ASSURANCE AND CORPORATE GOVERNANCE ASSIGNMENT 2013 - 14

Neil Rodda Manchester Metropolitan University Business School

Neil Rodda

Assignment Topic Current issues in external auditing:

REFORMING THE PROVISION OF EXTERNAL AUDIT SERVICES Key areas:
Background to the assignment Issues to be examined in the assignment Terminology used in the assignment requirements Format of answer and hand-in requirements Other important matters Further sources of information Getting started Note: see Assignment brief attached Neil Rodda

!! !! !! !! !! !! !!

Background to the assignment

Increasing concern about such matters including:

!!Company failures/financial scandals/banking

crisis > reduced public confidence in audit and auditors reports.

!!Auditor independence and the provision of

other services

!!Lack of fair competition and access to entry

into the audit market

!!Audit quality are we doing the job properly? Neil Rodda

Background to the assignment(contd)

EC have made far reaching and revolutionary proposals to deal with these and other issues. National regulators, audit firms and other interested parties are reacting.

!!Will they work/are they practical? What

alternatives are there? Whats happening in other economic regions?

!!What impact would the proposals/alternatives

have on ..the audit firms themselves..their clients..society/the wider economy?

!!What do you think will happen .and why? Neil Rodda

SUMMARY OF ASSIGNMENT ISSUES TO BE ADDRESSED

!! Identification and explanation of the current
problems !! Explanation, critical appraisal and discussion of the proposals, alternatives, reaction to, and their impact on the audit firms, their clients and society !! Likely future developments (critically justified) !! Justified conclusions and final recommendations Note: see Assignment Brief for full details.
Neil Rodda

Requirement terminology
!! Explain give a reason/reasons for something
that happens or conditions that exist (denotes knowledge and comprehension) reasoned argument as to how successful/ effective something is (denotes critical analysis, synthesis and evaluation) consideration of the good / bad aspects of something (denotes application of critical analysis, effective debate and rationale)
Neil Rodda

!! Critically appraise to form an opinion based on

!! Critical discussion careful and detailed

Requirement terminology (contd)

!! Comment make observations, give opinions !! Introduction summarise the content,
objectives and approach of your work to summarise your overall position

!! Conclusions final statements and opinions !! Justified with good reason, ie. based on the
findings in the body of your work. (eg. rational explained, demonstrating appreciation of possible boundaries and limitations)
Neil Rodda

Format of Answer
!! GENERALLY in ESSAY STYLE* - ie. Written prose in 3rd
!! !! !! !!

person, full sentences (1500 words, 5% +/- tolerance)

TITLE CONTENTS PAGE INTRODUCTION MAIN BODY PARAGRAPHS (* YOU ARE ENCOURAGED TO USE HEADINGS/SUB-HEADINGS TO LABEL AND ORGANISE THE VARIOUS ISSUES DISCUSSED) !! CONCLUSIONS !! BIBLIOGRAPHY/REFERENCES !! APPENDICES

Note: USE MMUBS STANDARD REFERENCING SYSTEM

Neil Rodda

Other matters
!! ASSESSMENT CRITERIA see assignment brief
(also in Course Handbook)

!! INDIVIDUAL ASSIGNMENT !! OBSERVATION OF THE UNIVERSITYS

PLAIGARISM REGULATIONS IS ESSENTIAL SUBMISSION VIA Moodle

!! FORM OF HAND-IN: HARD- COPY + TURNITIN !! HAND-IN DATE :

MONDAY 20th January, 2014
Neil Rodda

Some areas for further research

!! As introductory background reading: Modern
Auditing (3rd Edition) Cosserat : Chapters 1, 2, 3 and 17 include relevant introductory reference material to some of the issues. IFAC Handbook of International Quality Control, Review Other Services and Related Service Pronouncements* IFAC Handbook of the Code of Ethics for Professional Accountants* Additional support material, including weblinks, livefeeds, etc. on the Assurance and Corporate Governance unit section on Moodle* Financial press including Accountancy Age, and Neil Rodda Accountancy magazines.

!! !! !! !!

Some areas for further research (contd)

!! Library search eg. academic journals !! Web search including IFAC, FRC, the

professional accountancy bodies and firms of professional accountants

* These are available on Moodle in the Assurance and Corporate Governance unit section
Neil Rodda

Getting started
!! Plan !! Literature review !! Develop ideas !! Drafting !! Final written work

Neil Rodda

Final thoughts
!! Any questions?

Neil Rodda