Assessment 3 Information
Subject Code: ACC302
Subject Name: Auditing and Assurance
Assessment Title: Assessment 3 – Practical Audit Scenario
Assessment Type: Written report - Individual Assignment
Word Count: 1500 Words (+/-10%)
Weighting: 20 %
Total Marks: 20 marks
Submission: Turnitin (MyKBS)
Due Date: Monday of Week 10 at 15:55 AEST
Assessment Description
Your instructor will assign you one of three Australian companies that are listed on the Australian Securities Exchange (ASX) as follows: The A2 Milk Company Limited, Coles Group Limited and Webjet Limited. You are required to obtain the Annual Report for the year ended 30 June 2020 for the company you have been assigned to work on. You must answer all questions in this Individual Assignment.
Assessment Details
PART A
Review the audited annual report (2020) including financial statements presented to the shareholders for your respective company and answer the questions below:
1) Conduct an analytical review on the financial statements of your company in the planning phase and identify areas of concern and how relevant accounts and assertions are impacted. Justify your answer. All calculations should be included as an appendix to the written report. (4 Marks)
2) You are now required to formulate the relevant audit procedures to respond to the areas of concern identified in Part (1). (4 Marks)
Suggested format for Part A - Questions 1) and 2).
Analytical
Review –
Area of
Concern
Identified Justify Your
Answer Assertion and Ledger Account(s) Impacted Audit Procedure/Task
PART B
In relation to corporate governance, research and justify your answer to the following questions:
1) Does your company have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it? (2 Marks)
2) Does your company have an audit committee and does the audit committee have the correct composition? (3 Marks)
3) In your opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole? Why or why not? (3 Marks)
Assessment Instructions
• This is an individual assignment. Any work which has been copied or shared between students will result in a fail grade for all students concerned. So please make sure your answers are your own work and referenced correctly.
• As you will be using a company’s Annual Report as the basis for answering many of the questions asked in this assignment, you need to ensure that you acknowledge this in your assignment. In fact, any sources that you use need to be acknowledged in order to avoid plagiarism.
• Sources of information must be cited both in the body of the text (in-text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember, when referencing an Annual Report, it is a corporate document that does not have a particular author, but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing.
• Please make sure you follow the guidelines noted below (p.3), relating to presentation, late policy, and academic integrity.
• Please follow the marking rubric outlined below (p. 4) as you answer each question.
Important Study Information
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy.
What is academic integrity and misconduct?
What are the penalties for academic misconduct?
What are the late penalties?
How can I appeal my grade?
Click here for answers to these questions:
http://www.kbs.edu.au/current-students/student-policies/.
Word Limits for Written Assessments
Word limits are 1500 words (max.). Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.
Study Assistance
Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information.
Assessment Marking Guide
Assignment 3 Marking Rubric: 20% Written Report
Criteria High Distinction 85 – 100% Distinction
75 - 84%
Credit
65 – 74%
Pass
50 – 64%
Fail
0 – 49%
Mark
Awarded
Technical content
16 Marks
The answer clearly identifies and addresses all the technical
issues raised & provides clear, correct & decisive answers displaying an outstanding
understanding of each of the technical issues.
The answer clearly identifies and addresses most of the
technical issues raised and provides clear, correct, and
decisive advice displaying a
good understanding of most of the technical issues.
The answer clearly identifies & addresses some of the technical issues raised and provides
reasonably clear, correct, and decisive answers displaying a
reasonably good understanding of some of the questions.
The answer identifies and addresses some of the technical
issues raised and provides fairly clear, but not always correct
and/or decisive advice. It displays a reasonable understanding of some of the questions.
The answer does not identify or address the technical issues
raised. It displays a lack of
understanding of some or most of the technical issues raised.
Language, presentation
& reference
4 Marks
Sentences and paragraphs are well structured and clear.
Vocabulary is professional, appropriate, and extensive.
Grammar, spelling, and punctuation are flawless.
Document professionally presented in terms of KBS guidelines.
Intext referencing and reference list format correct.
Sentences and paragraphs are well structured and clear with minor exceptions.
Vocabulary is professional and appropriate. Grammar, spelling, and punctuation are good.
Document professionally presented in terms of KBS guidelines.
Intext referencing and reference list format correct with minor exceptions.
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.
Intext referencing and reference list format correct with some errors.
Sentences and paragraphs are readable but with grammatical errors.
Vocabulary is limited. Document
professionally presented in terms of KBS guidelines with significant exceptions.
Intext referencing and reference list format contains significant errors.
Many grammatical, vocabulary and spelling errors.
Document poorly presented and many aspects do not comply with KBS guidelines.
Intext referencing and reference list format mainly incorrect.
TOTAL MARKS AWARDED
(out of 20 marks)
ACC302 Auditing and Assurance Individual Assignment 4