ACCG 925 Auditing and Assurance Services

The purpose of this assignment is to develop your appreciation of the importance of research in informing audit practice and to develop your ability to synthesise, critically examine and evaluate relevant professional and academic literatures in informing and justifying your discussion on topical audit issues(s). The assignment also aims to develop and to facilitate an orientation to lifelong learning, and the transfer of knowledge and skills from the course into the professional workplace. This assessment is an individual task.   The Assignment topic is as follows: “In August of 2011, the PCAOB issued the Concept Release to generate public opinion on efficient and effective vehicles for improvement in the independence relationship between auditor and client (PCAOB 2011). Through the release, the PCAOB requested comment on strengthening the independence relationship between auditor and client via specific questions related to audit firm rotation, as well as viable alternatives to audit firm rotation.” Source: Williams, L. T., & Wilder, W. M. (2016). Audit Firm Perspective on Audit Firm Rotation and Enhancing Independence: Evidence from PCAOB Comment Letters. Current Issues in Auditing, 11(1), A22-A44.    Required: Based on relevant academic research and professional evidence to date, briefly outline and explain the key changes to audit firm rotation and alternative suggestions to improve auditor independence. Explain the reasons/motivation for the changes and critique whether these changes are likely to achieve their aim/s. Outline the likely impact of the audit firm rotation on auditor independence.               Requirements, submission and formatting · You need to submit one file only to the Turnitin link on iLearn by the assignment due date/time of 4pm on Monday 30 April (Week 8).   · Your submission must meet the following requirements:   o Use the assignment template available on iLearn. Note: No introduction or conclusion is required. o Minimum number of academic references - The use of at least 5 recent (since 2010) publications related to auditor independence – these publications must be appropriately used and referenced. o Length - Maximum 1000 words (max 5 pages including reference list). Font size must be 12 with double line spacing using Times New Roman. o Submission - Each student should make only one submission electronically via the Turnitin link on iLearn. The assignment should clearly state your student number, given and last names, and the name of your seminar leader/lecturer as well as your seminar day/time (refer to the assignment coversheet). The marking rubric used to grade the assignment is available on iLearn. o File name format for submission: your surname_ first name_ACCG925 individual assignment Penalties · Students who have not submitted the assignment prior to the deadline will receive a late penalty except for cases in which an application for Special Consideration is made and approved. Assignments not received at this time will result in a penalty of 10% of the total awarded marks per 24 hour period or part thereof that the submission is late. For example, 25 hours late will incur a 20% late penalty. Assignments will not be accepted later than 72 hours after the due date and time except for cases in which an application for Special Consideration is made and approved. · Students who exceed the word limit of 1000 words or do not use font size of 12 with double line spacing will be penalized. · Incorrect submissions (e.g. submitting the wrong file/old version/assignment for a different unit, etc.) will also be awarded a mark of zero (0). It is your responsibility to ensure that you submit the correct file.