With reference to the governance and audit regulatory debate and the relevant research evidence, critically evaluate the importance and the impact of certain audit committee characteristics on the overall effectiveness of the audit committees and quality of the external audit function.

AUDITING AND ASSURANCE

Essay:

“It is deeply concerning that many audit committees do not appear to be factoring
professional scepticism and challenge into their criteria for selecting auditors and are
instead using ‘cultural fit’ as a desirable attribute. Equally worrying is the finding
that many audit committees are spending so little time on auditing matters. This
questions whether many audit committees are committed to challenging
management and to putting in the necessary time to ensure that auditors are as
well.” (House of Commons Business Energy and Industrial Strategy Committee, The
Future of Audit Report, April 2019)

With reference to the governance and audit regulatory debate and the relevant research evidence, critically evaluate the importance and the impact of certain audit committee characteristics (i.e., independence, expertise and time commitment) on the overall effectiveness of the audit committees and quality of the external audit function.

Instruction:

Overall Word Limit is 2500. This assignment should be produced in Arial, 12pt, with 1.5 line spacing. Assignment must not exceed the word count.

The word count should:

▪ Include all the text, including title, preface, introduction, in-text citations, quotations,
footnotes and any other items not specifically excluded below.

▪ Exclude diagrams, tables (including tables/lists of contents and figures), equations,
executive summary/abstract, acknowledgements, declaration, bibliography/list of
references and appendices.

However, it is not appropriate to use diagrams or
tables merely as a way of circumventing the word limit. If a student uses a table or
figure as a means of presenting his/her own words, then this is included in the word
count.

Examiners will stop reading once the word limit has been reached, and work beyond this point will not be assessed.

Marking guideline:

Performance in the assessment for this module is judged against the
following criteria:

• Relevance to question(s)
• Organisation, structure, and presentation
• Depth of understanding
• Analysis and discussion
• Use of sources and referencing
• Overall conclusions

The word count should include all the text (plus endnotes and footnotes), but
exclude diagrams, tables, bibliography, references, and appendices.

This assignment will be put through the plagiarism detection service.

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