Strategic Audit Assignment Help

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Qualification - OTHM Level 7 Diploma in Accounting and Finance

Unit Name - Strategic Audit

Level - Level 7

Unit Reference Number - Y/615/3240

Unit Credit - 20

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Aim

The aim of this unit is to develop learners' understanding of how managers can position and execute business strategy appropriately. This will involve an in-depth study of the strategic auditing process and related procedures. Learners will be able to understand and apply suitable investigative techniques to both positive and negative environments.

Learning Outcome 1: Understand historic and current auditing processes and procedures.

Answer: Historically, auditing processes and procedures were often manual and focused primarily on detecting fraud and ensuring the accuracy of financial records, with auditors physically checking transactions and listening to accounts. Over time, particularly with the Industrial Revolution and the growth of corporations, the emphasis shifted towards providing assurance on the fairness of financial statements for shareholders. Current auditing processes are more risk-based, leveraging technology and data analytics to gain deeper insights and assess internal controls more effectively. Modern audits adhere to established standards like the Generally Accepted Auditing Standards (GAAS) or International Standards on Auditing (ISAs), and involve a structured approach encompassing planning, risk assessment, gathering evidence through various procedures (like inspection, observation, inquiry, confirmation, and recalculation), and finally, reporting on the financial statements. The evolution reflects a move from detailed transaction checking to a more holistic and risk-focused examination aimed at providing reasonable assurance to stakeholders.

Learning Outcome 2: Understand the importance of legal and professional requirements when completing an audit.

Answer: Adhering to legal and professional requirements is paramount when conducting an audit as it ensures credibility, accountability, and the protection of stakeholders' interests. Legal requirements, such as company laws and regulations, mandate who needs to be audited and the scope of the audit, providing a mandatory framework. Professional requirements, embodied in auditing standards and ethical guidelines issued by bodies like the IFAC or AICPA, dictate how the audit should be conducted, emphasizing principles like independence, objectivity, due professional care, and confidentiality. Compliance with these legal and professional obligations not only lends legitimacy to the audit opinion, enhancing trust in the financial reporting, but also mitigates the risk of legal repercussions for the auditors and the audited entity, ultimately contributing to the integrity of the financial system.

Learning Outcome 3: Understand audit strategy.

Answer: Audit strategy involves developing a comprehensive plan that outlines the overall approach for the audit, setting the scope, timing, and direction of the audit, and guiding the development of the audit plan. It is a high-level overview that considers the characteristics of the engagement, the reporting objectives, significant factors, preliminary engagement activities, and the resources needed to perform the audit. A well-defined audit strategy helps the auditor to determine the nature, timing, and extent of audit procedures, ensuring that the audit is conducted effectively and efficiently to provide a basis for the audit opinion.

Learning Outcome 4: Understand the risk involved in the audit process.

Answer: Risk in the audit process refers to the possibility that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated, or conversely, that the auditor fails to detect a material misstatement. This inherent limitation arises from factors such as the nature of audit procedures (which often involve sampling), the limitations of internal control, and the possibility of collusion or intentional misrepresentation by management. Auditors manage this risk by performing a thorough risk assessment to identify areas of higher likelihood of misstatement, designing audit procedures responsive to those risks, and exercising professional skepticism throughout the audit to reduce the overall audit risk to an acceptably low level.

Learning Outcome 5: Understand current developments in auditing.

Answer: Current developments in auditing are significantly influenced by rapid technological advancements, a greater focus on risk assessment, and evolving regulatory landscapes. Technology, particularly AI, machine learning, data analytics, and blockchain, is being increasingly integrated to enhance audit efficiency, provide deeper insights, and improve fraud detection. There's also a growing emphasis on non-financial reporting, such as ESG (Environmental, Social, and Governance) factors, requiring auditors to broaden their scope. Furthermore, auditing standards are continuously being updated globally to address emerging challenges and ensure higher quality audits, with a recent focus on areas like group audits and quality management. The profession is also seeing a rise in remote auditing and a greater need for cybersecurity expertise within audit teams to address evolving digital risks.

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Scenario

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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.

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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.

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