Recent Question/Assignment

Assessment Information
Subject Code: ACCM 4400
Subject Name: Auditing and Assurance
Assessment Title: Team Assignment – Research and Presentation
Weighting: 25% comprising: Technical content 15% and
Professional Competency 10%
Due Date: Oral presentations: In week 10 during the lecture/tutorial session Written work: Monday of Week 11 by 19:55 PM (AEST).
Note: Brisbane and Adelaide students must allow for time difference.
Assessment Description
Learning Outcome 3: Apply the different phases of the audit to practical scenarios, working in teams in some instances
Learning Outcome 4: Evaluate the different audit opinions that could be expressed following the completion of an audit as they apply to different audit scenarios, working in teams in some instances
Objective: The objective of this assignment is to effectively work in teams to formulate and recommend possible solutions to given practical scenarios
The assignment is designed to test the following skills:
1. Your knowledge and your ability to research the issues and then apply the information appropriately using judgement
2. Your teamwork and communication skills
Required: This assignment comprises four parts working in teams as follows:
Technical Skills (15%): Part 1: Written answers to a research case study involving two companies.
Part 2: Written answers to a research question on a current issue in auditing Professional Competency Skills (10%):
Part 3: (5%): Team meetings and minutes
Part 4: (5%): Team presentation
You are required to complete the assignment working in teams of 3 – 4 members. You need to obtain your lecturer’s approval as to the size and members of your team. Your team presentation will be limited to 10 minutes per group of 3 team (13 minutes for 4 team), and each member of the team must present a part of it demonstrating an understanding of the technical aspects being tested and individual oral presentation skills. A separate mark will be given to the team for the collective presentation. Minutes of team meetings must also by maintained and submitted with the assignment. Your team’s work must not be copied directly from any source; any work copied will result in a mark of zero. Submission details will be found in this assignment under “Team Cover Sheet Instructions”.
Please check the marking sheet for each part to ensure that you have followed all the guidelines for presenting your work and are aware of how you can score marks.
Please make sure that you follow the guidelines relating to the presentation of written work, late policy and academic integrity.
PART 1: (40 marks – Assessable value 10 marks)
Review the audited annual reports including financial statements presented to the shareholders in respect of the two companies noted below and answer the questions.
(A) CBA Ltd: Financial year ended 30 June 2017: Annual Report
(B) JB Hi-Fi Ltd: Financial Year ended 30 June 2017: Annual Report
Questions to be answered by the team or group:
Assume that your audit team is responsible for planning the audits for both CBA and JB Hi-Fi; discuss your strategies in relation to the questions noted below –
1. (A). Identify at least three (3) inherent risks that you would have to consider for each company in the audit planning phase and justify your answer.
(B). Which audit procedures and/or tasks would you have planned to carry out in response to the inherent risks identified by you in (A) above? See the required format for your answers below
Suggested Format for Question 1(A) and (B):
Inherent Risk Justify Your Answer Assertion and Ledger Account(s) Impacted Audit Procedure/Task
2. (A). Carry out an analytical review on the financial statements of these companies in the planning phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least three (3) points for each company and justify your answer.
(B). Which audit procedures and/or tasks would you have planned to carry out in response to the high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area would you have minimised your evidence gathering procedure? See the required format for your answers below
Suggested Format for Question 2(A) and (B):
Analytical
Review –
Area of
Concern
Identified Justify Your Answer Assertion and Ledger Account(s) Impacted Audit Procedure/Task
3. In relation to corporate governance, research and justify your answer to the following questions- (A) Do the above companies have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it?
(B) Do the companies have an audit committee and does it have the correct composition? (C) In your team’s opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole?
PART 2: (20 Marks – Assessable Value 5 Marks: not more than 350 words)
The website of Chartered Accountants Australia and New Zealand (CA ANZ) carries many articles on Audit Quality which can be found at the link given below: https://www.charteredaccountantsanz.com/member-services/technical/audit-and-assurance/auditquality
Your audit manager has requested your team to consider the concept of “Audit Quality” and how it may impact on the audit of historical financial information.
In your own words (as a team) comment on the concept of Audit quality and as a team conclude as to how important it is or isn’t when you carry out an audit; justify your answer. Please note it must be your team’s opinion not a reproduction of any legislation, the article or a standard.
REQUIRED:
1. Complete the questions in Parts 1 and 2 and submit your answers electronically using the link on the student portal under assessments overview and submission. Note to include the names and student ID numbers of the team members and submit the assignment cover sheet for each team member but submit just the one answer for your team under the team leader (identified in the other team members cover sheet).
2. Part 3: Team Meetings - As a team you will conduct meetings and will have had guidance on how to conduct meetings using an agenda and taking minutes etc. The team should have a minimum of three meetings (the team may have as many meetings as they need to) and should maintain agendas and minutes of those meetings. A copy of these documents should be attached to your team submission. Please make sure that all members of the team sign the minutes of the meetings in agreement to their accuracy. A pro forma is attached to this assignment for reference
3. Part 4: Group Presentation – prepare and present a group presentation of 10 minutes (13 minutes for 4 members) on all or some of the material you have researched in parts 1 and/or 2 above. All members of the group should be part of the presentation. Questions will be asked of the group during and/or after the presentation to test your understanding of the material. Presentations that exceed the time limit may be penalised.
Summary of Marks:
Parts 1 and 2: Written response 15 marks Part 3 Teamwork - minutes 5 marks Part 4 Team presentation 5 marks
25 Marks
A detailed marking sheet relating to requirements 1 and 2 and a marking rubric for requirement 3 is also available and you should check them to ensure that you have followed all the guidelines for presenting your work and are aware of how you can score marks
AGENDA
Team Name: ..................................................................
Team Members: ..............................................................
Date @ Time
Location
ITEM
Present/Welcome
Apologies
Minutes
Discussion/decision items
Any other business
Meeting closed
Next meeting
MINUTES OF MEETING
Team Name: ..................................................................
Team Members: ..............................................................
Date @ Time
Location
ITEM NOTES ACTION
Present/Welcome Names of attendees. Name of Chair
Apologies
Minutes Minutes of previous meeting accepted/not accepted as an accurate record.
Discussion/decision items Summary of discussion and decisions Action to be taken before next meeting and name of person responsible
Any other business
Meeting closed
Next meeting
MINUTES CONFIRMED . . . . . . . . . . . . . . . . . . . . . (SIGNED)
. . . . . . . . . . . . . . . . . . . . . (DATE)
Team Work Cover Sheet
Team Number: ADE/BRI/MEL/SYD: ……………………………………….….……………………..
Team Name: ………………………………………………………………………………….………….
Student Number Student Name Indicate the
Team Leader
Instructions:
By the end of week 5
Team Number: In creating your team numbers please note to include the location and then your team number; for example, ADE01Team or BRI01Team or MEL01Team…MEL02Team etc., or
SYD01Team. Please note to liaise with the lecturer on your campus to get unique team numbers.
Please finalise your team members and your team number with your lecturer by the end of week 5
at the latest. Inform them in class or by email.
Upon submission of the assignment
If you are not the team leader, then you are required to upload this cover sheet only, duly completed to include all the names and student IDs of the team members. Individual members should not upload copies of the assignment.
If you are the team leader, you must upload the assignment including this cover sheet. This assignment will then be marked by the lecturer. The marks awarded will be the same for each member of the team for the “team work” section of the assignment.
Please note that this cover sheet must match the with the team members you previously informed your lecturer of, and must be the same for all team members.
ACCM 4400 AUDITING AND ASSURANCE
– 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

