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Auditing need more than 1000 less than 1500 words

Question # 00083825
Subject: Accounting
Due on: 08/21/2015
Posted On: 07/22/2015 01:00 AM

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HOLMES INSTITUTE

FACULTY OF

HIGHER EDUCATION

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HA3032 Auditing

Trimester 2 / 2012

ASSIGNMENT 1

You are required to read the following statement issued by ICAA (Institute of Chartered Accountants in Australia and provide an essay of between 1,000-1,500 words (being the minimum and maximum). It should be properly referenced and must be primarily of your own work.

Press release:Legislation to improve the quality and transparency of the auditing process has been introduced into the House of Representatives this week by Parliamentary Secretary to the Treasurer David Bradbury. The Corporations Legislation Amendment (Audit Enhancement) Bill 2012is the result of a Treasury review of audit quality and extensive stakeholder consultation during 2011 on measures that are designed to enhance audit quality and ensure that Australia's regulatory framework remains in line with international best practice.

Measures in the Bill include:

  • Requiring audit firms to publish an annual transparency report if they conduct audits of 10 or more significant entities
  • Empowering ASIC to issue an audit deficiency report in relation to an individual audit firm if it identifies an audit deficiency in the auditor's quality control system or the conduct of an audit that may be detrimental to the overall quality of the audit
  • Removing duplication of ASIC and Financial Reporting Council (FRC) audit inspection responsibilities so that ASIC continues its audit inspection program and the FRC focuses on providing strategic policy advice and reports on the quality of Australian audits.
  • Allowing ASIC to communicate directly with an audited body.
  • Allowing a two-year extension to the five-year auditor rotation requirement where it will not give rise to a conflict of interest and will prevent the loss of knowledge and experience where rotation could undermine the quality of the audit.

ICAA report: Reforms to enhance Audit Quality
Available from: .chartered/">www.chartered accountants.co.au/industry-Topics/Audit-and-Assurance

Other sources:

AUASB website

CPAA website

Required:

Discuss the following in your essay (approximately 1,000 words and no more than 1,500 please):

What each of the above actually refers to and what it means.

What is your view, giving a rational explanation to your view (you may use other sources to support your view, properly referencing). Why do you think that these measures were introduced?

The due date for this assignment will be week 5 (must be lodged by 5.00pm on the Friday). Please note: a soft copy must be lodged on Safeassign by the due date and a hard copy provided to your lecturer.

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Auditing need more than 1000 less than 1500 words

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Tutorial Preview …body xxxxxxxx a xxxxxxxx extension to xxx five-year auditor xxxxxxxx requirement xxxxx xx will xxx give rise xx a conflict xx interest xxx xxxx prevent xxx loss of xxxxxxxxx and experience xxxxx rotation xxxxx xxxxxxxxx the xxxxxxx of the xxxxx ICAA report: xxxxxxx to xxxxxxx xxxxx Quality xxxxxxxxx from: www xxxxxxxxx accountants co xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Other xxxxxxxx xxxxx website xxxx website Required: xxxxxxx the following xx your xxxxx xxxxxxxxxxxxxx 1,000 xxxxx and no xxxx than 1,500 xxxxxxxx What xxxx xx the xxxxx actually refers…
Attachments
155399_16823_1_TM__C_TTs140812-Sri31034-4.docx (25.41 KB)
Preview: and xxxxxxxxx used xxxxxxxxxxxxx auditors to xxxxxx with: the xxxxxxxxxx of xxx xxxxxxxxxxxx Act xxxxxxx with conduct xx audits; the xxxxxxxx standards; xxx xxxxxxxxxx codes xx professional conduct; xxxxxxxxxxxxxxx accounting bodies xxx planning xxx xxxxxxxxxx quality xxxxxxxxx reviews of xxxxx work undertaken xx Australian xxxxxxxxxxxx xxxxxxxxxxxxx and xxxxxxxxxxxx procedures of xxxxxxxxxxxx accounting bodies xx those xxxxxxxxxx xxxxx to xxxxxxxxxx auditors;the adequacy xx Australian requirements xx light xx xxxxxxxxxxxxx developments xx relation to xxxxx quality; andThe xxxxxxxx of xxxxxxxxxxxx xxx business xxxxxx by, or xx behalf of, xxxxxxxxxxxx accounting xxxxxx xx the xxxxxx to which xxx teaching of xxxxx subjects xxxxxxx xx auditor xxxxxxx Subsection 225(2C) xxxxxxxx that this xxxx of xxxxxxx xx not xxxxxxxx to limit xxx matters in xxxxxxx of xxxxx xxxxxxxxx policy xxxxxx and reports xxx be provided xxxxx proposed xxxxxxxxxx xxxxxxx A xxxxxxxxxxx difference between xxx FRC’s current xxxxxxx independence xxxxxxxxx xxx the xxxxxxxx auditor quality xxxxxxxxx will be xxx nature xx xxx FRC’s xxxx   At xxxxxxxx the FRC’s xxxxxxx independence xxxxxxxx xxx be xxxxxxxxxxxxx as being xx an operational xx quasioperational xxxxxxx xxxxxxxxx by xxx FRC’s information xxxxxxxxx powers   xx contrast, xxxxxx xxxxxxxxx policy xxxxxx and reports xx respect of xxx auditor xxxxxxx xxxxxxxxx is xxx intended to xx of an xxxxxxxxxxx nature xxxx xx is xxxxxxxxx that the xxx will only xx required xx xxxx action xxxx it observes, xx has brought xx its xxxxxxxxxx xxxxxxx in xxxxxxx of which xxxxxx or reports xxxxxx be xxxxxxxx xx the xxxxxxxx or the xxxxxxxxxxxx accounting bodies xxxxxxxxx change xxx xxxxxxxxxxxx in xxxx of both xxx bodies will xx a xxxx xxx as; xxx FRC will xx relieved of xxx requirement xx xxxxxxx an xxxxxx report on xxx performance of xxx auditor xxxxxxxxxxxx xxxxxxxxx The xxxxxxxxxx are expected xx also reduce xxx administrative xxxxx xxxxxxxxx incurred xx the FRC xx carrying out xxx auditor xxxxxxxxxxxx xxxxxxxxx Cost xxxxxxxx by stakeholder xxxxxx in respect xx the xxxxxxxx xxxx the xxx may also xx reduced Not xxxx this xx xxx been xxxxxxx on improving xxx quality of xxxxx work xx xxxxx so xxx hence, it xxx a good xxxx made xx xxx Treasury xxxxxxxxx some stakeholders xxxxx audit firms) xxx likely xx xxxxxxxxxx a xxxxxxxxx in the xxxxxx level because xx the xxxxxxx xxxxxxxxxxxx placed xx them ALLOWING xxxx TO COMMUNICATE xxxxxxxx WITH xx xxxxxxx BODY Subsection xxxxxxx of the xxxx Act allows xxxxxxx information xx xx communicated xx the directors, xxx audit committee xx a xxxxxx xxxxxxx of x company, responsible xxxxxx or disclosing xxxxxx if xxx xxxxxxxxxxx is xxxxxxxxx that:the information xxx been obtained xx ASIC xxxxx xxxxxxxxxx its xxxxxxxxx and powers xx relation to xxxxxxxxx information xxxxxxxx xxx an xxxxx of a xxxxxxx was conducted xx an xxxxxxxxxx xxxxxxxx orabout xxx company’s, scheme.....
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