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Auditing assignment
Length : 3,500 words ± 10% (excluding references and appendices)
Assume that you are audit senior in an accounting firm. Your firm has recently won an audit for a ASX listed company that you have selected in your assignment. The assumptions are that your firm does not have any other clients that operate in this industry and your audit partner is concerned about his lack of knowledge of the industry the company is operating in. He is aware of the requirements of ASA 315 (par 25 and 26).
Your audit partner asks you to prepare a memo/ report on the ‘state of the company’s industry’ and associated risk factors. Your report must cover or at least address the requirements below and exhibit effective communication (attributes such as coherent writing style, proofreading and proper referencing)
Required: write a report to your audit partner to answer the following research questions:
- Indicate three positive or negative signals from the company’s good and bad corporate governance observed in the company’s annual report. (references may be made to the Corporate governance principles and recommendations issued by the ASX Corporate Governance Council in August 2007)
- Prepare details to the audit partner on the ‘state of the company’s industry’ and associated risk factors. The state of the company’s industry should at least demonstrate the relevant statistics figures released by ABS or equivalent. Identify two major audit risk areas, and explain the potential impact of the audit risk on the company’s financial statements; and detail the auditing procedures to verify the account balances impacted by the risk.
- Identify two relevant general balance-related and two transaction-related audit objective based on the finding from the risk factors in part b). The required audit objectives here must be specific to the company that you are working on and causal relationship with part b) must be established.
- Perform overall analytical procedures to identify significant changes in the financial positions or results of the business which require detailed investigation and explanation. The overall analytical procedures / risk analysis should at least cover the areas in liquidity, (can the business meet present obligations?) solvency (can the business continue to operate for the foreseeable future?) and profitability (is the business profitable?)
General requirement:
The length of the writing / report must not exceed 3,500 words. Words in Bibliography or Reference Lists section are not included in the word count.
Please note that the contribution of this group assignment to overall assessment is 20%. The assignment is due on the end of week 10 (10/5/2017) via LEO Turnitin submission link.
Please note that this is a group assignment and there is no excuse of slack housekeeping for certain group member(s) non-performance. If your group members are not “pulling the weight” or there are problems with any member’s commitment, then please try to resolve those issues amongst yourselves. In case of disagreements, you will be able to resolve them in a democratic and rational way. Each group needs to have three to four members in it. Please organise yourselves into groups and provide your lecturer with your name and your partners’ names. Assignment suspected of committing plagiarism will be penalised in the marks given.
ACCT300 S1 2017
Assignment assessment criteria
|
Bases of assessment |
Marks available |
|
Introduction (clearly stated the research questions; outline the plan for answering the questions) |
1 |
|
Research – Selection of relevant materials and use of literature or valid data to support the argument |
1 |
|
Expression of your viewpoint (not a catalogue of quotes/ others’ ideas) |
1 |
|
Expression – clarity, style (formal and academic), coherence in writing, grammar, punctuation, spellings and sentence structure. |
1 |
|
A logical flow of argument at both the paragraph level and the overall text level and use of supporting arguments. |
1 |
|
Conclusion (no new material; reiterated the main line of argument). |
1 |
|
The group has indicated three positive or negative signals from the company’s good and bad corporate governance observed in the company’s annual report. |
2 |
|
The group has prepared details to the audit partner on the ‘state of the company’s industry’ and associated risk factors. |
2 |
|
The group has Identified two major audit risk areas, and explain the potential impact of the audit risk on the company’s financial statements. |
3 |
|
The group has identified two relevant general balance-related and two transaction-related audit objectives based on the finding from the risk factors. |
3 |
|
The group has performed overall analytical procedures to identify significant changes in the financial positions or results of the business which require detailed investigation and explanation. |
2 |
|
Referencing procedure (within the text and at the end of text) |
1 |
|
Overall presentation – including cover page, line spacing, page numbering. |
1 |
|
Total |
20 |
APPENDIX 2
Rubric for assessment task 2: Group Assignment
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