Briefing paper on the issues facing established audit firms, Auditing

Case Study:

You have commenced work as a graduate auditor with a well established audit firm. The firm has a wide client base, which includes some of the largest companies in the state. While the firm derives the major part of its fee revenue from undertaking statutory audits, it also provides other assurance services, including compliance audits. Recently, one of the partners attended a professional function at which it was suggested that a new avenue of work may open up for established audit firms through undertaking external audits under S73 and S74 of the National Greenhouse and Energy Reporting Act 2007. Consequently, she asked you and a colleague to prepare a briefing paper on the issue. You and your colleague agreed that he would undertake the initial research, and that you would undertake follow up research and write the paper. Your colleague was aware that the Department for Climate Change had recently circulated a discussion paper on the subject. He downloaded a copy of the paper and also submissions on the issue from CPA Australia and the Institute of Chartered Accountants in Australia, the Group of 100, the Australian Compliance Institute, and the Australian Petroleum Production and Exploration Association Limited. Your colleague also suggested that you would find some useful material in Chapters 1, 3, 14 and 17 of the textbook he used at university, "Auditing and Assurance Services in Australia" by Gay and Simnett, revised third edition, 2007.

Required:

Prepare a briefing paper on the issues facing established audit firms, such as the one you work for, which may wish to undertake external audits under S73 and S74 the National Greenhouse and Energy Reporting Act 2007.

Posted Date: 2/21/2013 12:15:56 AM | Location : United States







Related Discussions:- Briefing paper on the issues facing established audit firms, Assignment Help, Ask Question on Briefing paper on the issues facing established audit firms, Get Answer, Expert's Help, Briefing paper on the issues facing established audit firms Discussions

Write discussion on Briefing paper on the issues facing established audit firms
Your posts are moderated
Related Questions
State four factors considered determining sufficiency of audit evidence

In order for auditor to perform audit as per GAAS, only programming independence is required from the audit client. Ans: Yes I agree with the statement as: Programming independe

Reporting to the members Except the faults and irregularities outcome in the accounts not giving an accurate and fair view, or do not conform to statute, or appropriate books h

Advantages and disadvantages

Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out

You are just appointed as the Trainee Accountant of the Compaq Computing Sdn Bhd - the newly established company. The manager is facing difficulties in maintaining the manual accou


Procedures that Auditor Adopts The auditor’s procedures will include: (1) Getting an understanding of the entity as a whole in order to see the accounting system in proper per

Oversee commission staff to ensure individuals are properly trained and monitored. please provide me with some risks, controls and audit tests for the process above.

You are auditing Pell grant provided to students at six state universities. The Pell grant program is a federal financial aid program for college students. The maximum grant a stud