Reference no: EM133080903 , Length: word count:4500
Strategic Audit - OTHM Level 7 Diploma In Accounting And Finance
Code - Y/615/3240, Level 7, Credits - 20
Aim:
Learning Outcome 1: Understand historic and current auditing processes and procedures.
Learning Outcome 2: Understand the importance of legal and professional requirements when completing an audit.
Learning Outcome 3: Understand audit strategy.
Learning Outcome 4: Understand the risk involved in the audit process.
Learning Outcome 5: Understand current developments in auditing.
Scenario
Assessment 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.
Referencing: Each section must reflect any supporting Harvard style citations.