COURSEWORK TOPIC
Auditing has proved to be a very dynamic discipline and has proved this to be the case in that it has developed and changed as businesses have developed over the years.
The last year has been a challenging one for businesses and we now move into a period where businesses have had to adapt to a new ‘normal’ way of operating in a variety of ways in order to survive the worldwide economic turmoil.
To reflect this change to business practices, particularly the ‘rapid shift to virtual business operations and controls’ IFAC 2020 mainly caused by the pandemic and this has ‘significantly challenged the delivery of audit engagements’ IFAC 2020.
The International Federation of Accountants (‘IFAC’) have stated that the ‘auditing standards remain fit for purpose in a COVID-19 context’ and go on to mention that ‘in the current uncertain environment audit quality remains more important than ever’.
IFAC also emphasised the importance of audit planning which they suggest will set ‘the foundation for the entire audit’. In addition, IFAC had a number of panel discussions in July 2020 which considered, amongst other things the challenges and practical considerations that auditors will need to be aware of when auditing in this new environment. Some of the practical audit considerations were:
New ways of working for the auditor
Risk identification and internal controls
Materiality
Ethics and independence
REQUIRED:
Critically evaluate the idea that audit is ‘dynamic’ providing suitable and relevant examples to illustrate the points that you’re making.
Discuss how the ‘new normal’ way of doing business has posed a challenge to the statutory audit process
Examine the guidance given by IFAC particularly looking at their advice to the audit profession around the practical elements of maintaining audit quality in the pandemic environment and critically evaluate the idea that “in an uncertain environment audit quality remains more important than ever”.
Choose ONE of the practical audit considerations mentioned in the assignment brief and state the importance of this consideration to both the audit process and why there is an emphasis on this area by IFAC.
INDIVIDUAL COURSEWORK SELF ASSESSMENT FORM
Could you, please answer the following questions and attach to your coursework report
What in your opinion is a fair mark for this individual coursework?
What do you think is the element that you did best in this coursework?
If you had the chance to do this coursework again from scratch, how (if at all) might you decide to go about it differently?
What did you find the hardest aspect of this coursework?