HI6026 Audit, Assurance and Compliance | My Assignment Tutor

HI6026 Audit, Assurance and Compliance Group Assessment Details and Submission GuidelinesTrimesterT3 2020Unit CodeHI6026Unit TitleAudit, Assurance and ComplianceAssessment TypeGroup AssignmentAssessment TitleAssurance, Audit Fees and Good GovernancePurpose of theassessment (with ULOMapping)Students are required to explain demand of assurance, audit fees determination andapplication of ASX CGC principles. Students are required to analyse the root causes ofdemand for assurance and the pertinent issues from their selected company’s and thenspecify what measures can be taken by auditors in selecting audit fees and in other waysapplication of ASX CGC principles and ensure professional integrity, good governanceand reputation.Learning Outcomes: Demonstrate an understanding of the reporting requirements ofauditing standards (ULO 1) Demonstrate an understanding of the auditor’s professional, legal andethical responsibilities to their clients and third parties (ULO 2)Weight40% of the total assessmentsTotal Marks40Word limit3,000 words ± 500 wordsDue DateGroup Formation: Please form the group by self-enrolling in Blackboard. Thereshould be maximum of 4 members in a group. Email BBHelpdesk@holmes.edu.au forany issues with self-enrolling into groups.Assignment submission: Final Submission of Group Assignment: Week 10, Sunday 7thof February 2020 at 11:59 pm.Late submission incurs penalties of five (5) % of the assessment per calendar day unlessan extension and/or special consideration has been granted by Student Services ofyour campus prior to the assessment deadline.SubmissionGuidelines All work must be submitted on Blackboard by the due date along with a completedAssignment Cover Page. The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2cmmargins on all four sides of your page with appropriate section headings and pagenumbers. Reference sources must be cited in the text of the report, and listed appropriatelyat the end in a reference list using Harvard referencing style. HOLMES INSTITUTEFACULTY OFHIGHER EDUCATIONPage 2 of 6HI6026 AUDIT, ASSURANCE AND COMPLIANCEAssignment SpecificationsPurposeThis assignment aims to enhance students’ critical thinking skills and higher order application abilities by researchingand analyzing a demand for assurance, audit fees determination and good governance practice. Students will needto propose and document demand for audit and assurance services, explain techniques of determination audit feesand practical application of good governance.Students will have to research relevant academic literature, including related organisation websites and write in-textcitations in this assignment. Additionally, they will demonstrate understanding and critical evaluation of theAustralian financial governance reporting environment and its current regulatory framework, and recommend futuredirections to the Australian governance principles reporting regulators.Required Task:Part 1: Demand of adequate Assurance: (15 marks)In 2002, the audit firm Arthur Andersen collapsed following charges brought against it in the United States relatingto the failure of its client, Enron. Some other clients announced that they would be dismissing Arthur Andersen astheir auditor even before it was clear that Arthur Andersen would not survive.Required:a. Explain demand from audit and assurance services under Sarbanes- Oxley Act (2002)? (5 marks)b. Explain auditors understanding of corporate governance revision, update and arguments after SOX Act (2002)(10 marks)Part 2: Audit Fees Determination and ASX CGC Principles (20 marks)All companies are required to disclose in their annual reports the amounts paid to their auditors for both thefinancial report audit and any other services performed for the company.Required:a. Obtain a copy of a recent annual report (2019) from ASX Top 100 listed companies list (most companies maketheir annual reports available on the company’s website) and find the disclosures explaining the amounts paidto auditors. How much was the auditor paid for the audit and non-assurance, or other, services? Explain yourunderstanding about demand and supply theories of audit fees from this company? (10 marks)b. Explain your selected company’s (same selected company from question a) application of ASX CGC principlesusing Corporate Governance Principles and Recommendations (4th Edition) was released on 27 February 2019?(10 marks)Source: https://www.asx100list.com/. You can choose any company from list. You DO NOT need any approvalfrom Unit Coordinator.Page 3 of 6HI6026 AUDIT, ASSURANCE AND COMPLIANCEThe 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 overviewof thewhole 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. Notethis is excluded from the total word count.4. Introduction – A short paragraph which includes background, scope and the main points raised in orderof 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 onthe mainpoints raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supportingsentences with facts and evidence obtained from research and finish with a concluding sentence at theend.6. