audit on the business problem and whether corrective action was taken.

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Assignment Outline 3: Evaluate the ethical requirements of an auditor and be able to conceptualise them in scenarios.

As an auditor, there are several ethical requirements that must be followed in order to maintain integrity and objectivity in the auditing process. These requirements include:

Independence: An auditor must maintain independence from the organization being audited. This means that the auditor must not have any financial or personal interest in the company, and must not be influenced by any external factors that could compromise their independence.

Scenario: An auditor is asked to audit a company that their spouse owns shares in. The auditor must decline the engagement to maintain independence.

Objectivity: An auditor must approach the audit with an objective mindset, meaning that they should not have any preconceived notions or biases about the organization being audited. The auditor must evaluate the organization’s financial statements and controls objectively and without any undue influence.

Scenario: An auditor is a long-time friend of the CEO of a company. The auditor must make sure that their friendship with the CEO does not influence their objectivity during the audit.

Confidentiality: An auditor must maintain confidentiality of all information obtained during the audit process. The auditor should not disclose any information to third parties without proper authorization.

Scenario: An auditor discovers that the company they are auditing is engaging in fraudulent activities. The auditor must report this information to the appropriate authorities and should not disclose this information to anyone else.

Professional competence: An auditor must have the necessary knowledge, skills, and expertise to perform the audit effectively. This includes keeping up with changes in accounting standards and regulations.

Scenario: An auditor is assigned to audit a company in a new industry that they have no prior experience in. The auditor must take steps to gain the necessary knowledge and expertise to perform the audit effectively.

Due professional care: An auditor must exercise due professional care in performing the audit. This means that the auditor must exercise reasonable care and skill in conducting the audit, and must document all significant findings and conclusions.

Scenario: An auditor discovers a potential error in the financial statements, but is unsure of how to proceed. The auditor must exercise due professional care and take the necessary steps to investigate the issue further and report it if necessary.

In summary, an auditor must maintain independence, objectivity, confidentiality, professional competence, and due professional care in order to uphold ethical requirements. These requirements help ensure that the audit process is conducted fairly and accurately, and that the public can rely on audited financial statements.

Assignment Outline 4: Evaluate developments in auditing practices.

Auditing practices have evolved significantly over time, with a focus on enhancing the quality, reliability, and transparency of financial reporting. Some of the notable developments in auditing practices are:

  1. International Auditing Standards: The International Auditing and Assurance Standards Board (IAASB) has developed a set of International Standards on Auditing (ISA) that provide a globally accepted framework for conducting high-quality audits. These standards are continually updated to reflect changes in the business environment, and auditors are expected to comply with them.
  2. Technology-Enabled Auditing: Auditing practices have been significantly impacted by advancements in technology. Auditors are now using sophisticated tools such as data analytics, artificial intelligence, and robotic process automation to improve the efficiency and effectiveness of their audit procedures. This has helped to enhance audit quality, reduce errors, and identify potential areas of risk.
  3. Increased Emphasis on Risk Assessment: Auditors are now required to place greater emphasis on risk assessment when planning and conducting audits. This involves identifying and assessing the risks that may affect the accuracy of financial statements and designing audit procedures that address those risks.
  4. Greater Focus on Professional Skepticism: Professional skepticism is a key element of auditing practices. Auditors are now required to demonstrate a greater level of skepticism when assessing the accuracy of financial statements. This involves challenging assumptions, seeking corroborating evidence, and questioning management representations.
  5. Enhanced Reporting Requirements: Auditors are now required to provide more informative and transparent audit reports that go beyond the traditional pass/fail opinion. The new reporting requirements provide more insight into the auditor’s work, the level of risk associated with the financial statements, and the auditor’s evaluation of the quality of financial reporting.

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