Support and Guidance for Students in London and Cyprus

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Presentation transcript:

Support and Guidance for Students in London and Cyprus Auditing Assignment Support and Guidance for Students in London and Cyprus

Assignment Support This assignment support is only for guidance Students are encouraged to carried out extensive research work in order to find solution to the assignment question. Students should read relevant research articles in Auditing to obtain sufficient information for this assignment

Introduction to Assignment Back ground information about the company Type of business Nature of FRC investigation Financial status of company before failure Directors payments and bonus Pension loophole Government contracts

Audit Quality and potential factors compromised audit quality Lack of knowledge of business Intimidation threat is high Staff competence Time pressure Lack of corporation from senior management Evidence is with held by client staffs In adequate planning in gathering sufficient audit evidence Sampling size Over-reliance on technology

Audit Quality and potential factors compromised audit quality High level audit risk and business risk vs Low materiality level High materiality level(Tesco plc) Lack of supervision and direction Routine procedures High level of familiarity threats High level of self-interest threats Lack of professional judgement Disagreement with management

Social and economic consequence of Audit Failures Damage people lives Loss of employment Loss of earnings High level of regulations Loss of confidence in Auditors Loss of public services Lack of independent of auditors Fraud

Social and economic consequence of audit failure Serious distortion of financial information Mis-application and mis-interpreting GAAP Commit fraud and favourable audit reports Financial and non-financials interest in the audit client Personal relationship and lack of Independence Expectation Gap- Auditor vs General public Mis-conception of auditors responsibilities. Auditors incompetence

Going concern and indicators Definition of Going concern Symptoms of going concern Auditor’s failure to identify the symptoms Type of audit report should be issue in this case What is the reason for issue unmodified audit report Fail right issue attempts Revenue recognition Intangible assets vs Tangible assets Accounting policy notes

Conclusion and Referencing General conclusion of your thoughts/recommendation Referencing and citation for the source data Word limit maximum 2000 Deadline:6th April 2018 23.59. Turnitin submission-ONLY

Video Link https://www.youtube.com/watch?v=8vb3Cp1AH04 https://www.youtube.com/watch?v=fDW8hl9LQ9k https://www.youtube.com/watch?v=DOO2AuZ7nCw https://www.youtube.com/watch?v=IWjvd1Drtpk https://www.youtube.com/watch?v=T88JgyeE8Pg https://www.youtube.com/watch?v=vGAaH0feT6Y https://www.youtube.com/watch?v=J90XIMKS820 https://www.youtube.com/watch?v=hgVqvI4ocyE https://www.youtube.com/watch?v=n--l62F1_yc

Video Link https://www.youtube.com/watch?v=_lOXCDwoP-Y https://www.youtube.com/watch?v=1ynkHPsCbMY