Reference no: EM132567174 , Length: word count:4500

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

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

For the purpose of this assignment, you have been employed by a large auditing firm as a senior audit practitioner. The audit firm specializes in audit and assurance services across a relatively large geographic area.

You have been asked to prepare a presentation and accompanying business report can be presented to new members of the audit firm. You are required to include the following information in your presentation and / or accompanying notes.

1. A review of historic and current auditing processes and procedures. You are advised to include practical examples based on an audit firm you have researched.

2. A review of current developments in auditing and an assessment of the importance of the current development in audit processes.

3. An assessment of the rules of professional conduct for auditors.

4. An explanation and assessment of the importance of legal and professional requirements for auditors working in an audit firm.

5. An analysis of audit strategies used in business organizations with an assessment of the effectiveness of audit monitoring processes.

6. A discussion of the risk involved in the audit process and a review of measures to minimize identified risk.

7. An explanation of the link between account preparation and audits completed.

Word Count - 4500 words