The regulatory environment and financial reporting You are the training manager for TWP, a large national professional services firm that undertakes financial statement audits for large companies but has also recently expanded its provision of forensic accounting services. One of your key tasks is to prepare a regular internal newsletter to keep staff updated on the latest news, alerting staff of changes and developments that may impact their work, and provide enough information for staff to:  understand the nature of the news/changes/developments and its potential impact;  access further information on the news/changes/developments if they wish to (including website links where appropriate). Required: Prepare a 2-page newsletter that identifies and summarises changes, developments, and news for the observation period. Detailed guidelines for completing this task: 1. Identification of news/changes/developments You will need to identify and consider a range of news items/developments/changes such as: technical issues: for example the issue of new auditing standards, amendments to auditing standards, updates on AUASB or IAASB projects in progress, advances in the technology used in forensic accounting. Any pronouncements which became effective outside of the observation period may be included only if news in relation to that pronouncement is published within the observation period.  regulation and monitoring of auditing and forensic accounting: for example ASIC reviews on the quality of auditing.  political influences or other potential developments. 'Political' does not only mean action from politicians it would also include lobbying/actions by other groups to promote their own interests. For example, there may be articles about companies, audit firms, or other particular interest groups saying that if certain auditing standards or expectations on auditors are introduced this will disadvantage them or have a negative impact. The 2 page restriction on the newsletter means that you need to use judgment about what to include and how much information to include. It is not intended that you provide complete details of news/changes/developments although you may consider that more detail is needed for particular issues. Given the target audience, it would be assumed that readers have a working knowledge of common terms and so abbreviations such as AUASB, IAASB may be used. 2. Potential sources Given the scope of the potential influences on auditing and forensic accounting, you will need to research a range of Australian and international sources. Below is a list of sources that may be of interest. Note that this list is not exhaustive, students should search for sources outside of these. Students should not rely on any one type of source, but a range of sources from each category, i.e. do not just look at websites, also check journals, newspapers, etc. Examples of possible information sources include: (a) Websites such as those of: • Auditing and Assurance Standards Board • Financial Reporting Council • Australian Securities and Investment Commission • Australian Securities Exchange • International Auditing and Assurance Standards Board • Chartered Accountants Australia and New Zealand, especially the forensic accounting specialisation pages • CPA Australia • Websites of large accounting firms and other firms offering forensic accounting services (b) Professional publications: • In the Black (CPA) • Acuity (CAANZ) • Accounting Futures Magazine (CAANZ & ACCA) (c) Newspapers/journals 3. Format and presentation The following are to be observed for your newsletter preparation. • The top of the newsletter must include the title (you need to decide what to call your newsletter) and details of the period the newsletter is considering. The newsletter should not read as one continuous 'essay'. It must include headings and sub-headings that assist in identifying the nature of news / changes / developments and help to guide the reader, and also enable the reader to distinguish between items of interest and the relative importance of changes.  You must refer the reader to specific sources (include website links where appropriate by using hyperlinks) so that they are able to obtain more detailed information on the news/change/development. Given that it is only a 2-page newsletter, you are not expected to use any direct quotations in your newsletter unless it is really critical in your view. If you do so, you need to include in-text citations using the APA 7th edition. • The newsletter must be printed in a minimum font set at 11 points (you may wish to use different formatting (such as larger fonts) for headings. Apart from minimum font size, there are no specific requirements in relation to line spacing, margins. However, you should note that simply reducing line spacings or margins to 'fit more in' may impact on the presentation and effectiveness of the newsletter and therefore impact on the marks awarded to you for presentation. There is no specific 'word limit' but the newsletter must be no longer than 2 pages. In cases where the newsletter exceeds the 2-page limit, only the first 2 pages will be marked. • Do not attach actual articles/printouts of web sources etc to your assessment. You are only required to include details of these in the bibliography (see section 4 below). Don't be afraid to be creative. The effectiveness of a newsletter is impacted by how interesting the readers find it. 4. Bibliography and referencing Accompanying the 2-page newsletter you must submit a bibliography on a separate page. The reason a bibliography is required (rather than a reference list) is that this will provide an insight into the range of your research activities which is part of the criteria for assessment. The bibliography needs to include specific articles or readings that you have actually accessed, not just a general link to a website or newspaper etc. In short, the marker will be able to get to the source of the news you referred to by clicking on the links you provided in the bibliography list. For example, if you use a source such as the AUASB website, the website link you provided should bring the marker to the exact article you have read or referred to, not just the general AUASB website. Each link should be provided for every article that you have read separately. Newsletters without a bibliography will not be accepted or marked. When citing electronic sources, please also include the date accessed. For further guidance check the APA referencing guide. Rationale This assessment task will assess the following learning outcome/s: • be able to explain and critically evaluate influences on audit and assurance services including: Australian and international professional standards, statutory and common laws, regulatory bodies, and public expectations within a global market.  be able to identify and critically evaluate the expanding scope of assurance services and providers in today's international business environment including nonfinancial reporting. Marking criteria and standards Criteria High Distinction Distinction Credit Pass Research current statutory and professional sources for current developments and changes relevant to auditing large companies and providing forensic accounting services. Categorise information in order of importance, and provide focused attention to major news items. (6.5%) The newsletter correctly identifies and reports on an impressive range of local and international changes/developments in the provision of auditing and forensic accounting services. All news items reported are directly relevant to large companies. The newsletter clearly differentiates between significant and minor news items. Appropriate detail is provided for all news items, with an emphasis on key aspects of major changes and developments. The newsletter correctly identifies and reports on a large range of local and international changes/developments in the provision of auditing and forensic accounting services. Almost all of the news items reported are directly relevant to large companies. The newsletter clearly differentiates between significant and minor news items in most instances. Appropriate detail is provided for almost all news items, with an emphasis on key aspects of major changes and developments. The newsletter correctly identifies and reports on a good range of local and international changes/developments in the provision of auditing and forensic accounting services. Most of the news items reported are directly relevant to large companies. The newsletter provides some differentiation between significant and minor news items. Appropriate detail is provided for most news items. The newsletter correctly identifies and reports on a satisfactory range of local and international changes/developments in the provision of auditing and forensic accounting services. Some of the news items reported are directly relevant to large companies. The newsletter provides little differentiation between significant and minor news items. Appropriate detail is provided for a few news items. Provide directions to readers to access further information. [0.5%] All news items provide details of where audience members can access further information, including website links where appropriate. Almost all news items provide details of where audience members can access further information, including website links where appropriate. Most news items provide details of where audience members can access further information, including website links where appropriate. A few news items provide details of where audience members can access further information, including website links where appropriate. Prepare bibliography of relevant information, presented in accordance with the APA 7th edition. [1%] A very impressive range of highly relevant local and international sources listed in bibliography.