Overview of the current regulatory environment - Explain

AF703: Strategic Auditing

The aim of this unit is to help students understand the ability to choose and apply suitable investigative techniques on a variety of situations which are simple and non-simple in the accounting environment. The unit provides a profound learning on the aims, objectives and methods of auditors and their contribution on the achievement of true and fair view on the published accounts.

Thomas Smith, a sole trader, owns Toyland's Toy Box - a small traditional toy shop in the north of England. The business sells high-end traditional toys and games within a specialist, competitive market. Toyland's Toy Box's financial year runs from 1 September to 31 August. Thomas maintains a manual accounting system, including a cash book and weekly petty cash book. Thomas has asked you develop a report outlining the need and importance of strategic auditing for his business.
Thomas has given you two tasks which are detailed below.

Task 1: Overview of the current regulatory environment (1500 words)
Your task is to produce a report, with accompanying references, which explains the impacts that regulatory environment and professional standards can have on the auditing processes used in business. Your report must include a description of how auditing concepts and principles are applied in the audit strategy of an organisation. You are also required to provide details regarding the legal and professional requirements of auditing.

Task 2: Explain the importance of auditing in risk management and account preparation (1000 words)

Your task is to prepare a report so that Thomas understands the importance of auditing in risk management and account preparation. Your arguments must showcase how auditing helps in identifying and minimising risks. The report must also outline the importance of auditing in the preparation of financial accounts of an organisation with a special focus on the roles and responsibilities of Directors and Auditors with regard to company accounts. You must also identify the current developments in auditing.

Please note that Thomas is going to decide whether or not to employ auditing in his firm solely on the basis of your report. So be sure to provide a detailed and critical account on the current state and importance of auditing in modern business.

Attachment:- Strategic audit.rar

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