Team Name: ……………………………………….…….
Student Number Student Name Signature
Assignment:
Marks Available Marks Awarded Comment
Part 1: CBA Ltd and JB Hi-Fi Ltd
40.00
1
Inherent Risks and procedures – CBA Ltd
7.50
1
Inherent Risks and procedures – JB Hi-Fi Ltd
7.50
2
Analytical Procedures and audit procedures – CBA Ltd
7.50
2
Analytical Procedures and audit procedures – JB Hi-Fi Ltd
7.50
ACCM 4400 AUDITING AND ASSURANCE
– 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

3 Corporate Governance and Audit
Committees – CBA and JB Hi-Fi
(5 marks each)
10.00
Part 2 CA ANZ – Audit Quality
20.00
(a) Comment on the Article
7.00
(b) Your team conclusion
5.00
(c) Justify your team conclusion
8.00
Team Mark – written response
60.00
Technical Content - Assignment
(Value – ¼ The Mark)
15.00
Team Presentation Marks Available Marks Awarded Comment
Structure to presentation - clear, concise, logical sequence, tone
5.00
Each presenter speaks well with good oral presentation skills
5.00
Visual aids demonstrate findings and assist in presentation
5.00
Technical content well handled
5.00
ACCM 4400 AUDITING AND ASSURANCE
– 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

Team Mark – presentation
20.00
Team Presentation – Assessable
(1/4th)
5.00
Team Minutes (see attached sheet)
5.00
Professional Competency Mark
10.00
Assignment – Meeting processes and documentation 5%
6 HD 5 Dist 4 Credit 3 Pass 2 fail 1 Mark Awarded
Language and presentation
15 marks
• Structure of sentences and paragraphs
• Vocabulary
• Spelling
• Presentation
• Referencing
• Tone
• plagiarism Sentences and paragraphs are well structured and clear so the reader can focus on what is written. Vocabulary is professional, appropriate and extensive Grammar, spelling and punctuation are flawless Document professionally presented in terms of KBS guidelines
Precisely appropriate tone for intended audience
No plagiarism Sentences and paragraphs are mainly
well structured Vocabulary is comprehensive
Few errors in grammar, spelling and punctuation Document professionally presented in terms of KBS guidelines with few exceptions
Appropriate tone for intended audience
No plagiarism Sentences and paragraphs are generally well structured
Vocabulary is sound Some errors in grammar, spelling and punctuation
Document presented in terms of KBS guidelines with few exceptions
Mainly appropriate tone for intended audience
No plagiarism Sentences and paragraphs are readable but with grammatical errors
Vocabulary is limited Substantial errors in grammar, spelling and punctuation
Document presented in terms of KBS guidelines with some exceptions Too formal or too informal tone for intended audience
No apparent incidents of plagiarism Meaning is unclear Comments are poorly structured and unclear Many grammatical, vocabulary and spelling
errors
Document poorly presented and does not comply with
Inappropriate tone for intended audience Evidence of plagiarism
Client 2 Agendas and minutes
35 marks
• Structure
• Format Agenda and minutes conform with template format. Agenda and minutes conform with template format with minor exceptions Agenda and minutes conform with template format with few exceptions Agenda and minutes conform with template format with significant exceptions Agenda and minutes do not conform with template format Summaries of meeting discussions do not
ACCM 4400 AUDITING AND ASSURANCE
– 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

Total /50 Summaries of meeting discussions concisely and clearly written
Evidence of processes Summaries of meeting discussions concisely
and clearly written in most cases Summaries of meeting discussions concisely and clearly written with some exceptions Summaries of meeting discussions lack clarity provide appropriate records
Overall Assessable Mark : / 5 marks
Summary of Assignment Mark
Technical Competency Mark: ...……./15
Professional Competency Mark: ………/10 Total Mark for Assignment: ………/25
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