Demonstrate an understanding of the reporting requirements

Demonstrate an understanding of the reporting requirements

Students are required to research a recent legal case where an Audit firm was sued forprofessional negligence. Students are required to analyse the root causes and thepertinent issues from their selected case and then specify what measures can be takenby auditors in the audit approach and in other ways, to minimise the risk of litigationand ensure professional integrity and reputation.Learning Outcomes:? Demonstrate an understanding of the reporting requirements ofauditing standards (ULO 1)? Demonstrate an understanding of the auditor’s professional, legal andethical responsibilities to their clients and third parties (ULO 2)? Understand the audit planning procedures, evaluate the business riskand assess the internal control (ULO 4)? Prepare auditing procedures for transactions and balances byconducting control and substantive tests (ULO 5)Assignment SpecificationsPurposeThis assignment aims to enhance students’ critical thinking skills and higher order application abilitiesby researching and analysing a legal case involving the litigation of an auditor/audit firm. Studentswill need to propose and document mitigating measures to address the risk of litigation and makeappropriate recommendations to the audit approach, in terms of the audit strategy adopted, theaudit procedures required in the audit program and other appropriate ways for the auditor tomitigate against both professional reputational damage and financial losses.The assignment structure must be as follows:1. Holmes Institute Assignment Cover Sheet – Full Name, Student No., Campus, Session No.2. Executive Summary• The Executive summary should be concise and not involve too much detail.• It should make commentary on the main points only and follow the sequence of the report.• Write the Executive Summary after the report is completed, and once you have an overviewof the whole text.• The Executive Summary appears on the first page of the report.3. Contents Page – This needs to show a logical listing of all the sub-headings of the report’scontents. Note this is excluded from the total word count.4. Introduction – A short paragraph which includes background, scope and the main points raisedin order of importance. There should be a brief conclusion statement at the end of theIntroduction.5. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates onthe main points raised in the Introduction. Each paragraph should begin with a clear topicsentence, then supporting sentences with facts and evidence obtained from research and finishwith a concluding sentence at the end.6. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessmentof the research performed.7. Appendices – Include any additional explanatory information which is supplementary and/ orgraphical to help communicate the main ideas made in the report. Refer to the appendices in themain body paragraphs, as and where appropriate. (Note this is excluded from the total word count.)

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