Role Play Assignment

Auditing and Assurance 200535

Spring 2021

This Audit Role-Play requires an understanding of the process and activities involved in the audit process of accepting a client, planning (risk assessment, audit evidence, gaining an understanding of clients internal controls, sampling and overview of the risk response and testing of controls) and conclusion of a financial report audit.

Students are required to apply auditing concepts studied throughout the semester to create a hypothetical scenario, especially in evaluating professional and enterprise practice in relation to CULTURE and DIVERSITY. https://www.cpajournal.com/2021/02/26/icymi-how-can-the-accounting-profession-attract-a-diverse-generation-z/

Purpose of this assessment task

Auditors need the ability to think critically and creatively, be responsive and adaptable to change, have strong communication skills, and have enhanced empathy for a holistic understanding of the client and its needs and auditors require the following key skills to be successful auditors: https://www.forbes.com/sites/insights-kpmg/2018/07/16/five-skills-auditors-need-to-succeed-today/?sh=65db440e2356

Strong communication skills

Emotional intelligence

Critical thinking and business acumen

Professional scepticism

Interpersonal skills

This assignment assists in developing these skills by using role-play. Empirical evidence suggests that role-play promotes active learning, contributes to critical thinking and problem-solving, enhances empathy, improves communication skills, and facilitates the transition to the work environment (Taplin et al. 2018; Powell et al. 2020).[1] Therefore, this role-play will provide you with a unique opportunity to enhance vital humanistic skills required to adapt and thrive in a rapidly changing business environment.

You are the audit manager of TikTok Ltdone of the largest audits firm located in NSW. Last year, your company implemented a bold decision to expand overseas across Asia-Pacific and the Middle Eastern Market. Your manager has offered you a audit partner manager role inEgypt, and you have accepted the role. You and your family have taken the bold move to relocate to Egypt. You arrive at work on Monday morning, and your secretary advises you that you have a meeting with the CEO of one of the major oil and gas companies in Egypt (Egyptian General Petroleum Corporation) the following day as a potential client.Due to COVID19,restrictions on social distancing, you are now required to conduct your meeting via Zoom.

Required:

You have to enact the preliminary meeting with another student from the class. One of you will play the role of the clients' CEO, and another will play out the role of audit partner representing the audit firm. Since you are choosing your own role play partner, you can decide who will play the audit partner role and who will play the role of client CEO.

Each person will have around 5 minutes for role play.

Tips for enhancing your hypothetical scenario:

You are free to develop your role-play in any way you choose, and you are encouraged to be as creative and innovative as possible

What are your interests and lived experiences about other cultures, and technological environments that you can incorporate into your role play to make it unique?

As an auditor, incorporate audit concepts into your role play, consider client management's motivations and perspectives by "stepping into the client's shoes". Such as, pay specific attention to reporting requirements in their country.

As a client, also create audit concepts in your role play, consider auditors' motivation and perspectives by "stepping into the auditors' shoes"

ask questions, be creative

Be yourself and have fun

Some audit/client concepts to consider:

Describe your firm client/auditor (background)

Ethical issues/independence/client acceptance/continuance

Risk assessment

Inherent risk/control risk/detection risk/materiality/audit strategy

Acknowledgment of different country settings and their culture

Which account would be of interest - depending on the industry

What do you do if there is any disagreement with the management/auditor. How will each party respond?

What would you do if you can't find any audit evidence?

Remember: A role play means thinking on your feet and interacting with other person creating a dialogue as you go.

"""Please note"""

1. You do not have to address every concept listed above but rather tell your own story

2. No reading of lecture slides or the textbook"- Think of it as a conversation in front of an audience rather than a presentation.

3.Only one member is required to upload the video

[1] Taplin, R., Singh, A., Kerr, R., & Lee, A. (2018). The use of short role-plays for an ethics intervention in university auditing courses. Accounting Education, 27(4), 383-402. https://doi.org/10.1080/09639284.2018.1475244

Powell, L., Lambert, D., McGuigan, N., Prasad, A., & Lin, J. (2020). Fostering creativity in audit through co-created role-play. Accounting Education, 29(6), 605-639. https://doi.org/10.1080/09639284.2020.1838929