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This coursework of FIN4053/4054 consists of 3 main components: (i) Individual essay; (ii) Case study writing; and (iii) Presentation
Essay (20%) Question: Based on the recent findings of Financial Reporting Council (FRC) in 2018, the Big four in UK were criticized for unacceptable deterioration in audit quality for the past five years. KPMG’s performance in terms of audit quality was even far worse than that of its rivals. One of the potential factors is that auditors seem to have issues upholding professional ethics and values at the workplace. At the same time, in early April 2018, the IESBA released a completely rewritten and revamped Code of Ethics for professional accountants (PAs). Renamed “International Code of Ethics for Professional Accountants (including International Independence Standards) (“the Code” or “the revised and restructured Code”), the Code will become effective in June 2019. It packages all substantive advancements in ethics and independence over the last four years into a single document and includes the new provisions relating to non-compliance with law and regulations (“NOCLAR"), which are already effective since July 2017, and the revised independence provisions relating to long association which comes into effect in December 2018. Task assigned: Given the importance for acting ethically and complying necessary regulation in a professional capacity, critically evaluate the importance of IESBA’s revised code of ethic on regulating the behavior of auditors. You should focus on how the revised code of ethics might affect the provision of audit-related services and auditor’s independence. Support your argument with any applicable theory and (or) empirical evidences.
(Total: 100 marks)
Note: Refer Appendix 1 for the remaining marks allocation. The total marks for this assignment is 100% but it carries 20% of overall assessment for this module. * The detailed marking criteria’s for the allocation of 100 marks is provided in Appendix 1
2000 words +/- 10%. Any deviation from this will be penalized.
FORMATTING AND LAYOUT
A Microsoft Office Word Document or other relevant applications as permitted by
module lecturer/ typed using computer. Usage of typewriter or hand - written is STRICTLY not allowed.
12 font size, Time New Roman font and bold title and sub titles
A4 sized paper
Fully justified alignment 1½ line spacing
Margins of 1” at top and bottom; left and right
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