Assingments % - Researching the Australian Parliamentary Joint Committee on Corporations and Financial Services Report on Audit Quality"

Writing a research article on the most recent Australian Parliamentary Joint Committee on Corporations and Financial services is the assigned task.

This is an independent research project that broadly relates to audit quality, audit regulation, auditor independence, and user expectations. The interim report is supposed to serve as the foundation for your submission, but you’ll also need to do some further reading and gather material online and via newspaper stories.

The assignment must be formatted in essay form (report style is not required), and Harvard referencing is also required. Subheadings are encouraged, 12 font caliber or times new roman styles are advised, and the assignment must be written in essay form (please seek assistance from the librarian if necessary).

Part A – Background, Impetus, Rationale, Momentum and support and/or resistance:

• What is the goal of auditing quality in large businesses, and how well has it worked in Australia?
• What does a parliamentary committee do, please?
What drove the investigation’s goals?
• Did the Joint Parliamentary Committee encounter any opposition? In that case, who and why?
• How were the data gathered?

Part B – Interim findings, Revelations:

• What are the Committee’s most important findings to date? Discuss any specific instances that have been proven to have violated moral and professional standards.
• What apparent conflicts of interest exist?
• What independence-related threats were discussed?
• What responsibilities do auditors have in connection to a GPFR?
• Has Australia seen any indication of systematic audit failure?

Part C: User Expectations, Scope of The Audit, Digital Financial Reports:

• Which parties are most likely to be affected by the parliamentary report?
• What functions do ASIC, AUASB, FRC, Treasury, and professional organizations perform?
• What do you think of the research so far?
• What repercussions and reforms the parliamentary committee is likely to bring about, including a debate of self-regulation, etc. Who will most likely be impacted by these measures, and will they be positive or negative?
• How has the audit’s scope changed?
• What adjustments have been made in terms of the expectation gap?
• How is digital reporting doing right now?

Struggling with where to start this assignment? Follow this guide to tackle your assignment easily!

Guide to Structuring and Writing Your Research Article on the Parliamentary Joint Committee on Corporations and Financial Services

Step 1: Understand the Assignment Brief

This assignment asks you to research and write an essay on the most recent Australian Parliamentary Joint Committee on Corporations and Financial Services. The essay must focus on issues related to audit quality, regulation, auditor independence, and user expectations, with an emphasis on the committee’s interim report.

Your task is divided into three parts:

Background and Rationale
Interim Findings and Revelations
User Expectations, Audit Scope, and Digital Financial Reports

In addition to the interim report, you will need to conduct independent research, referring to online sources, newspaper stories, and other relevant material.

Step 2: Research the Topic

To write a comprehensive essay, you need to dive into various sources to gather information. Here are some key areas to focus on:

Audit Quality: Understand what audit quality means in large businesses and how it’s measured, particularly in the Australian context.
Parliamentary Committees: Research the role of the Australian Parliamentary Joint Committee on Corporations and Financial Services and their influence on auditing practices and regulations.
Audit Regulation & Auditor Independence: Look into current regulations and challenges related to auditor independence and how they impact audit quality.
User Expectations: Identify the expectations that various stakeholders have from audits, including regulators, investors, and the public.
Digital Financial Reports: Investigate how digitalization is changing financial reporting and what challenges or opportunities it presents.

Make sure to keep track of your sources for accurate Harvard referencing.

Step 3: Structure Your Essay

Your essay should have a clear structure to guide your reader through the various parts of your research. Below is a suggested structure for the essay:

1. Introduction (1–2 paragraphs)
Provide a brief overview of the topic and the purpose of your research. Outline what the Parliamentary Joint Committee on Corporations and Financial Services is investigating and why it matters for audit quality and regulation.

Part A: Background, Impetus, Rationale, Momentum, and Support/Resistance (2–3 paragraphs)
In this section, you will introduce the background of the investigation, the motivation behind it, and the key goals of the committee. Address the following:

Goal of auditing quality in large businesses: What does auditing quality mean in the context of large businesses in Australia, and how has it been addressed to date?
What is the role of the Parliamentary Committee?: Explain the function and purpose of the Parliamentary Joint Committee on Corporations and Financial Services.
What drove the investigation’s goals?: Discuss the factors or events that led to the committee’s investigation into audit quality and regulation.
Support and resistance: Did the committee encounter any opposition? Who resisted the investigation, and why? What were the key arguments for and against the investigation?
Data gathering: Explain how the committee collected data and the methodology behind their research.

Part B: Interim Findings and Revelations (3–4 paragraphs)
Now, focus on the key findings from the committee’s interim report. Discuss the major discoveries regarding audit quality and regulation:

Committee’s important findings: What are the most crucial findings revealed in the interim report so far? Provide specific examples or cases where moral or professional standards have been violated.
Conflicts of interest: Discuss any apparent conflicts of interest the committee uncovered during their investigation.
Independence-related threats: What threats to auditor independence were identified by the committee? How do these impact audit quality?
Auditor responsibilities with GPFR: What responsibilities do auditors have concerning General Purpose Financial Reports (GPFR)?
Audit failures in Australia: Is there any indication of systematic audit failure within the country? If so, how serious is the problem?

Part C: User Expectations, Scope of the Audit, Digital Financial Reports (3–4 paragraphs)
This section should address the implications of the committee’s findings for various stakeholders and the future of auditing in Australia:

Parties affected by the report: Which stakeholders are most likely to be impacted by the parliamentary report? Consider groups such as regulators, auditors, businesses, investors, and the public.
Role of regulatory bodies: Explain the functions of ASIC (Australian Securities and Investments Commission), AUASB (Auditing and Assurance Standards Board), FRC (Financial Reporting Council), Treasury, and other professional organizations in maintaining audit standards.
Research evaluation: What do you think of the committee’s research so far? Are there any areas where they might have missed key information?
Potential reforms and consequences: What kinds of reforms is the committee likely to propose? Will they support self-regulation, or do you expect stricter regulation? Discuss the potential consequences of these reforms for different stakeholders.
Changes to audit scope: How has the scope of audits changed in recent years? What new areas are auditors required to focus on, and why?
Expectation gap: Discuss any changes made to narrow the expectation gap between what users think audits should deliver and what audits actually deliver.
Digital financial reporting: How is digital financial reporting evolving in Australia? What benefits and challenges come with it?

2. Conclusion (1 paragraph)
Summarize your findings and restate the importance of the committee’s investigation. Briefly touch on the potential outcomes of the investigation and the impact on the future of auditing in Australia.

Step 4: Writing Tips

Use clear, academic language: Your essay should be formal, but clear and accessible. Avoid overly complex jargon unless it’s necessary for the subject matter.
Be concise but thorough: Stick to the key points and present your arguments with clarity. Each paragraph should focus on a single idea or argument.
Support your points with evidence: Whenever you mention findings or make claims, back them up with relevant research, facts, or examples.
Harvard referencing: Make sure to properly cite all your sources using Harvard style. This includes both in-text citations and a reference list at the end.

Step 5: Proofreading and Finalizing Your Essay

Once your essay is written, carefully proofread it for spelling, grammar, and clarity. Ensure your arguments are logically structured and well-supported. Double-check your references to ensure they follow the Harvard format correctly.

Step 6: Submitting Your Assignment

Upload your completed essay before the deadline.
Ensure the format follows the required guidelines (12-point font, Times New Roman, essay format).
Retain a copy of your submission for your records.

By following this guide, you should be able to produce a clear, well-researched essay that addresses all parts of the assignment while maintaining a critical and analytical approach.

Researching the Australian Parliamentary Joint Committee on Corporations and Financial Services Report on Audit Quality”