ACCT601: Auditing and Assurance
Assessment 2: Group Assignment
Due date : 1 October 2018 by 23.59 hours
Weighting : 20%
Word limit : 1500 ±10% words (excluding bibliography and
Learning outcomes assessed : LO2, LO3, LO5
The group assignment aims to give you an understanding of real life auditing problems and an appreciation of the link between theory and practice including around considering risk. It further aims to foster your research, critical analysis and verbal communication skills.
Students will form teams of maximum four (4) members. You should give careful consideration to the selection of members comprising the group. By the end of week 3, all groups must be formed and groups should provide the names of members to the lecturer-in-charge. It is very important for all members to take an active part in completing the assignment and make an equal contribution.
Students must notify the National Lecturer-in-Charge in a timely manner and provide substantiating documentation of any problems in relation to group work. Each student should also complete the “Peer Evaluation of Team Members” sheet and hand it in to the lecturer-in-charge.
Following questions are based on AMP Limited with which you should be already familiar from your first assignment. This time however, you are required to analyse AMP Ltd from different angles. The questions you should answer are provided below. Please answer all questions in reference to AMP Limited and refrain from giving general answers.
(i) Evaluate how revelations during the Royal Commission hearing would affect your audit plan. The link to relevant accounting standard (ASA315) follows:
(ii) Identify two major audit risk areas for AMP, and explain why you have identified these accounts as being significant. Discuss the potential impact of the audit risk on the company’s financial statements; and detail the auditing procedures to verify the account balances impacted by the risk.
(iii) Identify two relevant general balance-related and two transaction-related audit objectives based on the finding from the risk factors in part (ii). The required audit objectives here must be specific to AMP and causal relationship with part iii) must be established.
(iv) From the findings of the Royal Commission, identify internal control weaknesses in the AMP’s present system of control and recommend appropriate mitigating controls to overcome the risks identified.
1 Audit plan 4
2 Audit risk areas 5
3 Audit objectives 4
4 Internal control 5
Instructions for writing the report
You are required to write a business report addressing the following questions. Your report should include an introduction, conclusion, appropriate headings, and diagrams or graphs where appropriate. Report format includes a brief introduction, clear separate sections each discussing a different point and a final conclusion.
Your report should consist of the following sections:
• Assignment cover sheet (with full name, student ID, signature, and the part each student completed) https://students.acu.edu.au/home/panels/administration/forms/assessment_and_ assignment_forms. You may submit cover sheets separately.
• Table of contents
• Introduction (an introduction to the issues you are to address in the report, sources you have used /analyses you carried out and a brief overview of the results).
• Table of contents
• Body (answers to questions)
Checklist before submission:
• Typed using Microsoft Word in Ariel 12 points with double spacing • Displayed a one inch margin on all sides.
• Each question is numbered or is answered under an appropriate title
• Cover page is attached at the front of the assignment. The cover page can be downloaded from the following link:
• https://students.acu.edu.au/home/panels/administration/forms/assessment_and_ assignment_forms. You may submit cover sheets separately.
• Appropriately cite original work, author(s) etc. Citation and referencing must conform to Harvard referencing format both in the body of the paper and its attached reference section. https://leocontent.acu.edu.au/file/2029731d-68e2a1fd-10fa-
• Assignment submitted via Turnitin.
In your report you need to back up your ideas and statements by referring to scholarly literature. Therefore your understanding of appropriate referencing is essential not only to write reports during your studies but also in your professional career. Submitting work in whole or in part that is copied or paraphrased from other authors including students without correct acknowledgement is considered to be one of the most serious academic crimes.
PEER EVALUATION OF TEAM MEMBERS
Each student should complete this from with respect to other students in the syndicate and hand it in to the lecturer-in-charge.
Name (write full name) Meetings Quality and quantity Cooperation and team work Follow through Total score
1 Rarely attended meetings and when attending arrived late or left early
2 Attended some group meetings, arrived late or left early on occasion
3 Attended most group meetings, arrived on time, stayed for length of time scheduled
4 Attended all meetings, arrived on time, stayed longer than the scheduled meeting time
Quality and quantity of output
1 Contributed very little, if at all, to the paper
2 Ideas were weak and input limited, performed only work assigned
3 Provided useful input most of the time and was helpful in getting tasks accomplished
4 Always provided valuable input into the project and facilitated discussions
Cooperation and team effort
1 Created problems and was disruptive
2 Went along with whatever the rest of the group decided
3 Sometimes led the group, provided support for other team members on occasion 4 Led the group in establishing a cooperative team environment
1 Rarely completed assignments, work completed was often not useful
2 Required some prompting to complete assignments on time, several changes required
3 Completed work on time with some changes required
4 Completed assigned work on time and error free
Assessment rubric for Group Assignment
FAIL (0-49%) PASS (50%-64%) CREDIT (65%-74%) DISTINCTION (75%-84%) HIGH DISTINCTION (85% and over)
Unsatisfactory performance indicating inadequate and insufficient understanding and application of the subject matt achieves few or none of the b and higher-order intended goa for the assessment tasks; numerous substantive errors fact, omission and/or applicati present; clear and unambiguo evidence of non-possession o most or all required skills; insufficiently demonstrated lev interpretive and/or analytical a
and intellectual initiative; inadequate level of competen /or er;
of on us f
bility ce. Satisfactory performance indicating adequate but incomplete or less well-rounded understanding and/or application of the subject matter; achieves many basic but very few or none of the higher-order intended goals for the assessment tasks; several serious flaws or many minor ones; clear and unambiguous evidence of possession of an adequate level of an acceptable number of required skills; demonstrated adequate level of interpretive and/or analytical ability and intellectual initiative; adequate level of competence. Good performance indicating reasonable and well-rounded understanding and/or application of the subject matter; achieves all basic but only a few higher-order intended goals for the assessment tasks; a few more serious flaws or several minor ones; clear and unambiguous evidence of possession of a reasonable level of most required skills; demonstrated reasonable level of interpretive and/or analytical ability and intellectual initiative; reasonable level of competence. Very good performance indicating reasonably complete
and comprehensive understanding and/or application of the subject matter; achieves all basic and most higher-order intended goals for the assessment tasks; some minor flaws; clear and unambiguous evidence of possession of a high
level of required skills; demonstrated high level of interpretive and or analytical ability and intellectual initiative; high level of competence. Excellent performance indicating complete and comprehensive understanding and/or application of the subject matter; achieves all basic and higher-order intended goals for the assessment tasks; minimal or no errors of fact, omission and/or application present; clear and unambiguous evidence of possession of a very high level of required skills; demonstrated very high level of interpretive and/or analytical ability and intellectual initiative; very high level of competence.
Content Points unclear, unsupported Serious flaws Some arguments supported
Some areas lacking
Just passable standard of Argumentation. Many good points made and generally Supported. Correct approach and generally acceptable conclusions Many good points made. Statements are mostly supported. Correct approach and mostly correct conclusions Points made very clearly. Solid arguments with excellent support. Correct approach and correct conclusions
(Referencing, physical layout, line spacing, page numbering, spelling, grammar) Little flow
Lack of proofreading
Disconnected Somewhat organised Few obvious mistakes Good skills in expression and presentation Well-developed skills in expression and presentation Outstanding presentation
No mistakes of any kind
Logical format, smooth flow of ideas
ACCT601: Auditing and Assurance