TACC608-AuditingandAssurance

GroupResearchAssignment-MajorAuditRiskAreas

DueWeek9

Value:20percentoffinalmarks

AssignmentBackground

In the unit we cover a wide range of Auditing and Professional Practice issues including numerous case studies in varying depth.Thereisobviouslynotenoughtimetocovereverythingindepth.

This assignment enables students to examine in more detail Auditing and Professional Practice in companies that are of particular interest to them.

ItcanalsobestartedfromDay1ofthesemesterandwillenablestudentstoexplorethe wonderfulworldofAuditingandProfessionalPracticebydoingtheirownresearchonhow it is practiced in an organisation that is of interest to them.

YourMission

Studentsaretoformgroupsof4studentstoperformthisanalysis. Each group will select a listed public company from the ASX200.Yourgroupwillidentifythemajorauditriskareas(atleast2)foryourselectedcompany.

Foreachauditrisk,yourassignmentshould:

• explainthepotentialimpactoftheauditriskonthecompanysfinancial statementsand

• detailtheauditingprocedurestoverifytheaccountbalancesimpactedbytherisk

Note: While you can do background research etc. you shouldnt start writing this assignmentuntilafterweek3.Bythistimeyoushouldhaveabetterunderstandingof whatauditing isbased on whatyou have learntfromthe lecturesand text(and other) reading/research.

Indoingthisassignmentyoushouldusetheconceptsyouhavelearntfromthissubject and your own research.

Important:youaretheindependentorexternalauditorsofthecompanyandyourjobistoexpressanopinion onthetruth andfairnessoftheaccounts.

Somebusinessrisksarematerialandrelevanttotheexternalauditbutotherse.g. shoplifting in aretailenvironmentwhilst important(tothe business)would not be material from an external audit perspective.

Remembertolinktherisksbacktotheaccountbalancesyouareexpressingan opinion on.

Fulldetailsincludingassignmentlength(15pages)isontheunitsMoodlesite.Theassessmentwillcontribute20%toyourfinalmarkinthisunitandisdueinweek9.

For the assignment please assure a thorough edit and spell check using English (Australian).Minorerrors,typographicalmistakesandpoorspellingdetractfromthe quality of any report will be penalized.

Structureandcitationofsourcedworkwithreferencesaretocomplywithscholarly conventions. Harvard system is preferred.

IMChasaQuickGuidetoReferencing(HarvardStyle)foryourreference.Thisguideis available online and students can also get a copy from the library.

Pleasealsosee:

1. LibraryGuide:ReferencinginBusinesshttp://IMC-au.libguides.com/c.php?g=438320&p=3308145

2. Moodle: Study Skills and Academic English Module (all students are enrolled in this courseandhaveaccesstonumerousresourceshelpingtoreferenceusingtheHarvard System

3. Students are welcome to book a consultation with IMCs English Language and AcademicSkillsCoordinator(email:learning@IMC.edu.au).Shecangiveyou helpand support with referencing for assignments

Researchnotjustrestatingtheory

Note:Theassignmentinvolvesagreatdealofresearchandrequiresyoutodemonstrate a high level of the associated research skills.

Studentsare expectedtoconductextensiveresearchincompletingthisassignmentand to clearly display the results of their research in the presentation of their paper.

Studentsshouldnotjustrestatetheoryfromauditingtextbooks.

ResearchshouldlookattheactualASX200listedcompanyselectedalongwith (potentially) its competitors, industry, economic environment/outlook, market etc.

Instructions/Rules

1. Thereportshouldhaveappropriateheadingsand
2. Inyourreportincludereferencestootherwebsitesand
3. EnsureyouhaveanappropriateExecutive
4. Thisworkshouldbe inonedocumentsuchasMicrosoftThisassignment should be typed using Times New Roman font size 12, single spacing with appropriate headings and attention to spelling and grammar.The report should not exceed fifteen (15) pages (excluding the list of references).
5. Youshouldreadadditionalmaterialwhichshouldbeincludedyoursourcesina list of references at the end of your assignment.
   • NormalUniversityreferencingrules
   • Students should use the Harvard (Author-Date) Style because it is the commonstyleusedintheAuditingandProfessionalPractice
6. Youareabletouseanyg.graphicsyouwant.Feelfreetobecreative.

7. Whilst the assignment should follow academic standards in relation to non- plagiarism, recognition of sources etc.; the report presented should be of a professional (business)standard in termsofcontentand layout.Itshould include:
   • ATable ofContents
   • AnExecutiveSummary
   • Appropriateuseofheadings,subheadings
   • Singlespacingandnowidowsandorphans(paragraphsthatgoovera

page)

8. TheassignmentisdueatthestartoftheWeek 9lecture -Latesubmission itis IMC policy that assignments cannot be submitted late without prior approval of the unit coordinator and only in extenuating circumstances supported by evidence. Assignments submitted late without prior approval will not be graded.
9. Youshouldsubmityourassignmentonlineinthe Groupassignmentdropboxwill be setup on the units Moodle site (in week 9) prior to the commencementofthe lecture in week 9.

Note:onlyonestudentineachgroup needstosubmittheassignment.

10. Yourassignmentmusthavethecorrect IMCsheetasitsfirst
11. PleaseensureathorougheditandspellcheckusingEnglish(Australian).Minor errors,typographical mistakes, and poor spelling detractfrom the quality ofany report will be penalized.

All students are expected to contribute equally to the assignment and any problems with group member participation should be brought to the lecturers attention as soon as possible. In addition, each group member have the option to completethe(confidential)GROUPASSIGNMENT:PEERANDSELFASSESSMENT OF TEAMWORK which is attached to this document.

TACC608 - Auditing and Assurance GroupAssignmentMajorAuditRiskAreas

DueWeek9

Value: 20percentoffinalmarks

GROUPASSIGNMENT:PEERANDSELFASSESSMENTOFTEAMWORK

You are required to assess both your own and other team members' contribution to your group's overall performance throughout the process of completing the group assignment.This information is confidential and should not be discussed with other members of your team.

Please score both yourself and every member of yourgroup, marks outof 100% (i.e.shouldaddupto100%)inthetablebelow.Forexample,iftherewere4membersinyourgroup

(includingyourself)andyoufeltthateverymembercontributedequallytothegroup,youshould awardyourselfandeverygroupmember25%each.Ifyoufeltthatamember(s)contributedless than an equal fair share, you should award the member(s) proportionatelyaccording to their contribution. Then hand back the completed form to the lecturer in the finalclass.

PleasePRINTthenamesofyourselfandyourgroupmembersinthetablebelow.