AF304 - Auditing - Auditing Assignment Help

Assignment Task

Choose only one topic from the following list, then research and write an academic essay in response to the topic.

Assignment Topics

1. The audit expectation gap is referred to as “the difference between what financial statement users believe the audit provides and what an audit actually does provide” (Leung, Coram, Cooper & Richardson, 2019, p.14). It has been a public issue for the auditing profession for approximately 50 years (Leung et al. 2019). Evaluate whether, according to research, any of the recent reforms and regulations (e.g. Sarbanes Oxley Act and CLERP 9) have either reduced or widened the expectation gap in recent years. Make pragmatic recommendations on how the gap can be reduced if it has widened, or on how the users and auditors can continue to work on reducing the gap.

2. Should the auditor be liable for accounting misstatements and to what extent should they be made liable? How can auditors avoid litigation without compromising on the quality of the audit? (Consider the business risks and threats to the auditors if they were made liable for accounting misstatements that might prevent them from providing the assurance that is needed). Your arguments must be supported by research evidence.

3. Evaluate the pronouncements of the Australian professional accounting bodies (e.g. APES110, etc) and regulations (e.g. CLERP 9) that were implemented following the corporate collapses in the early 2000s, then search the literature and develop arguments (supported by appropriate 3 literature), whether the auditor’s roles and duties to safeguard the integrity of financial reports have improved through the extensive range of guidelines, standards and regulations. Finally, identify weaknesses (if any) in the current regulations and professional guidelines and make recommendation(s) that may help strengthen them in order to maintain or improve the auditor’s role and duties in safeguarding the integrity of financial reports. (Consider both the strengths and weaknesses of your recommendation(s) and the consequences they may have on the audit environment).

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