FINM012 Strategic Audit Assessment Task Solutions
Assessment Detail:-
- Number of Words: 2000
The Assessment Task
The purpose of this report is to analyse the overall audit strategy and the effectiveness of the audit monitoring process in the global environment, criticising audit concepts in accordance with legal and professional requirements and assessing the relationship between the preparation of financial accounts and their audit. To meet this target, answer the following two questions: –
Question 1:
Critically discuss the argument for and against the auditor’s responsibility for fraud and illegal acts in the UK context. Debate the recommendations of the Brydon Report for 2019 regarding this responsibility.
Question 2:
Describe the audit expectations gap in the UK and globally, discuss recent developments concerning this gap and debate the recommendations of the Brydon Report for 2019 to deal with this gap.
Learning Outcomes
On successful completion of this assessment, you will be able to:
| a) | Successfully critique concepts in order to address the significance of the legal and professional requirements in the performance of an audit. |
| b) | Assess the relationship between the preparation of accounts and the audit conducted on them. |
| c) | Analyse the overall audit strategy and the effectiveness of the audit monitoring process in the global environment. |
| d) | Communicate effectively with specialist and non-specialist audiences, demonstrating sensitivity to responsibilities and contextual hierarchies about the global networks involved in Strategic Audit. |
Marking rubric
| Criteria | Level of achievement | ||||
| G- No submission/ no evidence | F- Fail
0-49 |
C- Pass
50-59 |
B- Merit
60-69 |
A- Distinction
70-100 |
|
| Q1: Critically discuss the argument for and against the auditor’s responsibility for fraud and illegal acts in the UK context. Debate the recommendations of the Brydon Report for 2019 regarding this responsibility (LOs b, d & f). 50% | 0
Work submitted is of no academic value/ nothing submitted |
0 to 24.5
You have not provided clear evidence or made a convincing argument. More Clarity and research needed. Specific recommendations not given and not enough critical assessment of evidence |
25 to 29.5
You have provided clear evidence and made convincing argument. Good Clarity and research given. Specific recommendations given and enough critical assessment of evidence to provide a good debate of this question. |
30 to 34.5
You have provided good and clear evidence and made convincing argument. Very good Clarity and research given. Specific and good recommendations given and enough critical assessment of evidence to provide a very good debate of this question. |
35 to 50
You have provided very good and clear evidence and made convincing argument. Excellent clarity and research given. Specific and excellent recommendations given and enough critical assessment of evidence to provide an excellent debate of this question. |
| Q2: Describe the audit expectations gap in the UK and globally, discuss recent developments concerning this gap and debate the recommendations of the Brydon Report for 2019 to deal with this gap (b, c & f). 50% | 0
Work submitted is of no academic value/ nothing submitted |
0 to 24.5
No real evidence of description and discussion of audit expectations gap. No specific evidence given to back up your debate or critical argument of the Brydon Report’s recommendations. |
25 to 29.5
Clear description and discussion of audit expectations gap but no specific depth to debate or critical argument of the Brydon Report’s recommendations made in this report. |
30 to 34.5
Very clear description and discussion of audit expectations gap with specific depth to debate and analyse the Brydon Report’s recommendations are made in this report. |
35 to 50
Excellent description and discussion of audit expectations gap with specific significant depth to debate and analyse the Brydon Report’s recommendations are made in this report. Well done. |
| Academic/ professional quality | Work submitted is of no academic value/ nothing submitted | Poor command of academic/ professional conventions appropriate to the discipline | Sound command of academic/ professional conventions appropriate to the discipline | Rigorous command od academic/ professional conventions appropriate to the discipline | Authoritative command of academic/ professional conventions appropriate to the discipline |
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