HI6026 Audit, Assurance and Compliance | My Assignment Tutor

HI6026 Audit, Assurance and Compliance Group Assessment Details and Submission GuidelinesTrimesterT1 2021Unit CodeHI6026Unit TitleAudit, Assurance and ComplianceAssessment TypeGroup AssignmentAssessment TitleAnalytical procedure, Audit Risk, and Audit Committee EffectivenessPurpose of theassessment (with ULOMapping)Students are required to explain the analytical procedure, audit risk and application ofaudit committee effectiveness from your selected company. Students are required toanalyse the causes of audit risk by understanding company’s analytical procedure andthe relevant issues from their selected company’s and then specify whether their selectedcompany’s follows audit committee guideline suggested by ASX CGC guideline to ensureprofessional integrity, good governance and reputation.Learning Outcomes:• Evaluate the economic and legal basis for auditing and the applicable auditingstandards and reporting requirements• Analyse and communicate knowledge of the auditor’s professional judgement,legal and ethical responsibilities to their clients and third parties• Assess audit strategies including the evaluation of business risk and internalcontrols• Apply audit concepts and processes to gather evidence and formulatejudgments with respect to the underlying information•Weight40% of the total assessmentsTotal Marks40Word limit3,000 words ± 500 wordsDue DateGroup Formation: Please form the group by self-enrolling in Blackboard. Thereshould be a maximum of 4 members in a group—email [email protected] issues with self-enrolling into groups.Assignment submission: Final Submission of Group Assignment: Week 10, Friday at11:59 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. HOLMES INSTITUTEFACULTY OFHIGHER EDUCATIONHI6026 Audit, Assurance and Compliance 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.• All reference sources must be provided using Harvard referencing style. Page 2 of 6HI6026 AUDIT, ASSURANCE AND COMPLIANCEAssignment SpecificationsPurposeStudents 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 A: Analytical Procedure (15 marks)Obtain a copy of a recent annual report (2019) from ASX Top 300 listed companies list (most companies make theirannual reports available on their website). Perform analytical procedures of the Statement of Financial Position andof Financial Performance over the two years (2018 and 2019) using appropriate ratios and/or metrics.Required:Measure and discuss income statement, balance sheet and cash flow ratios from your selected company and Howdoes this affect your assessment of materiality, detection risk and overall auditRisk? Provide a brief explanation inthe report. This should be presented in a table format. (15 marks)Part B: Audit Committee Effectiveness (20 marks)1. “Audit committees do not prepare financial reports, nor do they conduct audits. But they have an essential roleto play in ensuring the integrity and transparency of corporate reporting”. Explain this statement? Who shouldbe members of the Audit Committee? Is there an association between Audit committee effectiveness and auditquality after IFRS adoption? (10 marks)2. Explain your selected company’s (same selected company from part A) and prepare the following responsesabout the application of audit committee effectiveness recommended by ASX Corporate Governance Council(CGC) principles using Corporate Governance Principles and Recommendations (4th Edition) was released on 27February 2019?(10 marks)i. Members of the audit committee meet all applicable independence requirements. ii.The audit committee demonstrates appropriate industry knowledge and includes a diversity ofexperiences and backgrounds.Audit committee members have the appropriate qualifications to meet the objectives of the auditcommittee ‘s charter, including appropriate financial literacy.Discuss about audit committee size and members profile.Discuss about meeting arranged by audit committee chairman and whether member participate actively?The audit committee monitors compliance with corporate governance regulations and guidelines.iii.iv.v.vi. Source: https://www.asx300list.com/. You can choose any company on the list. You DO NOT need any approvalfrom the 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 overview of 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 on the 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 assessment of 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 the main 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, relevant evidence (authenticity of your assignment) which identifies whichstudent/students are responsible for the various sections of the assignment. 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 to fill this table.Both assessment items must be submitted on Blackboard. The written assignment must be in a report formatand 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 rephrased if 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 occasionsthisis 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, with orwithout their knowledge. If a student fails to take reasonableprecautions to prevent their own original work from being copied,this may also be considered an offence.ImpersonationFalsely presenting oneself, or engaging someone else to presentasoneself, 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 supportingfalseconclusions, including manipulating images. Source: INQAAHE, 2020Page 6 of 6HI6026 AUDIT, ASSURANCE AND COMPLIANCEMarking Rubric ExcellentHDVery GoodDGoodCSatisfactoryPUnsatisfactoryFExecutiveSummary(2 marks)Veryeffectivelywrittensynopsis withclearcommunication ofthe mainpoints inaconciseparagraph.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 arelogicallya 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 ofkeynoted, and theexplained inMinorLacks substance.information.points in themore detailstructuringNo researchSupporting detailsintroduction arewith supportingissues.noted.are specific to theexplained in moreevidence.main points anddetail withadequate factsandsupportingother evidence isevidence.provided andwellarticulated.Referencingand Citation(3 marks)Referencesareconsistentlycorrect usingHarvard style.Nomissingcitations.Astrongreference listwith relevantandcrediblesources used.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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