Auditing and Assurance Services
Auditing and Assurance Services
Semester 2, 2024
INSTRUCTIONS FOR THE INDIVIDUAL CASE STUDY ASSIGNMENT
(Assessment Task 1 - Written report)
Case study
The Chief Audit Officer of Australian Securities & Investments Commission (ASIC) has appointed you to critically examine the Auditors opinion in the Independent Audit report and importantly focus on the Key Audit Matters of a high-profile international companys latest Annual Report.
Required:
You need to use Risk-based auditing approach, auditing concepts and auditing methods learnt in this unit to conduct this investigation and report on the major issues reported, particularly in the Key Audit Matters by the Auditor, such as:
Valuations
Goodwill
Inventory
Capital assets
Financial instruments
Estimations
Leases
Going concern
Internal control
Corporate governance
Business risks
Corporate strategy
Risk management systems
The above list is illustrative only and your case study report is NOT required to address all the above-mentioned topics. You can include other topics of this unit, as related to the company assigned to you for investigation and then derive your conclusions and recommendations.
For this purpose, you need to use Australian Auditing standards and case laws and other information which you have learnt in this unit, such as:
ASA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
ASA 320 - Materiality in Planning and Performing an Audit
ASA 330 The Auditors Responses to Assessed Risks
ASA 560 - Subsequent Events
ASA 570 - Going Concern
ASA 700 - Forming an Opinion and Reporting on a Financial Report
ASA 705 - Modifications to the Opinion in the Independent Auditors Report
ASA 706 Emphasis of Matter Paragraph and Other Matter Paragraphs in the Independent Auditors Report
AND
APES 110-Code of Ethics for Professional Accountants
Important:
The above list again is illustrative only, and your case study report is not required to address all the above-mentioned auditing standards. You can include other auditing standards covered in this unit, as applicable to this company. Please use the Australian Standards of Auditing (ASA) even if they are NOT Australian companies, as they are based on International Standards of Auditing (ISA) in order to derive your conclusions and recommendations.
Report structure
Please ensure that the individual written report of your allocated company has the following six (6) main headings in its structure. Marks will be given specific to these main headings as per the Marking Criteria below:
Executive Summary
Introduction
Methodology
Findings
Implications of findings
Conclusions and recommendations
Marking Criteria
The Marking Criteria for the individual written report on the allocated company is:
Report Conventions : 5.0 Marks
Executive Summary
Introduction
Research : 5.0 Marks
Methodology
Findings
Application : 5.0 Marks
Implications of findings
Conclusions and recommendations
Written Communication Skills : 5.0 Marks
Total : 20.0 Marks
Resources
Please refer to the resources mentioned in Canvas by clicking on:
Syllabus > Textbook & readings > Gay & Simnett (2018) 7ed
Modules > Significant readings and journals and Important websites:
Australian Auditing Standards Auditing & Assurance Standards Board Australian Government:
https://www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspxAPES - Code of Conduct for Professional Accountants:
https://apesb.org.au/standards-guidance/apes-110-code-of-ethics/Company annual reports, websites, professional & business magazines, textbooks; academic papers, newspapers and video clips.
Please research the information and develop its logical flow, as it will also assist you in structuring this case study report.
Value:20%
Individual or Team:Individual
Word limit:12 pages (+/- 2 pages) inWord formatusing Ariel 12pt font 1.5,excludingany Appendices (for data, tables, graphs and diagrams) and references at the end inWord format
Unit Learning Outcomes:
Apply audit concepts, techniques, relevant rules, and regulations addressing auditing standards
Examine auditing scenarios to identify problems, including ethical issues related to the code of conduct of professional accountants
Appraise the audit process to arrive at the auditors opinion on corporate financial statements
Collaborate in team settings using effective communication, in oral and written format, to produce reports involving diverse auditing scenarios
Course Learning Outcomes:
PGCLO3: Demonstrate effective communication and teamwork skills [AQF9: S4, S5]
PGCLO 3.1. Demonstrate effective written, oral and non-verbal communications skills
Resources
Official website of Individual and Team Case Study company
Textbook - Gay & Simnett (2018) - 7ed.
Australian Auditing Standards website
Significant references and journals
Important websites
ACC6030 Auditing and Assurance Services
Semester 2, 2024
INSTRUCTIONS FOR THE INDIVIDUAL CASE STUDY ASSIGNMENT
(Assessment Task 1 - Written report)
Case study
The Chief Audit Officer of Australian Securities & Investments Commission (ASIC) has appointed you to critically examine the Auditors opinion in the Independent Audit report and importantly focus on the Key Audit Matters of a high-profile international companys latest Annual Report.
Required:
You need to use Risk-based auditing approach, auditing concepts and auditing methods learnt in this unit to conduct this investigation and report on the major issues reported, particularly in the Key Audit Matters by the Auditor, such as:
Valuations
Goodwill
Inventory
Capital assets
Financial instruments
Estimations
Leases
Going concern
Internal control
Corporate governance
Business risks
Corporate strategy
Risk management systems
The above list is illustrative only and your case study report is NOT required to address all the above-mentioned topics. You can include other topics of this unit, as related to the company assigned to you for investigation and then derive your conclusions and recommendations.
For this purpose, you need to use Australian Auditing standards and case laws and other information which you have learnt in this unit, such as:
ASA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
ASA 320 - Materiality in Planning and Performing an Audit
ASA 330 The Auditors Responses to Assessed Risks
ASA 560 - Subsequent Events
ASA 570 - Going Concern
ASA 700 - Forming an Opinion and Reporting on a Financial Report
ASA 705 - Modifications to the Opinion in the Independent Auditors Report
ASA 706 Emphasis of Matter Paragraph and Other Matter Paragraphs in the Independent Auditors Report
AND
APES 110-Code of Ethics for Professional Accountants
Important:
The above list again is illustrative only, and your case study report is not required to address all the above-mentioned auditing standards. You can include other auditing standards covered in this unit, as applicable to this company. Please use the Australian Standards of Auditing (ASA) even if they are NOT Australian companies, as they are based on International Standards of Auditing (ISA) in order to derive your conclusions and recommendations.
Report structure
Please ensure that the individual written report of your allocated company has the following six (6) main headings in its structure. Marks will be given specific to these main headings as per the Marking Criteria below:
Executive Summary
Introduction
Methodology
Findings
Implications of findings
Conclusions and recommendations
Marking Criteria
The Marking Criteria for the individual written report on the allocated company is:
Report Conventions : 5.0 Marks
Executive Summary
Introduction
Research : 5.0 Marks
Methodology
Findings
Application : 5.0 Marks
Implications of findings
Conclusions and recommendations
Written Communication Skills : 5.0 Marks
Total : 20.0 Marks
The Marking Criteria has a Marking Rubric available in Canvas by clicking on:
Assignments > Individual Case Study Assignment > Feedback
Resources
Please refer to the resources mentioned in Canvas by clicking on:
Syllabus > Textbook & readings > Gay & Simnett (2018) 7ed
Modules > Significant readings and journals and Important websites:
Australian Auditing Standards Auditing & Assurance Standards Board Australian Government:
https://www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspxAPES - Code of Conduct for Professional Accountants:
https://apesb.org.au/standards-guidance/apes-110-code-of-ethics/Company annual reports, websites, professional & business magazines, textbooks; academic papers, newspapers and video clips.
Please research the information and develop its logical flow, as it will also assist you in structuring this case study report.
