Strategic Audit

Learning Outcome 1: Understand historic and current auditing processes and procedures
1.1 Review the historic and current auditing regulatory environment
1.2 Identify the rules of professional conduct for auditors
1.3 Critically assess the rules of professional conduct for auditors

Learning Outcome 2: Understand the importance of legal and professional requirements when completing an audit
2.1 Explain the legal and professional requirements when completing an audit
2.2 Evaluate the importance of the legal and professional requirements on the performance of an audit

Learning Outcome 3: Understand audit strategy
3.1 Analyse audit strategy used in business organisations
3.2 Assess the effectiveness of the audit monitoring process

Learning Outcome 4: Understand the risk involved in the audit process
4.1 Discuss the risk involved in the audit process
4.2 Analyse appropriate measures to minimise identified risk
4.3 Explain the link between account preparation and the audit completed

Learning Outcome 5. Understand current developments in auditing
5.1 Review current development in auditing
5.2 Assess the importance of the current developments in audit processes

Strategic Audit

For the purpose of this assignment, you have been employed by a large auditing firm as a senior audit practitioner. The audit firm specializes in audit and assurance services across a relatively large geographic area.

You have been asked to prepare a presentation and business report to be presented to new members of the audit firm. You are required to include the following information in your presentation and / or business report.

1. A review of historic and current auditing processes and procedures. You are advised to include practical examples based on an audit firm you have researched.
2. An identification of the rules of professional conduct for auditors.
3. A critical assessment of the rules of professional conduct for auditors.
4. A review of current developments in auditing.
5. An assessment of the importance of the current development in audit processes.