Explain the current audit regulation role of the Financial Reporting Council, and how that role is likely to develop in the future.

1)Explain the current audit regulation role of the Financial Reporting Council, and how that role is likely to develop in the future.2)Imagine that you are a recently qualified accountant, and you have just completed your first audit management assignment. You feel that you have completed the work diligently and thoroughly, and have a very well organised file of audit findings that you have just submitted to the responsible partner for review.The company concerned is a specialist manufacturer, involved in building large scale engineering components for power plants, refineries, and offshore installations. Valuation of inventory and work in progress has always been problematic.The day after you submit the audit file, a member of your audit team reports to you that on the last day of the job they overheard a troubling conversation between two of the client’s project managers.Your team member hears one say to the other ‘Well, we got away with it again this year, but when it unravels it’s going to bring the whole group down.’Your main discomfort, with respect to this audit, is the extent to which you had to rely on these project managers for valuation of the very large work in progress balances. You also know that there is no audit test you could reasonably have been expected to do that would have dealt with this problem.Required:Explore the issues raised by this case study with respect to audit evidence, valuation of assets, ethical decision-making, and personal responsibility.3)The public, regulators, investors, politicians, academics, and auditors all seem to have slightly – and perhaps not-so-slightly – different views of what auditors do, and the meanings of the assurances that they provide.Explore some of these differences, and explain why they persist.AdministrationThis assignment counts for 70% of the final assessment. Your assignment should be submitted in hard copy to the Business School assignment boxes at or before 2:00pm (Qatar Time) on Tuesday 5th May. By the same deadline you must also post electronically your assignment to Turnitin; a cover sheet will be available on MyAberdeen. Coursework without a signed cover sheet will not be accepted. Please note that the questions have been designed to allow you to demonstrate your knowledge over a range of the issues addressed in the course.No student may attempt both alternative assessment and the exam – you must choose which one is relevant to you (You can either do the alternative assessment or the exam, you cannot do both). hould you submit the alternative assessment, you cannot submit the exam. Answer the question in a word-processed essay of 1,500 words, excluding the reference list of printed and web sources. Penalties may be applied to assignments exceeding the word count by 10%. Please include a screen dump of the word count on your front page.Your answer should draw upon the knowledge that you have gained from QB3501, other courses and relevant reading. Credit will be given for demonstrated capacity to use research literature and contemporary documentation to shed light on these issues and to make effective use of what you have learned about the principles and practice of auditing and the practicalities of implementation. Evidence of reading beyond lectures and the textbook is essential. Individual guidance cannot be provided on how to proceed. However, if students raise issues on which further guidance would be appropriate, this will be provided to all students on the QB3501 MyAberdeen site. You will have the opportunity to practice library searches during the Library workshop.It is stressed that the University’s safeguards against plagiarism apply. The QB3501 MyAberdeen site provides links to University policies on plagiarism. If there is evidence of suspected plagiarism, the student work will be referred to the School’s Academic Standards Committee. Annex 1: The Basis for Assessment Relationship to Learning Outcomes The course guide specifies the learning outcomes that have been established for this course. Although they will not all be equally relevant to the question that has been set for this coursework, you have the opportunity to demonstrate that these are being accomplished. Whereas in the examination part of the assessment, you are writing to a tightly specified question, this coursework allows time for inquiry, investigation and reflection. Assessment Criteria Marking of coursework is not a mechanical process, not least because strengths on one dimension may compensate for weaknesses on other dimensions. Nevertheless, when undertaking and completing your coursework, you should reflect upon the following dimensions of performance:•The presentation and style should incorporate the high standards of care, clarity and precision appropriate for Level 3 students •The coursework should be a well-structured piece of academic writing, which guides the reader systematically through the relevant issues •The diagnosis of the ‘problem’ should be theoretically informed, showing a clear appreciation of the weight that can be attached to particular types and sources of evidence •Knowledge of regulatory/professional material in the public domain should be accompanied by demonstrated reading of the academic literature beyond textbooks, lectures and contemporary media coverage •Referencing should be impeccable (see Annex 2 attached), clearly identifying the authorities upon which you are relying and more generally acknowledging sources •Awareness of conflicting analyses should be demonstrated, supported by a probing of the extent to which these originate in competing theoretical frameworks or in different readings of the empirical evidence •Confidence in marshalling the evidence and drawing your own conclusions should inform the coursework, thus demonstrating powers of synthesis and a capacity to form judgements based upon evidence Annex 2: Indicative Guidance on Style and Referencing Font size and line spacing Please use size 12 font and one and a half line spacing. Please include page numbers. Quotation Single inverted commas for short quotation within your sentence. Quotations of more than three lines of type should be displayed, without inverted commas and preceded by a colon. Leave one line above and below, and indent four spaces. Indicate source in brackets at end of quotation (Smith, 1987, p. 22). Footnotes These should appear at the foot of the appropriate page and the font size should be reduced by 2 points. If used, footnotes are there to provide supplementary information, and not for referencing sources. References should follow the Harvard system, which is as outlined below, for in-text citation and end list of references. Books and articles These should be indicated within the body of the text by year of publication in brackets, if the author’s name is mentioned in the text, otherwise by author’s name and year of publication in brackets: Smith (1989) argues that 33 had made changes (Smith and Jones, 1986, p. 63) The list of references at the end of the paper should be in alphabetical order of first author’s name and should follow the Harvard style: books: name of author(s) (use initials only for first names), year of publication in brackets, title of book (italicised), place of publication, publisher articles: name of author(s) (use initials only for first names), year of publication in brackets, title of article within single inverted commas, title of journal (italicised) , volume, issue number (if appropriate), page numbers. There is no need to have separate lists for books and articles. As far as possible, include documents you have found on the web within this unified list of references, adding at the end of each reference: (www.xxxxxxxxxxxxxxxx, last accessed dd/mm/15). For further guidance, examine how this is done in an accounting journal such as International Journal of Auditing (whose house style you can follow if you so wish). Accessing electronic publications A wide range of electronic journals can be accessed via the University Library system. The assignment details are being posted early to allow you thinking time prior to the workshop with the library in week 32. During the workshop, Elaine Shallcross will guide you through the best way to search on-line for materials using the assignment as an example. This helps you clear licensing hurdles so that you can download free-of-charge. NEVER PAY – being asked for money often indicates that you have not gone via the correct route. Simply by searching on Google, you will be able to identify lots of contemporary material. However, remember the need to evaluate the quality and reliability of the sources you find, as what is put on the web is unregulated. Reference all electronic sources used: in particular, give full web-page addresses, sufficient so that someone else could readily access the same page, also noting the date consulted. This requires more care as you go along than does referencing books and articles, as it is much easier to forget from where you obtained particular material if you do not keep systematic records. Turnitin matches to the web as well as to its own databases, meaning that meticulous attribution of material is imperative. Spelling Use British forms: privatise, connection, focused, benefited Miscellaneous 3 per cent, £5 million, 20th century Numbers up to ten in words unless part of a greater number or arithmetical/mathematical expression 1979-81, 1980-82