ACCM 4400 – Team Assignment – Research And Presentation

ACCM 4400 – Team Assignment – Research And Presentation

Assessment Information
Subject Code: ACCM 4400
Subject Name: Auditing and Assurance
Assessment Title: Team Assignment – Research nd Presentatioan

Weighting: 25% comprising: Technical content 15% and
Professional Competency 10%

Note: Brisbane and Adelaide students must allow for time difference.

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: (2%): Team meetings and minutes
Part 4: (8%): 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.

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment
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.
(A) CBA Ltd: Financial year ended 30 June 2017: Annual Report
(B) JB Hi-Fi Ltd: Financial Year ended 30 June 2017: Annual Report
Questions to be answered by the team or group:
Assume that your audit team is responsible for planning the audits for both CBA and
JB Hi-Fi; 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.
(B). Which audit procedures and/or tasks would you have planned to carry out in response to the
inherent risks identified by you in (A) above? See the required format for your answers below
Suggested Format for Question 1(A) and (B):
Inherent Risk Justify Your
Answer

Assertion and Ledger
Account(s) Impacted

Audit Procedure/Task

2. (A). Carry out an analytical review on the financial statements of these companies in the planning
phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least
three (3) points for each company and justify your answer.
(B). Which audit procedures and/or tasks would you have planned to carry out in response to the
high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area
would you have minimised your evidence gathering procedure? See the required format for your
answers below
Suggested Format for Question 2(A) and (B):
Analytical
Review –
Area of
Concern
Identified

Justify Your
Answer

Assertion and Ledger
Account(s) Impacted

Audit Procedure/Task

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment
3. In relation to corporate governance, research and justify your answer to the following questions-
(A) Do the above companies have any process relating to corporate governance? Under which
section of the annual report would you expect to find information on it?
(B) Do the companies have an audit committee and does it have the correct composition?
(C) In your team’s opinion, are audit committees of benefit to the auditor, the company, the
auditing profession and/or society as a whole?
PART 2: (20 Marks – Assessable Value 5 Marks: not more than 350 words)
The website of Chartered Accountants Australia and New Zealand (CA ANZ) carries many articles on
Audit Quality which can be found at the link given below:

https://www.charteredaccountantsanz.com/member-services/technical/audit-and-assurance/audit-
quality

Your audit manager has requested your team to consider the concept of “Audit Quality” and how it
may impact on the audit of historical financial information.
In your own words (as a team) comment on the concept of Audit quality and as a team conclude as
to how important it is or isn’t when you carry out an audit; justify your answer. Please note it must be
your team’s opinion not a reproduction of any legislation, the article or a standard.
REQUIRED:
1. Complete the questions in Parts 1 and 2 and submit your answers electronically using the link
on the student portal under assessments overview and submission. Note to include the names and
student ID numbers of the team members and submit the assignment cover sheet for each team
member but submit just the one answer for your team under the team leader (identified in the
other team members cover sheet).
2. Part 3: Team Meetings – As a team you will conduct meetings and will have had guidance on
how to conduct meetings using an agenda and taking minutes etc. The team should have a
minimum of three meetings (the team may have as many meetings as they need to) and should
maintain agendas and minutes of those meetings. A copy of these documents should be attached
to your team submission. Please make sure that all members of the team sign the minutes of the
meetings in agreement to their accuracy. A pro forma is attached to this assignment forreference
3. Part 4: Group Presentation – prepare and present a group presentation of 10 minutes (13
minutes for 4 members) on all or some of the material you have researched in parts 1 and/or 2
above. All members of the group should be part of the presentation. Questions will be asked of the
group during and/or after the presentation to test your understanding of the material. Presentations
that exceed the time limit may be penalised.
Summary of Marks:
Parts 1 and 2: Written response 15 marks
Part 3 Teamwork – minutes 2 marks
Part 4 Team presentation 8 marks
25 Marks

A detailed marking sheet relating to requirements 1 and 2 and a marking rubric for requirement 3 is
also available and you should check them to ensure that you have followed all the guidelines for
presenting your work and are aware of how you can score marks

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment

AGENDA

Team Name: …………………………………………………………

Team Members: ……………………………………………………..

