2009 resit - AUTUMN SESSION 2008/2009 Examination for the...

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AUTUMN SESSION 2008//2009 Examination for the BUSINESS SCHOOL WIDE OPTION LEVEL 6 5B3030 AUDIT AND ASSURANCE Unit Leaders: Neil Rodda and Barry Mounsey 1 st September 2009 9.30am 12.30pm Instructions to Candidates Answer two questions from Section A Answer two questions from Section B All questions carry equal marks
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1 SECTION A Answer TWO questions ONLY from this section 1. In the UK the Financial Reporting Council (FRC) has a number of operating bodies that help to provide necessary and effective regulation of the accountancy and auditing profession. These include the Professional Oversight Board, the Audit Inspection Unit, and the Auditing Practices Board. Statutory auditors must also comply with quality control and other technical and professional requirements in order to minimise the risk of legal claims against themselves and their firms. Required a) Discuss the role of the three regulatory operating bodies of the FRC referred to above. (9 marks) b) Critically discuss the circumstances where auditors may be held legally responsible for their actions. Your answer should include reference to the judgements made in significant legal cases. (13 marks) c) Explain the changes to auditor liability introduced by the Companies Act 2006. (3 marks) Total 25 marks
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2 2. Over the last 20 years or so there has been a huge reduction in the number of UK businesses required to have a statutory audit. However, there has been an increase in both the quantity and variety of assurance engagements undertaken by professional firms of accountants on behalf of their clients. There would appear to be a vibrant demand for assurance services within the UK economy. Required a) Critically discuss what is meant by the term assurance and explain the different elements of an assurance engagement .
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