FINM012 Global Audit Environment Assessment

 

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Assignment Details:

  • Words: 2000

 

The Assessment Task

You are required to research and prepare an essay on the global audit environoment by answering the following two questions:

 

Question 1 (1,000 words, weight 50%):

Some believe that audit regulation by the state and profession is not necessary, they believe that the market will automatically result in good audits being performed.

  1. Do you agree with this statement.
  2. Critically evaluate the regulatory framework for audit quality in the UK, comparing it with the requirements of the Sarbanes-Oxley Act in the USA.
  3. Which of the previous two frameworks is better? and why?

 

Question 2 (1,000 words, weight 50%):

Materiality is a fundamental concept in the risk-based approach to auditing financial statements.

  1. Describe the concept of materiality in auditing and how it can be measured quantitively and qualitatively.
  2. Identify how materiality can be used to form an overall audit strategy within the risk-based approach to auditing.
  3. Criticise the risk-based approach to auditing and identify how its shortcomings can be minimised.

 

Learning Outcomes

 

On successful completion of this assessment, you will be able to:

 

a) Evaluate the history and current regulatory environment of auditing in a global context.
b) Successfully critique concepts in order to address the significance of the legal and professional requirements in the performance of an audit.
d) Analyse the overall audit strategy and the effectiveness of the audit monitoring process in the global environment.
e) Devise and sustain an argument, supported by valid and significant, evaluated evidence.

 

Your grade will depend on the extent to which you meet these learning outcomes in the way relevant for this assessment. Please see the grading rubric on NILE for further details of the criteria against which you will be assessed.

 

Assessment Criteria

 

  • Critically express your understanding of global audit environment.
  • Excellence of critical analysis of audit firm governance code compliance with SOX 2002 and FRC 2016 as well as the materiality disclosures in statutory auditing.
  • Fineness of recommendations and their justification.
  • Professional and academic quality of written work and accuracy of referencing.

 

Assessment Support

 

Specific support sessions for this assessment will be provided by the module team and notified through NILE. You can also access individual support and guidance for your assessments from Library and Learning Services.  Visit the Skills Hub to access this support and to discover the online support also available for assessments and academic skills.

 

Academic Integrity and Misconduct

 

Unless this is a group assessment, the work you produce must be your own, with work taken from any other source properly referenced and attributed. For the avoidance of doubt this means that it is an infringement of academic integrity and, therefore, academic misconduct to ask someone else to carry out all or some of the work for you, whether paid or unpaid, or to use the work of another student whether current or previously submitted.

 

For further guidance on what constitutes plagiarism, contract cheating or collusion, or any other infringement of academic integrity, please read the University’s Academic Integrity and Misconduct Policy.  Also useful resources to help with understanding academic integrity are available from UNPAC  – the University of Northampton’s Plagiarism Avoidance Course.

 

N.B. The penalties for academic misconduct are severe and include failing the assessment, failing the module and even expulsion from the university.

 

Assessment Submission

 

To submit your work, please go to the ‘Submit your work’ area on the NILE site and use the relevant submission point to upload your report. The deadline for this is 11.59pm (UK local time) on the date of submission. Please note that essays and text-based reports should be submitted as word documents and not PDFs or Mac files.

 

Written work submitted to TURNITIN will be subject to anti-plagiarism detection software.  Turnitin checks student work for possible textual matches against internet available resources and its own proprietary database.

 

When you upload your work correctly to TURNITIN you will receive a receipt which is your record and proof of submission.  If your assessment is not submitted to TURNITIN, rather than a receipt, you will see a green banner at the top of the screen that denotes successful submission.

 

N.B Work emailed directly to your tutor will not be marked.

 

Late submission of work

 

For first sits, if an item of assessment is submitted late and an extension has not been granted, the following will apply:

 

  • Within one week of the original deadline – work will be marked and returned with full feedback, and awarded a maximum bare pass grade.
  • More than one week from original deadline – grade achievable LG (L indicating late).

 

For resits there are no allowances for work submitted late and it will be treated as a non-submission.

 

Please see the Assessment and Feedback Policy for full information on the processes related to assessment, grading and feedback, including anonymous grading.  You will also find the generic grading criteria for achievement at  University Grading Criteria.  Also explained there are the meanings of the various G grades at the bottom of the grading scale including LG mentioned above.

 

Extensions

 

The University of Northampton’s general policy with regard to extensions is to be supportive of students who have genuine difficulties, but not against pressures of work that could have reasonably been anticipated.

 

For full details please refer to the Extensions Policy.  Extensions are only available for first sits – they are not available for resits.

 

Mitigating Circumstances

 

For guidance on Mitigating circumstances please go to Mitigating Circumstances where you will find detailed guidance on the policy as well as guidance and the form for making an application.

 

Please note, however, that an application to defer an assessment on the grounds of mitigating circumstances should normally be made in advance of the submission deadline or examination date.

 

For REF… Use:#getanswers2002012