MOD00927: Alternative Assessment Method Case Study - Accounting and Finance Assignment Help

Assignment Task:

The Financial reporting Council (FRC) has opened an investigation under its enforcement procedures into auditor’s audit of Carillion. The investigation will cover the years ended 2014 to 2016, and additional work carried out during 2017.

The investigation will be conducted by the FRC’s enforcement division and will consider whether the auditor breached any relevant requirements, in particular the ethical and technical standards for auditors.

Several areas of auditor’s work will be examined, including the audit of the company’s use and disclosure of the going concern basis of accounting, estimates and recognition of revenue on significant contracts and accounting for pensions. The FRC has promised to conduct the investigation as quickly and thoroughly as possible.
It said it is also progressing with urgent enquiries into the conduct of professional accountants within Carillion in connection with the preparation of the financial statements and other financial reporting obligations under the Accountancy Scheme.

The FRC is liaising with the Official receiver, the Financial Conduct Authority, the Insolvency Service and Pensions Regulator to ensure there is a joined-up approach to the investigation of all matters arising from the collapse of Carillion.
(Extracted from PQ magazine 29 January 2018)

Required:
Based on the above scenarios critically examine the social and economic consequences of such audit failures and discuss potential factors that compromise audit quality of the above company and identify the practical difficulties faced by the audit team in obtaining sufficient audit evidence to support going concern status of the company. (100 marks)
(Total mark is 100%)
 
Important Information.
1. Word count: Maximum word count 3000 words
2. Pass mark and weighting of the assignment: To pass the assignment you need a mark of at least 40%. The assignment carries a 100 % weighting towards your final mark for the module.
3. Hand in date: All assignments must be submitted on turnitin by the due date. Any late submissions will be subject to the penalties laid out below
4. Feedback: Each assignment will include written feedback on the face of the report.
5. Plagiarism: The software checks assignments against other assignments as well as articles and internet sources so your assignment must not be too similar to other students’ assignments as well as not being too closely extracted from articles and on-line sources.
6. Important tip: You can submit drafts through turnitin and view the “originality report” which will indicate the similarity your assignment has with other sources.
7. (This report normally takes an hour or two to be generated and sometimes longer so you should plan to return at a later time or the next day and not expect instant feedback)
8. If the report indicates your draft is not sufficiently original you can redraft it and resubmit it and view the revised report. You can if necessary repeat this process as many times as you like up until the due date. You cannot submit through Turnitin after the due date
9. Assignment can be submitted late (up to 5 working days after submission deadline) however, late submissions will be capped at 40%.
Deadline for submission: 22 May 2020 at 2.00pm (UK Time)

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