RECENT ASSIGNMENT

ACCT601: Auditing and Assurance Services
Semester 2, 2018
Assessment 1: Individual Assignment
Assessment weight : 30%
Due : 3 September 2018 by 23.59
Word limit : 1200 ± 10%words
The group assignment aims to:
1. Give students an understanding of real life auditing issues
2. Help students understand the link between theory and practice; and
3. Foster students’ research, critical analysis and written communication skills.
The assignment questions are concerned with AMP Bank Limited (ASX Code: AMP) which is a financial institution based in Australia that offers deposits, residential mortgage and self-managed superannuation fund products and also offers financial loans and banking services to individuals. AMP Bank Limited is headquartered in Parramatta, Australia and is a subsidiary of the AMP Financial Investment Group Holdings Limited. (AFS Directory). AMP Ltd is Australia’s largest retail and corporate superannuation service provider and runs the largest life risk business in the whole of Australia. Revelations that relate to AMP of systemic misconduct surfaced during the Royal Commission hearings into misconduct in the banking, superannuation and financial services industry in April 2018 included:
a) Unlawfully deducting service fees from deceased customers’ accounts since 2009 (including the practice of charging clients for financial service AMP did not deliver
b) Providing inappropriate financial planning advice to customers
c) Making repeated misrepresentations and misleading the corporate regulator ASIC (Australian Securities and Insurance Commission)
d) Misconduct in in financial planning
e) Interfering with the purportedly independent report for ASIC (delivered after around 700 emails and 25 drafts) by law firm Clayton Utz
f) Breaching the Corporations Act
Following video gives you a background of what happened at AMP in April 2018:
https://www.youtube.com/watch?v=lu7o06S7FGA
You are required to write a business report concerning AMP Limited (ASX Code: AMP) by addressing the following question:
a) Evaluate AMP Limited’s performance with a particular focus on their financial planning and insurance activities, in 2017 with respect to embedding i) common good, ii) stewardship, and iii) sustainability and social responsibility into their business.
b) Assess the ethical performance of accountants who are employed at AMP’s insurance and financial planning arms under APES110 and APES230. https://www.cpaaustralia.com.au/professional-resources/accountingprofessional-and-ethical-standards/apes-110-code-of-ethics-for-professionalaccountants
https://www.cpaaustralia.com.au/professional-resources/accountingprofessional-and-ethical-standards/apes-230-financial-planning-services
The Royal Commission heard AMP told ASIC that an external audit by Auditors (Price Waterhouse Coopers (PwC) has not identified any systematic issues.
c) In the context of AMP Limited, explain the purpose of auditing and provide an evaluation of the role of audit function in promoting socially responsible outcomes, common good, and stewardship.
Your report should include an introduction, appropriate headings for sections, conclusions, diagrams or graphs where appropriate.
Grading will be based on critical analysis of the issue, evidence of wide reading on topic, coherence in the development of arguments, use of appropriate evidence, and clarity of expressions. You are expected to cite at least five (5) acceptable sources. If you are not clear what constitutes an acceptable source, please consult the LecturerIn-Charge.
Grading criteria for Individual Assignment
Questions Max
point
Introduction
1
Evaluate AMP Limited’s performance with a particular focus on their financial planning and insurance activities, in 2017 with respect to embedding i) common good, ii) stewardship, and iii) sustainability and social responsibility into their business. 10
Assess the ethical performance of accountants who are employed at AMP’s insurance and financial planning arms under APES110 and APES230. 10
In the context of AMP Limited, explain the purpose of auditing and provide an evaluation of the role of audit function in promoting socially responsible outcomes, common good, and stewardship. 6
Conclusion
1
Format and presentation (referencing, tidiness, grammar, spelling, spacing, paragraphing, page formatting, etc.)
2
Total
30
Assignments will be graded by 18 September 2018, and grades will be posted on Turnitin.
Submission guidelines
The assignment should be submitted via Turnitin no later than 23.59 hours on 3 September 2018. Submission deadline is strictly enforced. Assignments must be submitted with an ACU cover sheet and should:
o Use an assignment cover sheet and sign it. A copy of the Cover Sheet is available in the following link
https://students.acu.edu.au/home/panels/administration/forms/assessment_and_ assignment_forms.