ITEM

Date @ Time
Location

Present/Welcome
Apologies
Minutes
Discussion/decision items

Any other business
Meeting closed
Next meeting

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment

MINUTES OF MEETING

Team Name: …………………………………………………………
Team Members: ……………………………………………………..

Date @ Time
Location

ITEM NOTES ACTION

Present/Welcome

Names of attendees. Name of Chair

Apologies

Minutes

Minutes of previous meeting accepted/not
accepted as an accurate record.

Discussion/decision
items

Summary of discussion and decisions Action to be
taken before
next meeting
and name of
person
responsible

Any other business
Meeting closed
Next meeting

MINUTES CONFIRMED . . . . . . . . . . . . . . . . . . . . . (SIGNED)
. . . . . . . . . . . . . . . . . . . . . (DATE)

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment

Team Work Cover Sheet

Team Number: ADE/BRI/MEL/SYD: ………………………………………………………………….
Team Name: ……………………………………………………………………………………………..

Student
Number

Student Name Indicate the
Team Leader

Instructions:
By the end of week 5
Team Number: In creating your team numbers please note to include the location and then your
team number; for example, ADE01Team or BRI01Team or MEL01Team…MEL02Team etc., or
SYD01Team. Please note to liaise with the lecturer on your campus to get unique team numbers.
Please finalise your team members and your team number with your lecturer by the end of week 5
at the latest. Inform them in class or by email.
Upon submission of the assignment
If you are not the team leader, then you are required to upload this cover sheet only, duly
completed to include all the names and student IDs of the team members. Individual members
should not upload copies of the assignment.
If you are the team leader, you must upload the assignment including this cover sheet. This
assignment will then be marked by the lecturer. The marks awarded will be the same for each
member of the team for the “team work” section of the assignment.
Please note that this cover sheet must match the with the team members you previously
informed your lecturer of, and must be the same for all team members.

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – TRIMESTER 2018: ASSESSMENT MARKING SHEET

Team Name: ……………………………………………..
Student
Number

Student Name Signature

Assignment:

Marks
Available

Marks
Awarded

Comment

Part 1: CBA Ltd and
JB Hi-Fi Ltd 40.00
1 Inherent Risks and procedures –
CBA Ltd

7.50

1 Inherent Risks and procedures –
JB Hi-Fi Ltd

7.50

2 Analytical Procedures and audit
procedures – CBA Ltd

7.50

2 Analytical Procedures and audit
procedures – JB Hi-Fi Ltd

7.50

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

3
Corporate Governance and Audit
Committees – CBA and JB Hi-Fi
(5 marks each)

10.00

Part 2 CA ANZ – Audit Quality

20.00
(a) Comment on the Article 7.00
(b) Your team conclusion 5.00
(c) Justify your team conclusion 8.00

Team Mark – written response 60.00
Technical Content – Assignment
(Value – 1⁄4 The Mark)

15.00

Team Presentation

Marks
Available

Marks
Awarded

Comment

Structure to presentation – clear,
concise, logical sequence, tone 5.00
Each presenter speaks well with good
oral presentation skills 5.00
Visual aids demonstrate findings and
assist in presentation 5.00
Technical content well handled 5.00

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

Team Mark – presentation 20.00
Team Presentation – Assessable 8.00

Team Minutes (see attached
sheet)

2.00

Professional Competency Mark 10.00
Assignment – Meeting processes and documentation 5%

6 HD 5 Dist 4 Credit 3 Pass 2 fail 1 Mark Awarded

Language and
presentation
25 marks
• Structure of
sentences and
paragraphs
• Vocabulary
• Spelling
• Presentation
• Referencing
• Tone
• plagiarism

Sentences and paragraphs
are well structured and
clear so the reader can
focus on what is written.
Vocabulary is professional,
appropriate and extensive
Grammar, spelling and
punctuation are flawless
Document professionally
presented in terms of KBS
guidelines
Precisely appropriate
tone for intended
audience
No plagiarism

