Help me study for my Accounting class. I’m stuck and don’t understand.
·The written reflection should be approximately 800-1000 words.
·students are asked to reflect on the following: –
·Whether the role play went well or not. In other words, did participants achieve what needed to be achieved?
·Why or why not?
·What was the impact on cultural diversity (such as what kind of cultural issues did you come across and recommending the course of action ) in the given situation and how you addressed or resolved the issue.
·What were your strengths and weakness (Give examples for both) ·Next time, what would you do differently
this is my role play
Role Play Script
Auditor: Hello Sir, welcome to Australia
Client: Hello and thank you
Auditor how are you today
Client i am good thank you for asking
Auditor: I am an auditor in the organization, and I provide audits for all businesses within Australia while observing the required standards.
Client: Why should I go for your services? I believe that having an audit is a waste of time. Despite the relevance of auditing to several companies, it will not be helpful to my business operations within Australia. I can only justify internal audits as an improvement cycle rather than an inspection (Whittington, & Pany, 2010). It bothers me when you don’t allow room to ask questions on issues that are not working and the solutions required. I think it becomes pointless when you go quickly through my financial statements, and I feel I will only be able to show you what you want to see if you apply it as an inspection to my business operations.
Auditor: I am not sure if your perception of internal audits is correct. I have never regarded an audit as an inspection in the intense sense you want to describe it. Your suggestion is like saying that a survey on your customer is like an inspection of the services you offer. It all depends on the method of auditing used together with the intention of auditing (Chirițescu, & Dumitru, 2019). Since this is a service sector, we deploy internal audits with open-ended questions to analyze the effectiveness and suitability of auditing processes, often the ‘check’ and ‘act’ in the PDCA. Initially, we experienced the issue of checkbox mentality when companies were majorly providing audits to documents and primarily viewing them as an outcome of the QMS rather than the organization’s knowledge. The process is identical in all auditing sectors, and the same will also apply in your country.
Client: Another essential thing that makes me feel that it a waste of time is that the management at my business can progressive study and review business processes hence there is no need to wait for an internal audit. From the Lean Thinking methodology, it is coherent that continuous focus on business operations implies that there is no need to conduct internal audits.
Auditor: Financial audits are necessary, especially if you want to track the performance of your business. Financial statements must always be accurate, and this is achieved through performing regular auditing controls. Internal audits ensure that your business operations comply with Australian regulatory compliance (Chirițescu, & Dumitru, 2019). The financial audits promote a particular level of privacy for your business with financial records to encourage compliance.
Client: Okay, but do you guarantee me 100% that the figures on the financial statements are correct?
Auditor: It is not a 100% guarantee. The financial statements are not certified, and the only person certified is the accountant. The primary aim of an audit is to issue assurance to your business of the financial statements indicating that the statements are viable and reliable Chirițescu, & Dumitru, 2019). An auditor is not allowed to express an opinion on the accounting records of clients.
Client: I am delighted to report to you that your explanation was clear and precise. I am totally convinced that it is necessary to audit financial statements so that I can improve my business operations Chirițescu, & Dumitru, 2019). There is an essential factor here that we must also check. Regulations and account accounting standards in Australia are not identical to the ones from my country. There is an increased chance that they will affect my business operations in relation to the organizational structure and culture. What is the relevance of Australia’s accounting and legislation standards, if they are not meant to restrict me from free market operation specifically? Is your role and responsibility as an auditor raising a concern?
Auditor: My role and responsibility as an auditor can be affected by specific accounting standards and regulations. The ‘Australian Securities and Investments Commission’ (ASIC) controls consent with financial reporting and auditing requirements for every business related to the corporate act (Hecimovic et al., 2009). The continuous examination of the financial statements results in your business’s confidence and improves on market integrity. The ASIC standards are clear, and your business will have to observe them while operating in Australia. It guides the auditing process in Australia, and all the financial reports and auditing must follow the regulations.
Client: I appreciate your time
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