Be typed using one-and-a half (1.5) spacing left justified.
Use Ariel or Times New Roman font size 12.
Display a one inch margin on all sides.
o Appropriately cite original work, author(s) etc. Citation and referencing must conform to Harvard Referencing Format both in the body of the paper and its attached reference section. https://leocontent.acu.edu.au/file/2029731d-68e2a1fd-10fa-
50310093b57f/1/Harvard%20Referencing%20System%20%28AGPS%29.pdf
Late submission of assignments
Due dates will be strictly adhered to. However, in the case of exceptional circumstances, students may apply for extensions in the following manner.
In accordance with the ACU Assessment Procedures (para 3):
You may seek extension of submission date for an assessment task prior to the due date by submitting the Application for Extension of time for an Assignment (EX) form. https://www.acu.edu.au/__data/assets/pdf_file/0011/126668/EX__Application_for_Ext_of_Time_for_Submission_of_Assessment.pdf
You may seek up to five working days after the relevant due date by submitting the Special Consideration form. https://www.acu.edu.au/__data/assets/pdf_file/0010/48493/SC_Application_for_Spe cial_Consideration_20170615.pdf
Assessment tasks submitted after the due or extended date will incur, for each whole or part of a calendar day that the work is overdue, a 5% penalty of the maximum marks available for that assessment task up to a maximum of 15%. Assessment tasks received more than three calendar days after the due or extended date will not be allocated a mark.
Individual Assignment marking rubric
ILOs Criteria Standards
Below Expectations Meets Expectations Exceeds Expectations
Level 1 (NN) Level 2 (PA) Level 3 (CR) Level 4 (DI) Level 5 (HD)
LO1: Explain the objectives of the audit function, and
describe the professional,
ethical, legal and regulatory aspects of auditing with
particular reference to
generating socially
responsible outcomes and
fostering common good and stewardship. Objectives of the audit function, professional, ethical, legal and
regulatory aspects of
auditing with particular
reference to generating socially responsible
outcomes and fostering common good and stewardship
Demonstration of poor knowledge of the objectives of the audit
function, professional, ethical,
legal and regulatory aspects of
auditing with particular reference
to generating socially responsible
outcomes and fostering common good and stewardship
Poor interpretation and application of APES and CSR guidelines. Demonstration of basic knowledge of the objectives of
the audit function, professional, ethical, legal and regulatory aspects of auditing with
particular reference to
generating socially responsible outcomes and fostering
common good and stewardship
Fair interpretation and application of APES and CSR guidelines. Demonstration of good knowledge of the objectives of
the audit function, professional, ethical, legal and regulatory aspects of auditing with
particular reference to
generating socially responsible outcomes and fostering common good and stewardship.
Above average interpretation and application of APES and CSR guidelines. Demonstration of excellent knowledge of the objectives of the audit function,
professional, ethical, legal
and regulatory aspects of auditing with particular
reference to generating socially responsible
outcomes and fostering common good and stewardship.
Satisfactory interpretation and application of APES and CSR guidelines. Demonstration of outstanding knowledge –beyond
requirements- of the objectives of the audit function,
professional, ethical, legal and
regulatory aspects of auditing with particular reference to
generating socially responsible outcomes and fostering common good and stewardship.
Outstanding interpretation and application of APES and CSR guidelines.
Content Clarity of expression Support of arguments/ statements
Cohesion
Plausibility of statements Points unclear, unsupported Serious flaws Some arguments supported Some areas lacking
Just passable standard of argumentation
Many good points made and generally supported
Correct approach and generally acceptable conclusions Many good points made
Statements are mostly supported
Correct approach and mostly correct conclusions Points made very clearly. Solid arguments with excellent support.
Correct approach and correct conclusions
Research Integrating readings Limited and/or no research Some relevant research Adequate relevant research Substantial relevant research Extensive relevant research above and beyond the requirements
Presentation
Grammar, spelling, punctuation, physical layout, flow of content Little flow
Many mistakes
Lack of proofreading
Poorly organised Disconnected Somewhat organised Few obvious mistakes Good skills in expression and presentation Well-developed skills in expression and presentation Outstanding presentation
No mistakes of any kind Logical format, smooth flow of ideas
5 | P a g e
6 | P a g e