Subject Code & Title :– ACCT5015 Applied Corporate Governance & Auditing
Value: This assessment task accounts for 50% of the final mark.
Words Limit: There is no minimum or maximum words limit, as a hint, it may range some where between 1000–3000 words and exceeding the word limit is allowed. This words count is inclusive of in-text references but exclusive of end-of-text references and appendices.
Marking: Assignment will be marked based on identification of issues, evidence based analysis, application of disciplinary knowledge, critical analysis, quality of communication and presentation and referencing. Please refer to the rubrics available on Blackboard.
ACCT5015 Corporate Governance And Auditing Final Assignment
Task: Report on Audit Related Issues
You have been allocated an Australian Listed company, please see the “Companies List” file.
Please critically review the company’s information from audit report, annual report, company website, news media, CSR report, regulatory authority websites such as ASIC, corporate governance statement, and any other relevant information channels. You are required to provide commentary on a number of audit related matters. In order to provide you guidance,the specific requirements and structure of the report are given below. Please understand these requirements carefully and respond in the best possible way.
ACCT5015 Corporate Governance And Auditing Final Assignment
Introduction:
In this section please explain the objective and scope of this report. Provide some introduction about your company and auditor.
Auditor Independence:
Please explain factors affecting the perceived or actual independence of auditor. Any issues creating threats to auditor independence and situations where auditor may be compromising principles of ethics. For example, you may discuss various indicators of auditor independence such as audit fees, non-audit fees, audit firm tenure and audit partner tenure from annual report/ other sources. You will explain how these indicators may impact auditor independence of your chosen company.
Planning and Risk Assessment:
One of the important sections of this report requires you to explain the following items about your chosen company:
As part of planning and risk assessment phase of audit identify and explain the factors increasing or decreasing the inherent and control risk. For example in terms of inherent risk you may discuss nature of company external / internal risk factors related to markets products customers and suppliers business strategies any competitors and risks related to financial operational and economic indicators.
ACCT5015 Corporate Governance And Auditing Final Assignment
In terms of control risk you are required to match the principles of good corporate governance issued by ASX with company’s corporate governance structure and identify any weakness in their corporate governance. Further, please commentary on the situations raising the risk of fraud and going concern risk with proper justification. Also please identify and explain the key account balances and assertions likely at risk. For this purpose, you will analyse both qualitative and quantitative information given in the annual report, most importantly the income statement, balance sheet and notes to the accounts.
Implications for Indigenous Culture, People and Community:
Please explain the implications / impact of company’s operations on Indigenous community cutlture and people. Please explain both if any positive and negative impact on the aboriginal people. The impact may be of any nature such as aboriginal heritage economy culture,education employment and similar other factors. For this purpose you may critically review the company’s business strategies / decisions. You may also review their announcements and operational activities from company’s website / news media / annual report / other online sources.
Audit Strategy:
Please select an appropriate audit strategy materiality level and suggest detailed audit procedures you would have performed in response to the risks / assertions identified above in the planning and risk assessment phase.
ACCT5015 Corporate Governance And Auditing Final Assignment
Subsequent Events:
Identify and comment on the subsequent events related to the financial statements which might have been identified in the audit report and financial statements notes. Explain how these matters impact the audit report for the current year or next years’ financial statements / audit report. Please refer to the disclosures / notes to the accounts related to subsequent events.
ACCT5015 Corporate Governance And Auditing Final Assignment
Audit Reporting:
Identify the type of audit opinion and the basis for the chosen audit opinion such as qualified opinion, any emphasis of matter paragraphs or any going concern opinion.
Conclusion and Recommendations:
Provide any overall conclusion and in relation to factors discussed above such as auditor independence planning of audit and audit reporting. Provide any recommendations for the matters discussed above.
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