Subject Code: ACCM 4400
Subject Name: Auditing & Assurance
Assessment Title: Group Assignment: A Practical Audit Scenario
Weighting: 30% of overall subject mark
Total Marks: Written report (20 marks) + Video presentation (10 Marks) = 30
Learning Outcome 3:
Research, and apply theoretical aspects of financial accounting and reporting to practical scenario(s).
Work in teams (groups) of 3-4 members. You may discuss the selection of teams with your lecturer, who
may decide to allocate you into teams or he/she may decide to form teams using a random process.
You must notify your lecturer of your teams by the Monday of week 3 and be prepared to be allocated into
teams if the lecturer so decides. Any work which has been copied or shared between groups or teams will
result in a Fail grade for all students concerned. So please make sure that the answer to this team
assignment is your own work and not copied from any source. ACCM 4400: Group Assignment: A Practical Audit Scenario.
Team Meetings: The team should have a minimum of three meetings (the team may have as many
meetings as they need to) and should maintain minutes of those meetings which should be included with
the hard copy of your assignment as an attachment. Minutes should include –
1) Where and when the meeting was held
2) People present; absent; apologies
3) What was discussed and agreed on;
4) The follow up action relating to each member of the team;
The assignment should be treated as a team effort and not different questions being done by
The assignment will need to be submitted electronically through the student portal – use the link under
“Assessments” to submit the information. ACCM 4400: Group Assignment: A Practical Audit Scenario.
Answer the questions below, in a maximum of 2,000 words. Next summarise your findings in a 9-12 minutes’
video presentation with each team member presenting for 3 minutes.
Note that marks are also allocated for professional presentation, grammar and spelling.
Please check the marking sheet (included below) for each part to ensure that you have followed all
the guidelines for presenting your work. ACCM 4400: Group Assignment: A Practical Audit Scenario.
Please make sure you follow the guidelines noted in your subject outline especially those relating to
presentation, late policy and academic integrity.
Written Report (20 marks)
Your team has been assigned with the audit of AMP Ltd for the year ended 31 December 2017. Review
the audited annual reports including financial statements presented to the shareholders for the
company noted below and answer the questions
AMP Ltd – Annual Report 2017
1) Conduct an analytical review on the financial statements of this 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)
Audit Quality is an ongoing debate in the profession both locally and internationally. Recently, KPMG in
London was fined $4.3 million in regards to the audit of Quindell Plc. Similarly, in Australia the uproar of the
recent Banking Commission have also led to questioning the rigor of the auditing profession.
Using relevant academic journal, working paper series and publications made by the CAANZ and CPA
1) Explain your team’s understanding of the concept of Audit Quality (3 Marks)
2) Explain and identify at least 3 steps the accounting bodies have undertaken in Australia to improve audit
quality. (3 Marks)
3) As a team conclude how important it is or isn’t to maintain quality when you carry out an audit; justify
your answer (4 Marks)
VIDEO PRESENTATION (10 marks)
Each member of the group delivers a 3-minute presentation to the overall video presentation.
Each member takes the audience on a journey that chronicles their section of the written report.
There is evidence the group’s presentation has been rehearsed.
All group members have an active role to play in the presentation. ACCM 4400: Group Assignment: A Practical Audit Scenario.
Supplementary material, such as slides and visual aids, are of a professional standard.
This assignment is to be completed in teams of 3-4 students. 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. ACCM 4400: Group Assignment: A Practical Audit Scenario.
The assignment and video will need to be submitted electronically through the student portal – use the link
under “Assessments” to submit the information.
Instructions on the Assignment:
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). ACCM 4400: Group Assignment: A Practical Audit Scenario.
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. ACCM 4400: Group Assignment: A Practical Audit Scenario.
Penalties Regarding Referencing:
No in‐text referencing – deduct 1 marks
Some in text referencing only – deduct 1 mark
No reference list – deduct 2 marks
Incomplete reference list – deduct 1 mark
OTHER IMPORTANT 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. ACCM 4400: Group Assignment: A Practical Audit Scenario.
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. ACCM 4400: Group Assignment: A Practical Audit Scenario.
ASSIGNMENT TOTAL – 30 Marks
ACCM 4400 Auditing & Assurance
Trimester 3, 2018: Assignment Marking Sheet
Student ID Number Student Name
speaks well with good
oral presentation skills
and assist in
Technical content well
Total Mark 30.00. ACCM 4400: Group Assignment: A Practical Audit Scenario.