Assessment 1: Individual Assignment
Due date
Weighting
Length
Learning outcomes assessed
: 14 April 2018 23.59 hours
: 30%
: 2,000 words ± 10% (excluding references) : LO1 & LO2
Choose one of the following companies (One Tel, Harris Scarfe, Adelaide Steamship, Bond Corporation, Satyam (India) and Parmalat (Italy) and answer the following questions in the context of the chosen company:
Former Australian Securities and Insurance Commission (ASIC)’s former chairman Greg Medcraft (2017) stated “so I am concerned about the level of trust the community can have in financial statements that are meant to be assured by auditors”. http://www.abc.net.au/news/2017-11-03/asic-boss-concerned-over-poor- auditing/9114490
1. (i) Why do think G. Medcraft made the above statement? Discuss.
Explain the purpose and the audit reports issued for the company of your choosing, and discuss the extent to which audit report served the purpose it purports.
2. (ii) Evaluate the role of the company management and auditors fostering ethical behavior, common good and stewardship as they relate to the company you chose.
Your report should consist of the following sections:
• Assignment cover sheet (with full name, student ID and signature)
• T able of contents
• Introduction
• Body (answers to questions)
• Conclusion(s)
• References ( HARVARD REFERENCING) VERY IMPORTANT
1
Checklist before submission:
o Typed using Microsoft Word in Ariel 12 points with double spacing
o Displayed a one inch margin on all sides.
o Each question is numbered or is answered under an appropriate title o Pages are numbered
o Cover page is attached at the front of the assignment. The cover page can be downloaded from the following link:
o https://students.acu.edu.au/home/panels/administration/forms/assessment_and_ assignment_forms. You may submit cover sheets separately.
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.
o Assignment submitted via Turnitin.
Following criteria will be used to mark the written section of the assignment:
# Content Maximum marks
1 Introduction
The introduction should provide a frame for the report as a whole.
1
2 Evaluation of G. Medcraft’s statement.
Explain the purpose and the audit reports issued for the company of your choosing, and discuss the extent to which audit report served the purpose it purports 12
3 Evaluate the role of the company management and auditors in fostering (i) ethical behavior, common good and stewardship as they relate to the company you chose. 14
5 Conclusion
1
7 Presentation (Organisation and flow of materials, table of contents, use of headings, format and presentation, pagination, spelling, referencing) 2
Total 30
2
RUBRIC FOR INDIVIDUAL ASSIGNMENT
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 nature and purpose of auditing, and the manner in which auditing can contribute to the common good and stewardship Purpose of auditing with respect to common good and stewardship Demonstration of poor knowledge of purpose of auditing, and auditing’s contribution to the common good and stewardship
Limited and/or no relevant research Demonstration of basic knowledge of purpose of auditing, and auditing’s contribution to the common good and stewardship
Some relevant research Demonstration of good knowledge of purpose of auditing, and auditing’s contribution to the common good and stewardship
Adequate relevant research Demonstration of excellent knowledge of purpose of auditing, and auditing’s contribution to the common good and stewardship
Substantial relevant research Demonstration of outstanding knowledge of purpose of auditing, and auditing’s contribution to the common good and stewardship
Extensive relevant research
LO2: Describe ethical issues that auditors encounter and their role in dealing with these issues
Identification of ethical issues and evaluation of auditor’s role
Inability to identify and describe ethical issues and auditors’ role in dealing with these issues.
Poor application of ethical standards and ethical theories. Demonstration of basic understanding of ethical issues and auditors’ role in dealing with these issues
Basic application of ethical standards and ethical theories Demonstration of good understanding of ethical issues and auditors’ role in dealing with these issues
Application of ethical standards and ethical theories is good. Demonstration of excellent understanding of ethical issues and auditors’ role in dealing with these issues.
Excellent of application of ethical standards and ethical theories. Demonstration of outstanding understanding of ethical issues and auditors’ role in dealing with these issues.
Outstanding application of ethical standards and ethical theories.