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ACC00715 Professional Auditing

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  • Course Code: ACC00715
  • University: Southern Cross University
  • Country: Australia

Question:

Explore the International Federation of Accountants (IFAC) website.

Explain how your exploration illustrates the relevance of two things you have learned from the unit.

There are MANY areas of the site to explore! Your exploration should focus on those areas most relevant to matters covered in this unit.
 
The key to your explanation is to make the link/connection between what you choose to highlight from the site and the associated matter(s) from applicable Module(s). It is wise to focus on auditing and assurance.

 

Answer:

Introduction

This article demands the role of accountants in the field of auditing and assurance as explored in the website of International Federation of Accountants. For this purpose, the textbook consulted is 3rd edition (2017) of Auditing: A Practical Approach by Robyn Moreney, Fiona Campbell and Jane Hamilton. The discussion is related to the specific module of Audit and Assurance on the basis of the text book and different papers published in the journal of IFAC on the subject of Auditing and Assurance. (IFAC, 2018)

Discussion: Definition of Audit and Assurance

Audit is a broad spectrum term to examine different reports, while audit is generally meant for financial reports of any entity. Audit itself ensures the correctness of the financial statements considering proper financial instruments. The referred book- Auditing: A Practical Approach had emphasized on the assurance engagement of the practitioner related to audit of financial report. Assurance is to be ensured in different levels of subjects by the audit practitioner to confirm prudence of the financial reporting of any entity. This assurance is mainly expected by different level of stakeholders related to that entity including internal and external stakeholders. Normally assurance is ensured through a conclusion by the practitioner, what is drawn by the process of measurement of subject against different level of standards set as criteria. This process of assurance engagement is mainly meant to ensure enhancement of the level of confidence to the stakeholders about the prudence and transparency of the reporting as per set standards. (Moroney et al., 2017)

 

Audit and Assurance in the Future- CPA of Canada and Institute of CA, Scotland

Refer to audit and assurance in the future; the above authorities had organized a symposium in Toronto in 2017. This symposium had emphasized on the issue of audit and assurance with the guidance of senior professionals, academia and other related persons to combat the challenges faced. The outcome had highlighted following aspects to be prioritized to enhance betterment of service in the field of auditing and assurance for the business identities with the common objective of meeting the needs of stakeholders including the clients and investors:

  • Innovate the scope of application of Artificial Intelligence ( AI), advanced technology and dynamic environment related business;
  • Collaborate all allied bodies like professional identities, firms, regulators and setters of standards in the allied fields of different applications like sharing of resources, expertise, money and time;
  • Educate the aspirant professionals with clear visualization of objective and execution with proper training and practical guidance towards application;
  • Adapt new skills to enhance the knowledge-base of the professionals beyond the routine knowledge of auditing to meet the changed requirement of Audit and assurance;
  • Experiment with initiatives to make benchmark on the evaluation of different financial instruments in perspective of base concept: like the evaluation process of natural, human and social capital in the perspective of financial capital to fix a framework on those virtual instruments.(cpaCanada, 2018)

Audit and Assurance Alert: CSOA 5000, Use of the Practitioner’s Communication or Name

This alert is being enacted by the new Canadian Standard on Association in January 2017 and effective since June 2017. This alert will highlight the responsibilities of the professional regarding communication or name of the practitioner or name and this alert would replace the erstwhile alert under section 5020.

Features of this alert are:

  • Making provision of practical considerations for the practicing professionals enabling them to find out the applicability of this standard;
  • Highlighting the difference between erstwhile section 5020 and current standard under section 5000;
  • Emphasizing the difference in the domain of responsibilities of the practitioners and respective needs of communication under CSOA 5000, along with the extension of consent of them to use their name or communication in relation to translated or accompanying information.

The objectives of CSOA 5000 are:

  • To get the right basis for providing consent by the practitioner when they are willing to consent;
  • Enabling the practitioner to respond properly regarding extension of consent including the communication responsibilities;
  • To respond to the proper stakeholder if the practitioner detect improper use of his name or communication. (CPACanada, 2017)

Conclusion

With the above discussion, the definition of audit and assurance is described. There are two literatures consulted for elaboration of this subject with the latest trend of audit and assurance from the reference list of IFPA website. These two literatures had emphasized on the future trend of audit and assurance service and the standard of alert set by CSOA for ensuring practitioner’s communication or name.  This brief reporting will enlighten the importance and present trend of audit and assurance to ensure prudence for the stakeholders in strict way.

 

References:

CPACanada, 2017. Audit and assurance alert: Canadian standard on association. [Online] Available at: https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/standards-other-than-cas/publications/audit-and-assurance-alert-csoa-5000?utm_source=stakeholder_newsletter&utm_medium=article&utm_content=audit_assurance [Accessed 24 January 2019].

cpaCanada, 2018. Audit and assurance in the future. [Online] Available at: https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/standards-other-than-cas/publications/audit-and-assurance-in-the-future?utm_medium=email&utm_source=stakeholder_outreach&utm_campaign=futureofaudit [Accessed 24 January 2019].

IFAC, 2018. IFAC Knowledge Gateway: Auditing and Assurance. [Online] Available at: https://www.ifac.org/search?keys=auditing+and+assurance [Accessed 24 January 2019].

Moroney, R., Campbell, F. & Hamilton, J., 2017. Auditing: A Practical Approach. 3rd ed. Milton, Queensland, Australia: John wiley and Sons Ltd. Chapter 1.1.

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