PSB6018CL Audit and Assurance Coursework – Coventry University (Feb 2025), Singapore

Module Outcomes

On successful completion of the module, a student will be able to:

1. Critically evaluate the nature, purpose, scope, and governance of auditing and internal control processes within different business entities.
2. Synthesize the principal elements of internal and external audit reports, evaluate the duties of auditors and other assurance providers, and analyze how changing times have impacted them.
3. Explicate key concepts fundamental to auditing and assurance services, such as independence, evidence, risk, and materiality.
4. Identify and evaluate accounting and internal control systems, audit techniques, and tests, including IT systems, to detect and communicate control risks and their potential consequences.
5. Design appropriate audit procedures for a specified audit cycle.

Coursework Brief

Instructions for Submission

• This assignment must be submitted via Turnitin in “.docx” format by the specified deadline.
• Late submissions are not accepted.
• Students must keep a copy of their submitted assignment.

Word Limit (excluding tables, charts, references, and appendices):

• Minimum: 2,000 words
• Maximum: 2,250 words

Style & Format

• Style: Essay
• Font: Arial, 12 pt
• Line Spacing: 1.5
• References: APA 7th Edition

Learning Outcomes Being Assessed

1. Critically evaluate the nature, purpose, scope, and governance of auditing and business risks within different business entities.
2. Understand and evaluate audit risks and systems.
3. Understand and critically review audit risk, audit procedures, and audit evidence.

Academic Integrity & Plagiarism Warning

All assessments must represent independent effort and intellectual work. Any content copied or replicated from books, articles, websites, or another student’s work will be considered plagiarism, a serious academic offense.

Plagiarism Guidelines

• Direct quotations must be placed in quotation marks and cited correctly.
• A full citation (author, source title, page number) is required for all references.
• Simply listing references at the end of the document without in-text citations is insufficient.

AI-Generated Content Policy

• Use of AI tools (e.g., Google Translate, AI writing software, automatic referencing generators) is strictly prohibited.
• Submitting AI-generated content will result in academic penalties, including failure of the assessment or disciplinary action.

For further information, consult your Blackboard course materials or the university’s academic guidelines.

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Coursework Question

Objective:

Critically evaluate the audit risk assessment process in real-world companies. This allows students to explore theoretical concepts and apply them practically by assessing how auditors identify, evaluate, and respond to risks.

Instructions

1. Company Selection

• Choose a publicly listed company (non-financial institutions only, e.g., no banks or insurance companies).
• Ensure sufficient financial and audit information is available for analysis.
• Instructor approval is required for the selected company.

2. Assignment Structure

Section 1: Company Overview

• Brief description of the company, industry, and market position.
• Discuss financial performance over the past three years, highlighting key metrics.

Section 2: Business and Industry Analysis

• Analyze the company’s industry and potential risks.
• Identify external factors (economic conditions, regulations) affecting financial performance and reporting.

Section 3: Risk Assessment Process by Auditors

• Identify key business risks.
• Evaluate the auditor’s use of ISA 315 (Identifying and Assessing Risks of Material Misstatement).
• Identify key audit risks (both financial and non-financial).

Section 4: Evaluation of Audit Risks

For each identified risk:

• Describe the nature of the risk (e.g., fraud risk, inventory valuation, revenue recognition).
• Analyze its impact on financial statements.
• Discuss factors that increase or mitigate the risk (e.g., internal controls, management behavior).

Section 5: Auditor’s Response to Risks

• Audit procedures for each risk.
• Internal controls, substantive procedures, and required audit evidence.

Section 6: Impact on Audit Opinion

• Identify emphasis of matter, modifications, or qualifications related to risks in the audit opinion.

Section 7: Conclusion & Recommendations

• Summary of findings from risk assessment analysis.
• Recommendations to improve risk assessment processes.

Submission Requirements

• Word Count: 2,000 – 2,500 words.
• Citations: Use relevant academic sources, including auditing standards (ISA) and textbooks.
• Referencing Style: APA 7th Edition.

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Assessment Criteria

Marking Scheme

1. Depth of Risk Assessment Analysis (30%)

• 85-100% (Outstanding): Detailed insights, exceptional understanding, and critical analysis.
• 70-84% (Excellent): Strong evaluation of audit risks and responses.
• 55-69% (Good): Clear analysis with minor gaps.
• 40-54% (Satisfactory): Lacks depth and key risk coverage.
• Below 40% (Poor): Superficial or incomplete analysis.

2. Application of Auditing Theory (20%)

• 85-100% (Outstanding): Excellent application of ISA standards to real-world auditing.
• 70-84% (Excellent): Strong theoretical application supported by literature.
• 55-69% (Good): Solid application but lacks some depth.
• 40-54% (Satisfactory): Limited theoretical integration.
• Below 40% (Poor): Minimal or incorrect application of auditing theory.

3. Critical Thinking & Originality (20%)

• 85-100% (Outstanding): Highly original insights and deep evaluation.
• 70-84% (Excellent): Well-developed critical thinking.
• 55-69% (Good): Demonstrates critical thinking but lacks depth.
• 40-54% (Satisfactory): Basic analysis with minimal originality.
• Below 40% (Poor): No critical thinking or originality.

4. Research & References (15%)

• 85-100% (Outstanding): Extensive high-quality research.
• 70-84% (Excellent): Strong use of credible sources.
• 55-69% (Good): Adequate but lacking variety.
• 40-54% (Satisfactory): Limited research.
• Below 40% (Poor): Insufficient references.

5. Clarity, Structure & Presentation (15%)

• 85-100% (Outstanding): Excellent structure, free of errors.
• 70-84% (Excellent): Well-organized with minor issues.
• 55-69% (Good): Clear but minor grammatical errors.
• 40-54% (Satisfactory): Noticeable errors affecting clarity.
• Below 40% (Poor): Poorly structured with significant issues.