Assessment Information Subject Code: ACC302 Subject Name: Auditing & Assurance Assessment Title: Assessment 3: A Practical Audit Scenario Weighting: 20% of overall subject mark Total Marks: Written...

Assessment Information Subject Code: ACC302 Subject Name: Auditing & Assurance Assessment Title: Assessment 3: A Practical Audit Scenario Weighting: 20% of overall subject mark Total Marks: Written report (20 marks) Due Date: Monday 20th May 2019 at 15.55 AEST Assessment Description Learning Outcome: 1. Explain the role of the auditor, the audit function and the scope of assurance services. 2. Explain auditing and assurance services in the context of the professional, ethical and legal environment of an audit. 3. Apply the different phases of the audit to practical scenarios. Work individually: This is an individual assignment. Any work which has been copied or shared between students will result in a Fail grade for all students concerned. So please make sure that the answer to this assignment is your own work and not copied from any source. Submission: The written part of the assignment will need to be submitted electronically through Turnitin – use the link under “Assessments” to submit your work. Required: Answer the questions below, in a maximum of 1,500 words. Submissions that exceed the word count by more than 10% will cease to be marked from the point at which that limit is exceeded. Note that marks are also allocated for professional presentation, grammar and spelling. Please make sure you follow the guidelines noted in your subject outline especially those relating to presentation, late policy and academic integrity. 1 ACC 302 Auditing and Assurance Assignment 3 Information Assignment details: Written Report (20 marks) PART A You will be assigned with the audit of one of the three companies listed on the ASX: Woolworths Group, JB HI FI Limited and Harvey Norman Holdings Limited for the year ended 30 June 2018. Review the audited annual reports including financial statements presented to the shareholders for your respective company and answer the questions: Woolworths Group: https://www.woolworthsgroup.com.au/icms_docs/195396_annual-report-2018.pdf JB HI FI Limited: https://investors.jbhifi.com.au/wp-content/uploads/2018/10/Annual-Report-2018-with-Chairmans-CEOs-Report.pdf Harvey Norman Holdings Limited: https://static1.squarespace.com/static/54803162e4b08e1b8a472201/t/5bad8412f4e1fcd2edb86 026/1538098250289/2018-Annual-Report.pdf 1) Conduct an analytical review on the financial statements of your respective company in the planning phase and identify areas of concern and how relevant accounts and assertions are impacted. Justify your answer. All calculations should be included as an appendix to the written report. (5 Marks) 2) You are now required to formulate the relevant audit procedures to respond to the areas of concern identified in Part (1) (5 Marks) PART B In relation to corporate governance research and justify your answer to the following questions: 1) Does your respective company have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it? (2 Marks) 2) Does your respective company have an audit committee and does the audit committee have the correct composition? (4 Marks) 3) In your opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole? Why or why not? (4 Marks) 2 ACC 302 Auditing and Assurance Assignment 3 Information OTHER IMPORTANT INFORMATION Assessment Description Required: Your lecturer will assign you one of the three companies listed above. This assignment is to be completed individually. All questions must be attempted. The assignment must be submitted before the above due date to avoid any late penalties. Please make sure you follow the usual assignment presentation guidelines especially those relating to presentation of written work, late policy and academic integrity. Submission: The assignment will need to be submitted electronically – use the link under “Assessments” to submit the information. Instructions on the Assignment: Referencing: As you will be using a company’s Annual Report as the basis for answering many of the questions asked in this assignment, you need to ensure that you acknowledge this in your assignment. In fact, any sources that you use need to be acknowledged in order to avoid plagiarism. Information on referencing can be found in the Guidelines for Referencing and Presentation at the Kaplan website using the following address: (https://elearning.kbs.edu.au/mod/page/view.php?id=128881). In‐Text Referencing and the Reference List: Sources of information must be cited both in the body of the text (in‐text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report, it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing. Penalties Regarding Referencing: No in‐text referencing – deduct 2 marks Some in text referencing only – deduct 1 mark No reference list – deduct 2 marks Incomplete reference list – deduct 1 mark 3 ACC 302 Auditing and Assurance Assignment 3 Information Policy on Late Submissions: Penalties will be imposed on late assignment submissions in accordance with following: Number of days late Penalty 1* - 9 days 5% per day for each calendar day late deducted from the total marks available. 10 - 14 days 50% deducted from the total marks available. After 14 days Assignments that are submitted more than 14 calendar days after the due date will not be accepted and the student will receive a mark of zero for the assignment(s). Note Notwithstanding the above penalty rules, assignments will also be given a mark of zero if they are submitted after assignments have been returned to students. *Assignments submitted at any stage within the first 24 hours after the deadline will be considered to be one day late and therefore subject to the associated penalty. ASSIGNMENT TOTAL – 20 Marks