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
Verification Work - Audit Process At the same time the audit process will need verification work as an example: examination of costing records, allocation and verification of

Develop a list of tasks the auditor should perform in planning this audit engagement, before any audit testing begins. Handbook section CAS 315 lists management assertions embod

IAS 40 Investment Properties - Audit Evidence Typical audit evidence might include: Physical verification of the situation and location of the investment property and c

Attempts to define True and Fair It must be concluded that there has been slight attempt precisely to define fair and true. The Companies Act needs an auditor to report in

#quInternal Audit checklist for fixed assetsestion..

WHAT ARE THE MAJOR PROBLEMS INVOLVED IN THE USE OF A PERSONAL COMPUTER BASED PC SYSTEM BY A SMALL COMPANY

Audit Sampling ISA 530 Audit Sampling and Other Selective Testing Procedures defines Audit sampling is the application of a compliance or substantive procedure to less than 10

Mr. Howe, a Junior Partner of the CPA firm Dewey, Cheatem, & Howe (DCH), after noting that there is a proposal to limit Auditor liability is very excited and has announced that th

how to calculate materiality given the acoountin period information

Matters of Audit Process Another matter to be covered as: 1. Accounting policies: these should be uniform all over the group and should be properly disclosed. 2. Consoli