Role Play Auditing and Assurance ACCT3006 Spring 2022

Read the role play conversation between an auditor and a client discussing the benefits of auditing and assurance services for the client's steel manufacturing company in China. Learn about the importance of cultural diversity and financial stability in business.

Role Play Auditing and
Assurance ACCT3006
Spring 2022
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Auditor- Hello Sir, how are you?
Client- Hello, welcome to the China. I am fine. How are you?
Auditor- Thank you so much sir! I am good.
Client- That’s great!
Auditor- Let me introduce myself. Myself George, I am an auditor of Green Brothers Ltd and I
provide audit in relation of the business concerns within observing and performing the required
standards
Client- Myself Jacob and I am the chief financial officer of the steel manufacturing company in
China. Tell me why should I go for your service? I personally believe that audit is the waste of
time. I can only provide the assurance of justifying the internal audit for the improvement cycle
rather than the inspection. It seriously bothers me when auditor does not allow me about the
questions or issues that requires the solution. It feels like an inspection which bothers me.
Auditor- I am so sorry sir for the experience you have gained while being in an audit. I cannot
change the experience however; I can change your perception sir. In accordance with the
auditing standards used in Australia it has been stated that, client is free to ask the question and
doubts. You are free to put your query in front of me sir. I will solve that and I will clear your
doubts as well. Please provide me chance and let me start this meeting.
Client- Well, please continue.
Auditor- My company has taken the decision for expanding overseas across the Asia-pacific. We
would like to tie up with your sir and for that I would like to have discussion with you on
specific areas.
Client- Okay! Go on with the discussion.
Auditor- Has your key vendor relationship has been changed?
Client- No, my organization believes that, it is important to tie up with the key vendors and
therefore, we have preferred the same vendors.
Auditor- So good to hear this sir! Could you please help me with the financial information within
telling me how strong is the company’s cash flow?
Client- Sorry! I cannot share such personal information with you.
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Auditor- Sir I respect your privacy. As per the Australian standards, I value about your privacy.
Could you please share information in regards to the financial stability of the company?
Client- Yes sure! My organization is financially stable as from last five consecutive years,
organization has earned the effective profit and no loss has been faced by the organization. You
can see the records on the www.manufacturingcompany.com we have listed among top
companies.
Auditor- I would like to appreciate your loyalty sir as you have given me the evidence as well.
Well, I have checked
Client- Can I ask you a question?
Auditor- Sure sir! Please go on.
Client- What benefit my organization will get within investing in your firm?
Auditor- Sir you will definitely experience a better vision in the business. Green Brothers Ltd
believes that cultural diversity is the major element that should be promoted within promoting
the business objectives. Although, we consider as cultural diversity as one of our major business
objective. We will provide you the assurance of effective business within promoting the cultural
diversity and employees will get the effective satisfaction.
Client- How could I believe on your promises?
Auditor- Sir I am not making any promise; I am making commitment which will be full-filled by
my organization. Also, you can review the content which has been uploaded by the employees of
our organization.
Client- No, there is no need to do this. Well, thank you for responding to my question. I didn’t
think of this that there will be open discussion rather than inspection.
Auditor- I told you sir! This experience will be different in comparison of the experienced you
gave gained in previous auditing meeting.
Client- Yes.
Auditor- Sir what is your company’s strategy?
Client- The major strategy of the organization is to bring best for the customers. The quality
standards for the customer needs to be maintained on consistent note which can provide support
to the organization as well. The prior focus is the satisfaction of the customers where they can
get the enormous satisfaction within using the products and services of the company. Also,
employees are the vital part of the organization. Therefore, organization believes that, employees
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must get the fair and equal treatment where they can feel confident and share their insecurities as
well. We would like to increase our market share and therefore, we are looking for the firms who
can join us and become the part of our business strategy.
Auditor- Sir I must say that; your organization has developed valuable morals that are entitled
with the strategy of the business. In similar manner, our organization believes that, customers are
the major focus of the organization and their satisfaction must be prioritised. Along with this, I
am completely agreeing with the perception related to the employees as well.
Client- Could you make me aware about the market expansion strategy of your firm?
Auditor- We are looking for the organization who can join us and add to our capital and
collectively we can grab the large market share across the world. Therefore, we are looking for
the organizations from the different part of the country. However, every decision will be taken
within considering the opinion of the head of each organization.
Client- Impressive! So it means the authority will be divided equally.
Auditor- Yes sir! I would like to thank you for giving me your precious time and I am looking
forward for your decision as well.
Client- It was such a delightful experience I have gained in this auditing. I will remember this
always and yes my organization I looking forward to become the part of your organization.
Auditor- That’s great sir! I appreciate your decision and believe me you will not get any kind of
disappointments.
Client- I am sorry for the behaviour I had you in starting. Kindly accept my apologies.
Auditor- It’s completely okay sir! This audit will be confidential.
Client- Thanks a lot! Goodbye George it was nice to meet you.
Auditor- Same here sir, Goodbye!
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