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Question 1
It is time to recognize new realities in the 21st century. Continuing with the idea of independence perpetuates the expectation gap in the minds of users of financial statements which does not match up to the reality of the way that professional firms think and operate.
1. Auditor independence
Currently, in the global markets, multiple stakeholders – investors, lenders, regulators, governments, employees and customers – depend on assurance provided by auditors on the reliability and credibility of financial reporting (Messier,1997). As a result, auditors play a vital role in enhancing the stability of capital markets, promoting liquidity and lowering the cost of capital. In addition, reliable financial information depends on effective corporate governance – the interaction of boards of directors, management and auditors. The audit committee plays a key role in corporate governance by ensuring useful and reliable communication between the external auditor and the board of directors, enhancing the auditor’s independence, increasing the credibility and objectivity of financial statements, and strengthening the role of outside directors by facilitating in-depth discussions between directors, management and the auditor (Brown, 1999)

字数：2500
专业:Business Administration/ Auditing Assignment
学校：Bradford University
论文用途: BA Degree Assignment
 
Auditing Assignment
Answer Three Questions ONLY: Questions 1&2 and Either Question 3 or
Question 4. All Questions carry Equal Marks.
Harvard system is the preferred method of referencing to acknowledge and
identify all data sources. Assessment criteria attached.
 
Question 1
“The concept of auditor independence should be scrapped. Auditor
independence has long been seen as a critical cornerstone of financial
reporting but it is a concept whose time has gone. Instead, it is time to
recognise new realities in the 21st century. Continuing with the idea of
independence perpetuates the expectation gap in the minds of users of
financial statements which does not match up to the reality of the way that
professional firms think and operate.”
SOURCE; William p,(2007), Call a day on independence in Accounting &
Business, Volume 10, number 2, p.12, February
 
REQUIRED
Comment on the relevance of auditor independence, when as stated above it
is difficult to defend this approach when auditors rely on the fees from
their clients to keep in business.
 
 
Question 2
Internal audit and external audit vary greatly in terms of the nature,
purpose and the scope of the work.
 
REQUIRED
Evaluate the strengths and weakness of both in a brief informal report to a
business associate whose firm has grown rapidly in recent year and who is
considering the possibility of appointing internal auditors.
 
 
 
Question 3
“Competition concerns in the audit market have been rumbling in various
quarters for more than a decade, but have entered the mainstream following
the publication last April of the Oxera report, Competition in the UK audit
market……
The concerns relate to the current very high level of market concentration:
restricted choice(in some cases no choice at all), perceptions that result
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