ETHICS AND CONDUCT OF ACCOUNTING PROFESSION-11so__9s__

COLLEGE OF BANKING AND FINANCIAL STUDIES
DEPARTMENT OF UNDERGRADUATE PROGRAMME
B.Sc. in Accounting, Auditing and Finance
ASSIGNMENT BRIEF
Weightage: 20 %
Student Name & ST Number
1.
Semester Eight Fall 2020
Assignment Title Case Study – Audit Time Budget Pressure
Module UG034 – ETHICS AND
CONDUCT OF
ACCOUNTING PROFESSION
Assessor: Ms. Mariam Hassan
Ms. Kumutha Krishnan
Start Date: 27/10/2020 Internal
Verifier
Mr. Mohammed Farzan
Due Date: Formative – 11/11/2020
Summative – 28/11/2020
Required Work, Format and Grading
You must submit the following by the assignment due date:
Completed answers to each task, making sure that you fully address each of the outcome criteria.
Answer all questions separately.
Assignments without TURNITIN report will not be accepted.
Resources:
You need to demonstrate a confident application of the theories to the assignment task. The theoretical
underpinning of your observations and deliberations should also demonstrate a good understanding of the
subject by the way that your analysis is structured. You can access the Internet to research about the topic.
You should demonstrate good academic practice by the appropriate use of academic texts and journals that
are properly referenced.
Guidelines and further information about assignment:
Assignment must be submitted with the “Turnitin” report. If the report generated indicates
a similarity index percentage of 20% or more, a review of your assignment is necessary to
ensure the same is reduced to less than 20%.
Student declaration:
I certify that the work contained in this assignment was researched and prepared by me:
Signature: __________________ Date: ___________________
The user ID and Password for submitting the soft copy of the report through TURNITIN
is as follows:
Class ID:27050898 Enrolment Password: ECAP2020
Submission time and date
You should submit the assignment by the time and date mentioned otherwise a ‘NA’ will be
awarded. Fill in the form cover and staple it with your assignment. Make sure that all the
relevant details are complete. Assignments must be submitted by the due date. You may include
diagrams, figures etc without word penalty.
Plagiarism Writing
1. Plagiarism occurs if you use somebody else’s work in an assignment or exam answer,
but fail to state where you got the material from. You need to be also very careful about
the amount of words you are using from somebody else’s work.
2. It can happen in any type of assessment where you are given the questions or tasks in
advance.
3. If another student uses your work in his/her answer(s), both you and he/she will be
punished when caught.
4. Punishments for committing plagiarism can be very severe.
Details
Plagiarism is a form of cheating in which students use the work of others and present it as their
own. It may include all or any one of the following –
1. Copy extensively from the work of others (from sources such as books, magazines,
journal, web-sites etc) and submit the work as your own.
2. Copy another students’ work and submit it for assessment under your own name.
3. Allow another student to copy your work and then submit it for assessment under their
own name.
What happens if you get caught?
The examining body of CBFS may punish offending students in any manner that they deem
fit. Typical punishments may range from reduction in grades, making students re-sit modules
and even failing students on a module or an entire award. The college considers this form of
cheating as a serious offence. Therefore, be forewarned!
Scenario – Audit Time Budget Pressure
Rehab after completing her bachelor’s degree in Accounting has joined the CPA firm ACE
Auditing & Consultancy Services as an Audit Trainee on 01st July 2020. Rehab has been
assigned to the audit of Star LLC. The audit supervisor Jawahar was informing Rehab that she
is taking more time in completing the audit work assigned to her and because of her delay the
audit team is facing with the problem to complete the audit within the budgeted time period.
Last week the partner in charge of the firm – Mr. Waleed have asked Rehab to meet him in his
office. During the meeting, the following conversation took place:
Mr. Waleed: Rehab, the reason why I asked you to see me is the time record sheet. We found
that your time record sheet indicate that it takes you 50 percent longer time to
complete the audit work than the other colleagues in your audit team.
Rehab: I understand, but Mr Waleed, I just joined three months before and still learning
on the job.
Mr. Waleed: That’s true, but you know that we have fixed budget for this audit. Every hour
you spend more than the budgeted time will cost money for the firm. If this
continues, we must bill extra to the client whose audit you work on, which the
client will be reluctant accept. We do not want to lose our clients.
