ACCT3006-Auditing and Assurance Services Report – Accounting & Finance Assignment Help

Assignment Task

Task 

Auditing and Assurance Services 

This Audit Role-Play requires an understanding of the process and activities involved in the audit process of accepting a client, planning (risk assessment, audit evidence, gaining an understanding of clients internal controls, sampling and overview of the risk response and testing of controls) and conclusion of a financial report audit. Students are required to apply auditing concepts studied throughout the semester to create a hypothetical scenario, especially in evaluating professional and enterprise practice in relation to CULTURE and DIVERSITY. 

Purpose of this assessment task
Auditors need the ability to think critically and creatively, be responsive and adaptable to change, have strong communication skills, and have enhanced empathy for a holistic understanding of the client and its needs and auditors require the following key skills to be successful auditors: 
• Strong communication skills
• Emotional intelligence
• Critical thinking and business acumen
• Professional scepticism
• Interpersonal skills

This assignment assists in developing these skills by using role-play. Empirical evidence suggests that role-play promotes active learning, contributes to critical thinking and problem-solving, enhances empathy, improves communication skills, and facilitates the transition to the work environment (Taplin et al. 2018; Powell et al. 2020).  Therefore, this role-play will provide you with a unique opportunity to enhance vital humanistic skills required to adapt and thrive in a rapidly changing business environment.

Case Study
You are the audit manager of Flood Ltd, one of the largest audits firm located in Sydney NSW.  Your firm has offices in the Asia-Pacific. While you are able to, you would like the chance to live in another country and experience another culture. This would enable you to obtain international experience and to assist you should you seek another global role at some time in the future.  You also are excited by the travel options and to explore the region.  Both of your parents were born in Europe and did not speak English when they arrived in Australia.  As they are elderly and you are the only child   you will need to return to Australia for periods of time to assist in their care. You also would like to work flexibly as has been the case in Sydney.

You take up a role overseas and will now meet with the Managing Partner.  They are a very traditional people who is are extremely demanding and has not adapted to the Covid19 remote smart working culture.  You are required to have a preliminary discussion on what you both consider to be the requirements of Corporate Social Responsibility (CSR) for the firm and how you will go about ensuring that the commitment to CSR is honoured.  You are required to complete a personal reflection of this discussion and CSR after the meeting (see assessment requirements).
Due to COVID19,  restrictions on social distancing, you are now required to conduct your meeting via Zoom.

Required:
You have to enact the preliminary meeting with another student from the class. You may choose your own partner. One of you will play the role of the Managing Partner, and another will play out the role of the Auditor from Sydney. Since you are choosing your own role-play partner, you can decide who will play what role.  Each person will have around 5 minutes for role play.

Tips for enhancing your hypothetical scenario: 

• You are free to develop your role-play in any way you choose, and you are encouraged to be as creative and innovative as possible 
• What are your interests and lived experiences about other cultures, and working environments that you can incorporate into your role-play to make it unique?
• As an auditor, incorporate audit concepts into your role-play. 
• Ask questions, be creative
• Be yourself and have fun 
• Remember: A role-play means thinking on your feet and interacting with other person creating a dialogue as you go. 

Some concepts to consider – these are just some ideas:
• Diversity and inclusion – how will you ensure these are considered,
• Describe your understanding of the expectations in the workplace,
• Ethical issues, cultural norms, training, support to assist in challenges,
• Acknowledgment of different country settings and their culture,
• What do you do if there is conflict?  How you would resolve such a situation?
• What barriers or challenges do you anticipate?
• Which areas would be of interest – depending on the needs of the business, types of industry and personal experience,
• How an Auditor would ensure Corporate Social Responsibility obligations are a priority.

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