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AC3560 Audit Practice

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  • Course Code: AC3560
  • University: University Of Aberdeen

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: United Kingdom

Question:

A top ten firm of auditors has recently advertised for new staff and are recruiting Accounting and Finance undergraduates who will be graduating in June 2017.

Their advert states the following:

If you would like to apply for a training post with us, to commence in September 2017, please send us a letter consisting of the following sections:

a. Explain why you believe that you are suitable for this post. 

b. Describe and analyse the qualities that you believe that you will need as a trainee as you progress through your three years of training.

c. In a document entitled AUDIT 2020 A Focus on Change, published by Forbes Insights/KPMG, after surveying 151 finance professionals it was concluded that: ‘Technology is the factor that will have the greatest impact on the audit profession.’  

Critically evaluate this statement.

d. In the Introduction to International Standard on Quality Control 1, it states: ‘This International Standard on Quality Control (ISQC) deals with a firm’s responsibilities for its system of quality control for audits and reviews of financial statements, and other assurance and related services engagements.’  

Evaluate the importance of this Standard to professional firms.

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