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessmentof theresearch performed.7. Appendices – Include any additional explanatory information which is supplementary and/ or graphical tohelp communicate the main ideas made in the report. Refer to the appendices in themain body paragraphs,as and where appropriate. (Note this is excluded from the total word count.Page 4 of 6HI6026 AUDIT, ASSURANCE AND COMPLIANCEGroup Formation and Group AssignmentTo ensure that all students participate equitably in the group assignment and that students are responsible for theacademic integrity of all components of the assignment. You need to complete the following Group AssignmentTask Allocation table, which identifies which student/students are responsible for the various sections of theassignment. Assignment SectionStudent/Students This table needs to be completed and submitted with the assignment as it is a compulsory component requiredbefore any grading is undertaken. Students that are registered in a solo group are not required tofill this table.Both assessment items must be submitted on Blackboard. The written assignment must be in a reportformatand submitted through safe-assign prior to final submission. The originality percentage should be as low aspossible. The written submission must be double-checked, edited and rephrasedif the originality percentageand plagiarism risk is noted as high, as per safe-assign.Marking Criteria Group Assignment Marking CriteriaWeightingExecutive Summary2%Introduction and Main Body of the Report35%Overall Presentation (Report presentation, Correct referencing, consistency)3%Total Weight40% Page 5 of 6HI6026 AUDIT, ASSURANCE AND COMPLIANCEAcademic IntegrityHolmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral tomaintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need tocomply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. Ifyou have any questions about Academic Integrity issues related to your assessment tasks, please consult yourlecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also befound through the Study Sills link on Blackboard.Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction ofmarks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of courseenrolment.Table 1: Six categories of Academic Integrity breaches PlagiarismReproducing the work of someone else without attribution.When a student submits their own work on multiple occasionsthis is known as self-plagiarism.CollusionWorking with one or more other individuals to complete anassignment, in a way that is not authorised.CopyingReproducing and submitting the work of another student, withor without their knowledge. If a student fails to take reasonableprecautions to prevent their own original work from beingcopied, this may also be considered an offence.ImpersonationFalsely presenting oneself, or engaging someone else to presentas oneself, in an in-person examination.Contract cheatingContracting a third party to complete an assessment task,generally in exchange for money or other manner ofpayment.Data fabrication andfalsificationManipulating or inventing data with the intent of supportingfalse conclusions, including manipulating images. Source: INQAAHE, 2020Page 6 of 6HI6026 AUDIT, ASSURANCE AND COMPLIANCEMarking Rubric ExcellentHDVery GoodDGoodCSatisfactoryPUnsatisfactoryFExecutiveSummary(2 marks)Very effectivelywritten synopsiswith clearcommunication ofthe main points ina conciseparagraph.Competentlycomposed astrong synopsis.The main pointsarecommunicatedwell.Synopsis is wellwritten with allthe expectedpoints raised.Synopsis isclearlywritten, but itis brief or hassome errors.Synopsis isdeficient andpoorly written.Too brief.Main BodyExcellent. WellThere are validThere are validSomePoorly organized;Includingorganised. Mainpoints raised withpoints raised,organization;no logicalIntroductionpoints are logicallya good argumentparagraphing ismain pointsprogression;(35 marks)ordered; sharp/ thesisnoted, and theare there butbeginning andsense ofstatement,points in thethey areending are vague.structuring andparagraphing isintroduction aredisjointed;No structure.arrangement of keynoted, and theexplained inMinorLacks substance.information.points in themore detailstructuringNo researchSupporting detailsintroduction arewith supportingissues.noted.are specific to theexplained in moreevidence.main points anddetail withadequate facts andsupportingother evidence isevidence.provided and wellarticulated.Referencingand Citation(3 marks)References areconsistentlycorrect usingHarvard style. Nomissing citations.A strongreference listwith relevant andcredible sourcesused. Evidence ofextensiveresearch.References areconsistentlycorrect usingHarvard style.No missingcitations.References usedare good, butnot extensive.Generallycorrectreferencingusing Harvardstyle. Morereferencesrequired.SomeReferencesare used, butnot usedconsistently.Not enoughresearchdone.References aremissing or donot comply withcorrectreferencingstyle.

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

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