Details of what you are expected to do:
The aim of this assignment is to evaluate students’ understanding of critical issues which have an impact on accountability of a firm particularly with reference to the effect of compliance or non-compliance of corporate governance principles. A secondary aim is to develop and assess students’ critical appreciation of how globalization impacts the accounting and auditing profession.
2. The learning outcomes being assessed
ILO 4 will be assessed – The ability to appraise critically the role of accounting and auditing in the arena of corporate governance.
3. Overview of assignment
Following the ‘Brexit’ referendum, the following blog appeared on the global website, Accounting Web:
“I hope we take back control of our accounting,” said Bournemouth University Professor Stella Fearnley. “Once we’re out of the EU, we won’t have to follow the directives if we don’t want to or comply to the letter with IFRS. So far the EU’s EFRAG committee has endorsed everything the IASB has done with almost no criticism.”
The UK has gone along with financial reporting and auditing decisions coming out of the EU – and the UK Financial Reporting Council (FRC) and BIS still hasn’t resolved the highly significant semantic differences with IFRS and UK company law such as the requirement for accounts to present a “true and fair” view and the definition of distributable profits.
“If we give ourselves the power to push back the IASB, it’s something other countries might follow.
“In the future if we want an Urgent Issues Task Force, we can have one and adapt IFRS to our own needs,” she said. “We can go with what the UK demands. It’ll give us more flexibility and we could call it ‘UK IFRS’ if we want.”
According to Fearnley, the big accounting firms were very enthusiastic about the global convergence project, partly because it would protect US standards-setters (and auditors) from the impact of the Enron scandal, and partly because those firms stood to make billions of dollars from IFRS adoption. “But the state boards and the Securities and Exchange Commission would never give up control of their accounting to a group like the IASB,” she said.
Based on the US model of stronger, more interventionist regulation, Fearnley would like to see the creation of an official UK Companies Commission to take over responsibility for reporting and auditing and investigation of misconduct from the FRC, which has recently been designated as a ‘single competent authority’ by the EU arising from its recent auditing directive.
“The FRC can only investigate UK-qualified accountants,” she said. “If a CFO is a South African accountant or MBA, they can’t go near them. And what about other managers or directors – who goes after them? We need an organisation that can call anyone to account and go in quickly and get on with investigating scandals in a more timely manner than the UK’s ridiculously fragmented system currently allows.”
With reference to the contents in the blog above, write a critical review of extant literature which covers the following requirements:
|Word Count Guidance
The word count for this assignment is 2,000 words (you may split the word count in any way between the two questions mentioned above) and must be electronically submitted via Turnitin.
What is included in the word count?
· Footnotes, except where these are used ONLY to give references to your sources. The use of footnotes to expand upon points you have made in the body of your report will count towards the word limit.
· Appendices – except where these merely reproduce material from your sources / calculations / tables / graphs / diagrams
· Any additional explanation of terms / glossaries etc. WILL count towards the word limit.
· Any tables pasted as picture (.jpeg for example) will be reviewed by the marker and word count added to the main body of the text.
What does not count towards the word limit?
· Appendices exceptions noted above.
· Brief quotes – about 5 lines is the maximum acceptable for each quote, and you should not have more than 6 quotes in your essay. You don’t need to include any at all if you don’t want to. If you do use quotes, it is important that you have a good reason for including it – the quote must be properly introduced, appropriately referenced and you must make some comments on each one.
· References and bibliography
How the word limit will be enforced:
Up to 50 words above the limit – no penalty
For each additional 50 words (or part thereof) beyond that, 1 mark will be deducted from whatever mark would have given in the absence of a penalty.
Thus for an essay with a limit of 1250 words, which is actually 1430 words, which has marked at 65% initially, a penalty of 3% would then be applied, bringing the mark down to 62%.
4. Assessment criteria and weightings
This assignment is an individual assignment and accounts for 40% of your total mark. Elements of this assignment are being assessed as Assurance of Learning in accordance with AACSB standards.
You will be assessed on the critical content you can bring forth in your answers. Critical discussion on a topic is often improved by the following –
The marking criteria have been clearly set out in a rubric appended to this assignment brief.
|Disclaimer: The information provided in this assignment brief (version number: 1) is correct at time of publication.