Rehab: I do understand Mr. Waleed, However, it is taking more time than I expected
too. If I am to cut down the time it will affect the quality of the audit as I am
unable to reconcile in the given short period.
Mr. Waleed: I would never compromise the quality of our audit. I am trying to figure out why
it takes you so much longer than other staff members.
Rehab: If this is the case, am I allowed take some of the work home at night and on
weekends, complete it. This will not charge the firm or the client for the extra
time I am spending on the audit.
Mr. Waleed was surprised by the Rehab’s openness. He valued the character of Rehab, but he
could not provide an answer as ‘yes’ for Rehab’s request. He concluded the meeting by stating
that it is Rehab’s call to decide on how to increase her productivity on audits. As her progress
on the discussed matter decides her future with the firm.
With the effort to deal with the problem, Rehab approached Muna, one of the senior auditors
in her team and asked whether Muna had faced such problem. Muna stated, ‘Yes Rehab, I
initially found it difficult to complete my work within the budgeted time. Later, I handled it by
ghost ticking. (Documenting audit procedures that have not been completed is called the ‘Ghost
ticking’). Further she insisted Rehab to do the same to overcome the problem as no one will be
watching.
Assume you are in the position of Rehab; Explain how you would be reacting to the
situation in the given scenario.
Your report should:
i. Discuss your (Rehab’s) ethical obligation as an Audit Trainee,
ii. Evaluate using the ethical theories (consequential, non-consequential and virtue),
whether to take work home to complete and not to charge for the job or to involve in
ghost ticking
iii. Discuss your approach in explaining your stance to Mr. Waleed in your next meeting
with him regarding the problem in the given scenario.
(Total Marks – 20)
(maximum word limit – 2000 words)
Your assignment should be structured as follows
• Title page
• Introduction
• Content
• Conclusion
• References
• Annexures (If any)
Specific requirement – Rules for formatting
Font and Size • Times New Roman, 12 point
Margin • keep a margin of 1 inch on all the sides
Space • line spacing should be 1.5
• Paragraph spacing should be 6pt
• All paragraph should start left, aligned and justified
ASSIGNMENT GENERIC – RUBRIC
Marks/Grades 90-100 85-89 74-84 56-73 50-55 0-49
Criterion A A- B C D F
Knowledge Shows wellcoordinated
understanding of
subject
Sound understanding of
subject matter
Major facts are
understood
Shows understanding of
basic issues/theory
Minimal understanding
of basic issues/topic
No understanding of
the topic/subject area
Analysis Touches upon all
relevant
issues/theory.
Concise analysis
Detailed coverage of
basic concepts/theory.
Reasonable coverage of
subtle issues/theory
Reasoned argument
and sequencing
Shows evidence of
understanding of
concepts. Coverage of
obvious ideas.
Fails to identify subtle
issues/theory. Captures
obvious ideas.
No or minimal
understanding of the
key theories/topic
Research Excellent referencing
and reading in all
areas
Use of up to date
resources. Well informed
and generally accurate
information provided.
Clear referencing
Appropriate
referencing
Adequate referencing
and reading.
Weak reading and
referencing
Poor referencing.
Shows lack of
reading/references
out of date
Relevance All material used is of
relevance
Material used is relevant Discussion shows
relationship to theory
Some material
repetitive
Some repetitive matter.
Irrelevant
No relevance to
subject matter
Conclusion Excellent conclusion.
Brings together all
concepts and adds an
original perspective
Intelligent conclusion.
Good application of
knowledge
Methods incorporate
modifications used
Conclusion in place but
key points missing.
Reasonable application
of knowledge
Weak conclusion and
content. Satisfactory
application of
ideas/theory
Poor conclusion.
Poor knowledge
application.
Writing Excellent articulation.
Accurate
grammar/spelling
Ideas expressed in a
clear and coherent
manner. Language fluent
and grammar/spelling
accurate
Clarity in writing is
evidenced
Language fluent. No
major
grammatical/spelling
errors
Frequent errors in writing Poor written skillsspelling, grammar
construction of
sentences
Structure Clear and coherent
Structure with
excellent presentation
Structure is clear and
supports argument.
Presentation appropriate
Appropriate structure Coherent structure.
Satisfactory
presentation of matter
Weak
structure/presentation
Poor
structure/presentation

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