Introduction
Over the last 20 25 years, the audit profession has been criticised on numerous occasions and public faith in the quality and relevance of the audit and audit report has been regularly criticised.
This has been partly due to high profile company failures: examples include Enron, Bernie Madoffs Ponzi scheme and the 2008 banking crisis. September 22nd 2014 saw a c250 million profit overstatement from Tesco and questions will be asked of the role of the auditor.
REQUIREMENTS:
You are required to write a 2000 word essay that considers the following matters.
1.A brief, historical overview of how the audit profession has arrived at the position where it is constantly criticised. (As part of this section of the assessment, you are to consider the position of PwC, Tescos auditor, who were heavily criticised in September 2014 after Tesco overstated their profits by c250 million.)
2.The benefit of an audit to the stakeholders in a company i.e. those to whom directors are accountable.
3.A critique of the audit report in its current form.
4.Any suggested improvements to both the process of auditing and to the information contained in the audit report itself.
INFORMATION:
Each part (1-4 above) is to be of roughly equal length. Marks will be awarded on this basis.
There is no right or wrong answer and interesting, thought out comments will be rewarded, particularly for part 4, where good explanation and analysis will lead to good marks. (It is understood that students do not have practical experience, thus this will be taken into account when being marked).
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Successful completion of the assessment will contribute the following Intended Learning Outcomes of the Module:1.Appraisal of the historical development of audit practice
2.Evaluation of developments and innovation in the auditing profession
3.Evaluation of the purpose of auditing in contributing to accountability
4.Appraisal of audit skills and techniques
Key Skills to be used include:
1.Use of written communication
2.Application of a systematic approach to locating and evaluating information
3.Location of information sources and correctly referencing the sources and construction of a bibliography
4.Presentation of data
5.Use of effective self-management in terms of time, planning, behaviour, motivation, self-starting and individual initiative
6.Development of the interpersonal skills to ensure effective presentation.
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