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According to your textbook, “The foundation o

BUACC3741

Auditing

Semester 1, 2018

Contribution to overall assessment: 25%

According to your textbook, “The foundation of a profession lies with its ethical values. With the increasing complexity of businesses and the significant role of accountants and auditors as moral agents…Auditors are gatekeepers that play a critical role in ensuring that Australian investors can be confident and informed…Auditing is an essential and integral element of government accountability”.

According to ASIC’s Greg Medcraft, “Appalling’ audit quality could lead to next Enron”.

According to a CPA, “There is a high potential for machine learning to provide augmented analyses to auditors. Note that I did not say that it would replace auditors—machine learning is just another tool in the auditor’s belt of Computer Assisted Auditing Tools and Techniques (CAATTs)”.

According to Sikka (2009), “The second question relates to the basic auditing model and total auditor income. The auditing firms are capitalist enterprises and are dependent upon companies and their directors for income. The fee dependency impairs claims of independence and has the capacity to silence auditors (Powers et al., 2002; United States Bankruptcy Court for the District Delaware, 2008). It poses fundamental questions about the private sector model of auditing which expects one set of capitalist entrepreneurs (auditors) to regulate another set of capitalist entrepreneurs (company directors)”.

Required:

Discuss the opportunities and challenges for the auditing profession under the Australian auditing model. You also need to address the recent regulatory attempts to improve the audit quality in Australia.

You need to support your discussion with suitable examples and relevant cases – both recent and past.

Important: In developing your viewpoint, you need to examine the issues raised in the above excerpts.

Starting points for your research:

Your textbook.

http://www.afr.com/business/accounting/appalling-audit-quality-could-lead-to-next-enron-asics-greg-medcraft-20171030-gzb5q2#ixzz5BrDh3Cko

https://www.ifac.org/global-knowledge-gateway/technology/discussion/why-accountants-must-embrace-machine-learning

Sikka, P. (2009). Financial crisis and the silence of the auditors. Accounting, Organizations and Society, Vol. 34(6-7), pp. 868-873

.

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Please note the following:

  • Required format: Essay (Around 2500 words)

  • The assignment is to comply with the University’s General Guide to Writing and Study Skills, General Guide to Referencing, and Assignment Layout and Appearance Guidelines.

BUACC3741, Auditing

Semester 1 – 2018

Bases of assessment

F P HD

Content – Identification of relevant issues.

Research – Selection of relevant material.

A demonstration of critical evaluation of the material.

Expression of your viewpoint (and not a catalogue of quotes/ others’ ideas).

Expression – clarity, style (formal and academic), coherence in writing, grammar, punctuation, spellings and sentence structure.

A logical flow of argument at both the paragraph level and the overall text level.

Use of supporting arguments.

Use of literature to support the argument.

Structure – Synopsis (Stated the topic, reflected main arguments and identified conclusions reached).

Introduction (Provided background/contextual information; clearly introduced the essay topic; outlined the plan for addressing the topic).

Discussion in appropriately linked sections and paragraphs.

Conclusion (no new material; reiterated the main line of argument).

Referencing procedure (within the text, and at the end of the text).

Appropriately styled and punctuated bibliography.

Overall Presentation – including cover page, line spacing, page numbering.

GRADE:



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