Reference no: EM133009649 , Length: word count:4500

Unit 05 Strategic Audit - OTHM Level 7 Diploma in Accounting and Finance

Reference Number - Y/615/3240

Learning Outcomes
1. Understand historic and current auditing processes and procedures
2. Understand the importance of legal and professional requirements when completing an audit
3. Understand audit strategy
4. Understand the risk involved in the audit process
5. Understand current developments in auditing

Task 1 - Business Report

You have been employed by a large auditing firm as a senior audit practitioner. The audit firm specialises in audit and assurance services across a relatively large geographic area.

You have been asked to prepare a business report to be presented to new members of the audit firm.

You are required to include the following information in your business report.

1. An assessment of historic and current auditing processes and procedures. You are advised to include practical examples based on an audit firm you have researched.
2. An explanation of the rules of professional conduct for auditors.
3. A critical assessment of the rules of professional conduct for auditors.
4. An assessment of current developments in auditing.
5. An assessment of the importance of the current development in audit processes.
6. An explanation of legal and professional requirements when completing an audit.
7. An evaluation of the importance of legal and professional requirements for auditors on the performance of an audit being completed.
8. An analysis of audit strategies used in business organisations.
9. An assessment of the effectiveness of audit monitoring processes.
10. A discussion of the risk involved in the audit process and an analysis of measures to minimize identified risk.
11. An explanation of the link between accounts preparation and audit completed.

Attachment:- Accounting and Finance ssignment.rar