AUDT317 Auditing | My Assignment Tutor

Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 1 of 6 TEQSA Provider Number: PRV12051ASSESSMENT BRIEF COURSE: Bachelor of Business / Bachelor of AccountingUnit Code:AUDT317Unit Title:AuditingType of Assessment:Assessment 3 – Group report (Maximum 4 members in a group)Length/Duration:2500 words (excluding executive summary, table of content, heading & subheading, references, appendix & tables)Unit Learning Outcomesaddressed:1. Demonstrate a cohesive knowledge on the legislative and ethicalrequirements and responsibilities in completing and reporting onassurance and audit tasks.4. Explain and exemplify audit sampling techniques, substantive tests ofclient’s transactions and balances including auditor’s reportingobligations.5. Apply tools, techniques, and frameworks to specific audit contexts.6. Distinguish any weaknesses in the internal control procedures andpotential risk factors.7. Learn how to conduct substantive tests of transactions and balancesand design an audit strategy to address the risks of errors in thefinancial statements.Submission Date: The student group work guideline – Week 4 Sunday 11.59pm(Online Submission – Moodle) Assessment and individual contribution statement form – Week 10Sunday 11.59 p.m. (Online Submission – Moodle)Assessment Task: Students are required to work in a group of 3 – 4 students in the performanceof this written task. Students must register for their group with the lecturer during the first threeweeks of the trimester and are not allowed to change group membersafterward. Two assessment tasks will be covered in this assessment which carries 10%each. Ensure that both tasks are completed in one report. Please see theassessment description for more details.Total Mark:100Weighting:20% Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 2 of 6 TEQSA Provider Number: PRV12051 Students are advised that submission of an Assessment Task past the due date without a formallysigned approved Assignment Extension Form (Kent Website MyKent Student Link> FORM – AssignmentExtension Application Form – Student Login Required) or previously approved application for otherextenuating circumstances impacting course of study, incurs a 5% penalty per calendar day,calculated by deduction from the total mark.For example. An Assessment Task marked out of 40 will incur a 2 mark penalty for each calendar day.More information, please refer to (Kent Website MyKent Student Link> POLICY – Assessment Policy &Procedures – Student Login Required) ASSESSMENT DESCRIPTION:Assessment Task 1 (10%)ResearchThe aim of the group report is to test students’ ability to integrate skills learnt in Auditing and AssuranceServices to analyse a real company from the auditor’s perspective and within the framework of auditingstandards. The successful completion of this assignment requires extensive research on internal and externalenvironments, operations, strategies and analysis of the annual report and other relevant information, includingfinancial information. Students are expected to demonstrate their ability to critically evaluate various pieces ofinformation and apply analytical skills to critically evaluate potential audit risks. An important aspect of theassignment will be to demonstrate your ability to present a written report in a professional manner. Detailsregarding the nature of the assignment and its assessment will be provided in week 2.Every group for this assignment is required to research for one case of corporate collapse and analyse howauditors had failed to fulfil their responsibility professionally. You have to be clever and pragmatic in selectingthe case as some corporate collapses are not due to any audit failures.Your case must have available information for desk research. You are required to explore and collectinformation on the case to complete this assignment.Additional research is also required for this task.It is expected that your report will cover the followings:a. Executive summary (for both of the tasks)b. Brief introduction of the selected corporate collapse.c. Auditor of the company collapsed.d. An analysis of how has the audit procedures contributed to the collapse.e. Comment on the auditor’s independence and professional and ethical behaviour within the casediscussed.f. Amendments that have taken place in the auditing standards and principles since then.g. Your recommendations for any other improvements in the auditing profession based on this collapse.Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 3 of 6 TEQSA Provider Number: PRV12051h. Conclusion.Assessment Task 2 (10%)Scenario based questionJohn and Kim are two audit seniors working for Ford & Associates. Both started employment with the audit firmaround the same time. They have mutual respect for each other; however, they have been highly competitivesince they commenced work together. John has recently married and he and his wife are paying off theirmortgage. Kim is single with no commitments. They have both been seniors for almost two years and arelooking for promotion to audit supervisor. They are both aware that there is only one supervisor positionavailable. John recently replaced Kim on the audit of Kent Ltd. The reason they were both given for the changewas that another assignment had arisen with a long-time client of Kim’s. Once John had replaced Kim on theKent audit, he realised that the client had called the audit manager to say that they were not impressed withKim, as he had missed a number of issues within the audit and was arriving at work late. The audit manager hadnot discussed these comments with either John or Kim. After going through the work that Kim had completed,John realised that Kim had performed an excellent job, identifying a number of issues that he thought he mightpossibly have missed. Furthermore, John suspects that Kim and the client had a personality conflict, and that theclient has misled the audit manager. John realises that he can finish off the audit, resolve the issues and obtain agood review from this assignment, which would help him in the promotion stakes. He also knows that the auditmanager is unlikely to bring the client’s unsupported allegations to Kim’s attention.Work through this scenario using the American Accounting Association decision-making model.[Adapted from Gay, Grant and Simnett, Roger (2015). Auditing & Assurance Services in Australia,McGraw-Hill, 7th edition]The best way to present your answer is following the steps of American Accounting Association decision-makingmodel. The key steps in AAA model have been mentioned below.a. Determine the facts.b. Define the ethical issues.c. Identify the major principles, rules and values.d. Specify the alternatives.e. Compare values and alternatives.f. Assess the consequences.g. Make your decision.ASSESSMENT SUBMISSION:This assessment is a group activity and students are required to work with their respective groups. No individualsubmission will be accepted. You will not receive any marks for this assignment if your group memberscollectively report against you for non-participation or non-cooperation. You have to nominate someone as yourgroup leader to coordinate the assignment submission.The student group work guideline form must be submitted to Moodle in week 4 and finalized assignment andindividual contribution statement form must be submitted in week 10.Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 4 of 6 TEQSA Provider Number: PRV12051The assignment must be submitted online in Moodle and Turnitin. The group assignment MUST be submittedelectronically in Microsoft Word format. Other formats may not be readable by markers. Please be aware thatany assessments submitted in other formats will be considered LATE and will lose marks until it is presented inMS Word.No paper based or hardcopy submission will be accepted. Our Academic Learning Support (ALS) team would behappy to help you with understanding the task and all other assessment-related matters. For assistance and tobook one-on-one meeting please email one of our ALS coordinators (Sydney ALS_SYD@kent.edu.au; MelbourneALS_MELB@kent.edu.au).For online help and support please click the following link and navigate Academic Learning Support in Moodle.http://online.kent.edu.au/cms/course/view.php?id=437MARKING GUIDE (RUBRIC):ASSESSMENT TASK 1 Marking CriteriaLecturer ExpectationMarksCommentsExecutive summaryAn overall view of thereport. (For both of thetasks)3Recommended towrite at thebeginning.Brief introduction of the selectedcorporate collapseA concise introductionexpected.4Desk researchrecommended.Brief explanation about theAuditor of the company that hascollapsedA concise introductionexpected.4Desk researchrecommended.Research and analysis of howthe audit procedures havecontributed to the collapseExternal research onconcepts relevant tocollapse of the selectedcompany should beincluded as part of theanalysis.15Application of auditingprinciples andstandards necessaryto complete thissection.Comment on the auditorindependence and professionaland ethical behaviour within thecase discussedAPES 110 and relevantethical principles should bestated.8Required to exploreand collectinformation on thecase to complete thissection.Amendments that have takenplace in the auditing standardsand principles since thenDirect improvements thathave taken place expected.5Desk researchrecommended.Your recommendations for anyother improvements in theauditing profession based on thiscollapse.Further recommendationsfrom student’s perspective.5This area will focus onstudents’ innovativeideas forimprovements.Answer formatThe report must beprepared to address themarking criteria.3All the relevant areasshould be addressed. Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 5 of 6 TEQSA Provider Number: PRV12051ASSESSMENT TASK 2 Marking CriteriaLecturer ExpectationMarksCommentsDetermine the facts.Key facts that relates to thecase expected.5Recommended topractice similarquestions beforewriting this section.Define the ethical issues.A comprehensiveexplanation expected.7Read and understandethical issues beforewriting this section.Identify the major principles,rules and values.Describe major ethicalprinciples, rules and valueswhich relates to the case.10Refer lecturematerials and otherreadings.Specify the alternatives.Identify and explaindifferent alternatives.8Discuss within thegroup and findalternatives.Compare values andalternatives.A detail comparisonbetween the alternativesexpected.7Evaluate and comparealternatives.Assess the consequences.All the possibleconsequences should beaddressed.5Discuss within thegroup and assesspossibleconsequences.Make your decision.Final decision should beclear and concise.3Please be clear writingthis section.Answer FormatShould apply the steps ofAAA model.2Cross check with theoriginal model beforesubmitting the finalassessment.ReferencingKent referencing policymust be followed.6Please see ALS team ifnecessary. GENERAL NOTES FOR ASSESSMENT TASKSContent for Assessment Task papers should incorporate a formal introduction, main points and conclusion.Appropriate academic writing and referencing are inevitable academic skills that you must develop anddemonstrate in work being presented for assessment. The content of high quality work presented by a studentmust be fully referenced within-text citations and a Reference List at the end. Kent strongly recommends yourefer to the Academic Learning Support Workshop materials available on the Kent Learning ManagementSystem (Moodle). For details please click the linkhttp://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606 and download the file titled “HarvardReferencing Workbook”. This Moodle Site is the location for Workbooks and information that are presented toKent Students in the ALS Workshops conducted at the beginning of each Trimester.Kent recommends a minimum of FIVE (5) references in work being presented for assessment. Unless otherwisespecifically instructed by your Lecturer or as detailed in the Unit Outline for the specific Assessment Task, anypaper with less than five (5) references may be deemed not meeting a satisfactory standard and possibly befailed.Content in Assessment tasks that includes sources that are not properly referenced according to the “HarvardReferencing Workbook” will be penalised.Kent Institute Australia Pty. Ltd.Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458Version 2: 11th October, 2019 Page 6 of 6 TEQSA Provider Number: PRV12051Marks will be deducted for failure to adhere to the word count if this is specifically stated for the AssessmentTask in the Unit Outline. As a general rule there is an allowable discretionary variance to the word count in thatit is generally accepted that a student may go over or under by 10% than the stated length.GENERAL NOTES FOR REFERENCINGReferences are assessed for their quality. Students should draw on quality academic sources, such as books,chapters from edited books, journals etc. The textbook for the Unit of study can be used as a reference, but notthe Lecturer Notes. The Assessor will want to see evidence that a student is capable of conducting their ownresearch. Also, in order to help Assessors determine a student’s understanding of the work they cite, all in-textreferences (not just direct quotes) must include the specific page number(s) if shown in the original. Beforepreparing your Assessment Task or own contribution, please review this ‘YouTube’ video (Avoiding Plagiarismthrough Referencing) by clicking on the following link: link:http://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606A search for peer-reviewed journal articles may also assist students. These type of journal articles can belocated in the online journal databases and can be accessed from the Kent Library homepage. Wikipedia, onlinedictionaries and online encyclopaedias are acceptable as a starting point to gain knowledge about a topic, butshould not be over-used – these should constitute no more than 10% of your total list of references/sources.Additional information and literature can be used where these are produced by legitimate sources, such asgovernment departments, research institutes such as the National Health and Medical Research Council(NHMRC), or international organisations such as the World Health Organisation (WHO). Legitimate organisationsand government departments produce peer reviewed reports and articles and are therefore very useful andmostly very current. The content of the following link explains why it is not acceptable to use non-peer reviewedwebsites (Why can’t I just Google?): https://www.youtube.com/watch?v=N39mnu1Pkgw(Thank you to La Trobe University for access to this video).

QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER

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