RECENT ASSIGNMENT

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Group Assessment Details and Submission Guidelines
Trimester T1 2021
Unit Code HI6026
Unit Title Audit, Assurance and Compliance
Assessment Type Group Assignment
Assessment Title Analytical procedure, Audit Risk, and Audit Committee Effectiveness
Purpose of the assessment (with ULO
Mapping) Students are required to explain the analytical procedure, audit risk and application of audit committee effectiveness from your selected company. Students are required to analyse the causes of audit risk by understanding company’s analytical procedure and the relevant issues from their selected company’s and then specify whether their selected company’s follows audit committee guideline suggested by ASX CGC guideline to ensure professional integrity, good governance and reputation.
Learning Outcomes:
• Evaluate the economic and legal basis for auditing and the applicable auditing standards and reporting requirements
• Analyse and communicate knowledge of the auditors professional judgement, legal and ethical responsibilities to their clients and third parties
• Assess audit strategies including the evaluation of business risk and internal controls
• Apply audit concepts and processes to gather evidence and formulate judgments with respect to the underlying information
•
Weight 40% of the total assessments
Total Marks 40
Word limit 3,000 words ± 500 words
Due Date Group Formation: Please form the group by self-enrolling in Blackboard. There should be a maximum of 4 members in a group—email BBHelpdesk@holmes.edu.au for any issues with self-enrolling into groups.
Assignment submission: Final Submission of Group Assignment: Week 10, Friday at 11:59 pm.
Late submission incurs penalties of five (5) % of the assessment per calendar day unless an extension and/or special consideration has been granted by Student Services of your campus prior to the assessment deadline.
Audit, Assurance and Compliance
Submission Guidelines • All work must be submitted on Blackboard by the due date, along with a completed Assignment Cover Page.
• The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2cm margins on all four sides of your page with appropriate section headings and page numbers.
• All reference sources must be provided using Harvard referencing style.
Audit, Assurance and Compliance
Assignment Specifications Purpose
Students will have to research relevant academic literature, including related organisation websites and write in- text citations in this assignment. Additionally, they will demonstrate understanding and critical evaluation of the Australian financial governance reporting environment and its current regulatory framework, and recommend future directions to the Australian governance principles reporting regulators.
Required Task:
Part A: Analytical Procedure (15 marks)
Obtain a copy of a recent annual report (2019) from ASX Top 300 listed companies list (most companies make their annual reports available on their website). Perform analytical procedures of the Statement of Financial Position and of Financial Performance over the two years (2018 and 2019) using appropriate ratios and/or metrics.
Required:
Measure and discuss income statement, balance sheet and cash flow ratios from your selected company and How does this affect your assessment of materiality, detection risk and overall audit Risk? Provide a brief explanation in the report. This should be presented in a table format. (15 marks)
Part B: Audit Committee Effectiveness (20 marks)
1. “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an essential role to play in ensuring the integrity and transparency of corporate reporting”. Explain this statement? Who should be members of the Audit Committee? Is there an association between Audit committee effectiveness and audit quality after IFRS adoption? (10 marks)
2. Explain your selected company’s (same selected company from part A) and prepare the following responses about the application of audit committee effectiveness recommended by ASX Corporate Governance Council (CGC) principles using Corporate Governance Principles and Recommendations (4th Edition) was released on 27
February 2019? (10 marks)
i. Members of the audit committee meet all applicable independence requirements.
ii. The audit committee demonstrates appropriate industry knowledge and includes a diversity of experiences and backgrounds.
iii. Audit committee members have the appropriate qualifications to meet the objectives of the audit committee ‘s charter, including appropriate financial literacy.
iv. Discuss about audit committee size and members profile.
v. Discuss about meeting arranged by audit committee chairman and whether member participate actively?
vi. The audit committee monitors compliance with corporate governance regulations and guidelines.
Source: https://www.asx300list.com/. You can choose any company on the list. You DO NOT need any approval from the Unit Coordinator.
The assignment structure must be as follows:
1. Holmes Institute Assignment Cover Sheet – Full Name, Student No., Contribution.
2. Executive Summary
• The Executive summary should be concise and not involve too much detail.
• It should make commentary on the main points only and follow the sequence of the report.
• Write the Executive Summary after the report is completed, and once you have an overview of the whole text.
• The Executive Summary appears on the first page of the report.
3. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. Note this is excluded from the total word count.
4. Introduction – A short paragraph which includes background, scope and the main points raised in order of importance. There should be a brief conclusion statement at the end of the Introduction.
5. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting sentences with facts and evidence obtained from research and finish with a concluding sentence at the end.
6. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessment of the research performed.
7. Appendices – Include any additional explanatory information which is supplementary and/ or graphical to help communicate the main ideas made in the report. Refer to the appendices in the main body paragraphs, as and where appropriate. (Note this is excluded from the total word count.
Group Formation and Group Assignment
To ensure that all students participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. You need to complete the following Group Assignment Task Allocation table, relevant evidence (authenticity of your assignment) which identifies which student/students are responsible for the various sections of the assignment.
Assignment Section Student/Students
This table needs to be completed and submitted with the assignment as it is a compulsory component required before any grading is undertaken. Students that are registered in a solo group are not required to fill this table.
Both assessment items must be submitted on Blackboard. The written assignment must be in a report format and submitted through safe-assign prior to final submission. The originality percentage should be as low as possible. The written submission must be double-checked, edited and rephrased if the originality percentage and plagiarism risk is noted as high, as per safe-assign.
Marking Criteria
Group Assignment Marking Criteria Weighting
Executive Summary 2%
Introduction and Main Body of the Report 35%
Overall Presentation (Report presentation, Correct referencing, consistency) 3%
Total Weight 40%
Academic Integrity
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Sills link on Blackboard.
Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.
Table 1: Six categories of Academic Integrity breaches
Plagiarism Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.
Collusion Working with one or more other individuals to complete an assignment, in a way that is not authorised.
Copying Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.
Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.
Contract cheating Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.
Data fabrication and falsification Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images.
Source: INQAAHE, 2020
Marking Rubric
Excellent
HD Very Good D Good
C Satisfactory P Unsatisfactory
F
Executive
Summary
(2 marks) Very effectively written synopsis with clear
communicatio n of the main points in a concise paragraph. Competently composed a strong synopsis. The main points are communicated well. Synopsis is well written with all the expected points raised. Synopsis is clearly written, but it is brief or has some errors. Synopsis is deficient and poorly written.
Too brief.
Main Body Excellent. Well There are valid There are valid Some Poorly organized;
Including organised. Main points raised with points raised, organization; no logical
Introduction points are logically a good argument paragraphing is main points progression;
(35 marks) ordered; sharp / thesis noted, and the are there but beginning and
sense of statement, points in the they are ending are vague.
structuring and paragraphing is introduction are disjointed; No structure.
arrangement of key noted, and the explained in Minor Lacks substance.
information. points in the more detail structuring No research
Supporting details introduction are with supporting issues. noted.
are specific to the explained in more evidence.
main points and detail with
adequate facts and supporting
other evidence is provided and well- articulated. evidence.
Referencing and Citation
(3 marks) References are consistently correct using Harvard style. No missing citations. A strong reference list with relevant and credible sources used. Evidence of extensive research. References are consistently correct using Harvard style. No missing citations.
References used are good, but not extensive. Generally correct referencing using Harvard style. More references required. Some
References are used, but not used consistently. Not enough research done. References are missing or do not comply with
correct referencing style.