Task: It requires students to write a research essay on the recent Australian Parliamentary Joint Committee on Corporations and Financial services. This is an independent research task, which broadly aligns to regulation of auditing, audit quality, auditor independence and meeting user expectations. It is expected that the interim report will form the basis of your submission but additional reading and the sourcing of information from newspaper articles and the internet is required. The format of the assignment is to be in essay form (report style not required), sub-headings are encouraged, 12 font calibre or times new roman styles are recommended and use of the Harvard style of referencing is also required (please seek assistance from the librarian if necessary). Part A – Background, impetus, rationale, momentum and support and/or resistance: What is the purpose of audit quality for big business and discuss whether it been successful in Australia? Describe what is the purpose of a Parliamentary Committee? What were the motivations for the inquiry? Was there any resistance to the Joint Parliamentary Committee? If so, who from and why? How was the information collected? Part B – Interim findings, revelations: What have been the key findings of the Committee to date? Discuss any specific examples, which have been identified as having breached professional and ethical standards. What conflicts of interest are apparent? What threats to independence were discussed? What is the auditors ‘duties in relation to a GPFR? Has there been any evidence of systemic audit failure in Australia? Part C – User expectations, scope of the audit, digital financial reports: Who are the likely stakeholders for the Parliamentary report? What are the roles of ASIC, AUASB, FRC, Treasury, Professional bodies? What is your opinion on the findings to date? What impacts and reforms are likely because of the Parliamentary Committee, including discussion of self-regulation etc. Will these reforms be positive / negative and who will they most likely impact? How has the scope of the audit changed? What changes have occurred in relation to the expectation gap? What is the current status of digital reporting?
Subject Name: Audit
Level: Undergraduate
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