In the unlikely event that any changes are deemed necessary, they will be communicated clearly via e-mail and/or myBU and a new version of this assignment brief will be circulated.
Appendix to Assignment Brief 2: Rubric
|Aspects of the work
|Fail( <50)||Pass (50-59)||Merit (60-69)||Distinction (70-100)|
|Integration of Knowledge
|Lacks demonstration and comprehension of key concepts and background of the assignment
|To some extent understands and has applied some concepts to the assignment set. Also appreciates the background knowledge behind it
|Mostly appreciate the background knowledge of the assignment.
For the most part, understands and has applied concepts relevant to the requirements
|Thoroughly appreciates the background knowledge of the assignment and has integrated it with all the key concepts as well as own perspective|
|Content and Focus
|Fails to address the task set or little focus on the set requirement
Lacks evidence or limited evidence of knowledge to the topic and/or significantly misuses terminology
Selection of theory/principle is not appropriate as some aspects have been misconstrued
|Has addressed to some extent the main purpose of the assignment
Has given a factual and/or conceptual knowledge base and appropriate terminology
Most key theories/principles are included in the work in a good manner
|Has addressed the purpose of the assignment and with some attempt to demonstrate imagination
Reasonable knowledge of topic and an awareness of a variety of ideas/contexts/frameworks
Insightful and appropriate selection of theory/concept/principle in key areas
|Has addressed the main purpose of the assignment comprehensively and imaginatively
Comprehensive/detailed knowledge of topic with areas of specialisation is depth and awareness of provisional nature of knowledge
Demonstrates the integration and theory/concept/principle key for the assignment
|Depth of Discussion/Analysis
No evidence of literature being consulted or presented but in an uncritically manner, in a purely descriptive way and indicates limitations of understanding
Lacks evidence of critical analysis and rationale for work
Clear evidence and application of readings relevant to the subject; uses indicative texts identified
Demonstrate application of theory and concepts through critical analysis of the assignment set
|Can analyse and apply major theories to some extent and compare alternative ideas
Able to critically appraise the literature and theory gained from variety of sources, developing own ideas in the process
Clear application of theory through critical analysis and discussion
|Can analyse information and using a wide range of theories, principles and techniques
Has developed and justified using own ideas based on a wide range of sources which have been thoroughly analysed, applied and discussed
Consistently demonstrates application of critical analysis well integrated in the whole work
|Does not piece together information and lacks flow which appeared to be created from disparate issues. No headings to link concepts where necessary||Sometimes ties together information from some sources. Ideas flow to some extent though mostly disjointed||For the most parts, ties together information from all sources. Ideas flow mostly across with some few disjointedness||Ties together information from all sources and also flows from one issue to another to the extent that headings may not be needed|
|Clarity of Expression
|Meaning unclear, language not fluent, grammar and/or spellings contain frequent errors||Language quite fluent; grammar and spelling somehow accurate||Language mainly fluent; grammar and spelling mainly accurate||Fluent writing style appropriate to document; grammar and spelling accurate|
|Presentation and Communication
|Communication is unstructured and unfocused and/or in a format inappropriate to the assignment
Little attempt to organise work in a logical manner
|Can communicate effectively to some extent in an appropriate format and report procedures follow a clear and concise manner with all relevant information
Shows organisation and some level of logical presentation
|Can communicate effectively in a format appropriate to the discipline and report procedures in a clear and concise manner mostly with all relevant information in a variety of formats
Carefully and logically organised
|Can engage effectively in debate/discussion in a professional manner and produce detailed and coherent essays/reports
Shows a polished and imaginative approach in presentation
|Limited evidence or invalid conclusions of findings supported by literature||Some evidence of findings and conclusions grounded in literature||Good development shown in summary of arguments based in literature/theory for most findings and evidence||Analytical and clear conclusions well-grounded in theory and literature showing development of new concepts in addition to findings and evidence|
|Referencing is absent or missing||Some attempt at referencing, poor consistency||Referencing is mainly accurate, few omissions||Referencing is consistently accurate and presented well|