ASSESSMENT DESCRIPTION LEARNING OUTCOME 3: APPLY THE DIFFERENT PHASES OF THE AUDIT TO PRACTICAL SCENARIOS, WORKING IN TEAMS IN SOME INSTANCES
Subject Name: Auditing and Assurance
Assessment Title: Team Assignment – Research and Presentation
Weighting: 25% comprising: Technical content 15% and Professional Competency 10%
Due Date:
Oral presentations: In week 10 during the lecture/tutorial session Written work: Monday 29 May 2017 by 19:55 PM (AEDT).
Note: Brisbane and Adelaide students must allow for time difference.
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Assessment Description
Learning Outcome 3: Apply the different phases of the audit to practical scenarios, working in teams in some instances
Learning Outcome 4: Evaluate the different audit opinions that could be expressed following the completion of an audit as they apply to different audit scenarios, working in teams in some instances
Objective: The objective of this assignment is to effectively work in teams to formulate and recommend possible solutions to given practical scenarios
The assignment is designed to test the following skills:
1. Your knowledge and your ability to research the issues and then apply the information appropriately using judgement
2. Your teamwork and communication skills
Required: This assignment comprises four parts working in teams as follows:
Technical Skills (15%): Part 1: Written answers to a research case study involving two companies.
Part 2: Written answers to a research question on a current issue in auditing Professional Competency Skills (10%):
Part 3: (5%): Team meetings and minutes
Part 4: (5%): Team presentation
You are required to complete the assignment working in teams of 3 – 4 members. You need to obtain your lecturer’s approval as to the size and members of your team. Your team presentation will be limited to 10 minutes per group of 3 team (13 minutes for 4 team), and each member of the team must present a part of it demonstrating an understanding of the technical aspects being tested and individual oral presentation skills. A separate mark will be given to the team for the collective presentation. Minutes of team meetings must also by maintained and submitted with the assignment. Your team’s work must not be copied directly from any source; any work copied will result in a mark of zero. Submission details will be found in this assignment under “Team Cover Sheet Instructions”.
Please check the marking sheet for each part to ensure that you have followed all the guidelines for presenting your work and are aware of how you can score marks.
Please make sure that you follow the guidelines relating to the presentation of written work, late policy and academic integrity.
PART 1: (40 marks – Assessable value 10 marks)
Review the audited annual reports including financial statements presented to the shareholders in respect of the two companies noted below and answer the questions. Please note that if the weblink fails to open you may need to “right click” on it and use “open hyperlink” to access it.
(A) ANZ Bank Ltd: Financial year ended 30September 2016: Annual Report https://www.shareholder.anz.com/pages/annual-report-and-shareholder-review
(B) Wesfarmers Ltd: Financial Year ended 30 June 2016: Annual Report http://www.wesfarmers.com.au/docs/default-source/reports/2016-annual-report.pdf?sfvrsn=8
Questions to be answered by the team or group:
Assume that your audit team is responsible for planning the audits for both ANZ Bank Limited (year ended 30 September 2016) and Wesfarmers Ltd (year ended 30 June 2016) discuss your strategies in relation to the questions noted below –
1. (A). Identify at least three (3) inherent risks that you would have to consider for each company in the audit planning phase and justify your answer.
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