Sentences and
paragraphs are mainly
well structured
Vocabulary is
comprehensive
Few errors in grammar,
spelling and punctuation
Document professionally
presented in terms of
KBS guidelines with few
exceptions
Appropriate tone for
intended audience
No plagiarism

Sentences and
paragraphs are
generally well
structured
Vocabulary is sound
Some errors in
grammar, spelling and
punctuation
Document presented in
terms of KBS
guidelines with few
exceptions
Mainly appropriate tone
for intended audience
No plagiarism

Sentences and
paragraphs are readable
but with grammatical
errors
Vocabulary is limited
Substantial errors in
grammar, spelling and
punctuation
Document presented in
terms of KBS guidelines
with some exceptions
Too formal or too
informal tone for
intended audience
No apparent incidents of
plagiarism

Meaning is unclear
Comments are poorly
structured and unclear
Many grammatical,
vocabulary and spelling
errors
Document poorly
presented and does not
comply with
Inappropriate tone for
intended audience
Evidence of plagiarism

Client 2 Agendas and
minutes
25 marks
• Structure
• Format

Agenda and minutes
conform with template
format.

Agenda and minutes
conform with template
format with minor
exceptions

Agenda and minutes
conform with
template format with
few exceptions

Agenda and minutes
conform with template
format with significant
exceptions

Agenda and minutes
do not conform with
template format
Summaries of meeting
discussions do not

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

Total /50

Summaries of meeting
discussions concisely
and clearly written
Evidence of processes

Summaries of meeting
discussions concisely
and clearly written in
most cases

Summaries of
meeting discussions
concisely and clearly
written with some
exceptions

Summaries of meeting
discussions lack clarity

provide appropriate
records

Overall Assessable Mark : / 5 marks

Summary of Assignment Mark

Comment:
Professional Competency Mark: ………/10
Total Mark for Assignment: ………/25

Category:

Description

Assessment Information
Subject Code: ACCM 4400
Subject Name: Auditing and Assurance
Assessment Title: Team Assignment – Research And Presentation

Weighting: 25% comprising: Technical content 15% and
Professional Competency 10%

Note: Brisbane and Adelaide students must allow for time difference.

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: (2%): Team meetings and minutes
Part 4: (8%): 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.

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment
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.
(A) CBA Ltd: Financial year ended 30 June 2017: Annual Report
(B) JB Hi-Fi Ltd: Financial Year ended 30 June 2017: Annual Report
Questions to be answered by the team or group:
Assume that your audit team is responsible for planning the audits for both CBA and
JB Hi-Fi; 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.
(B). Which audit procedures and/or tasks would you have planned to carry out in response to the
inherent risks identified by you in (A) above? See the required format for your answers below
Suggested Format for Question 1(A) and (B):
Inherent Risk Justify Your
Answer

Assertion and Ledger
Account(s) Impacted

Audit Procedure/Task

2. (A). Carry out an analytical review on the financial statements of these companies in the planning
phase and identify areas of concern (high risk or problem areas) or comfort. Identify at least
three (3) points for each company and justify your answer.
(B). Which audit procedures and/or tasks would you have planned to carry out in response to the
high risks or problem areas identified by you in (A) above? Alternatively, in relation to which area
would you have minimised your evidence gathering procedure? See the required format for your
answers below
Suggested Format for Question 2(A) and (B):
Analytical
Review –
Area of
Concern
Identified

Justify Your
Answer

Assertion and Ledger
Account(s) Impacted

Audit Procedure/Task

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment
3. In relation to corporate governance, research and justify your answer to the following questions-
(A) Do the above companies have any process relating to corporate governance? Under which
section of the annual report would you expect to find information on it?
(B) Do the companies have an audit committee and does it have the correct composition?
(C) In your team’s opinion, are audit committees of benefit to the auditor, the company, the
auditing profession and/or society as a whole?
PART 2: (20 Marks – Assessable Value 5 Marks: not more than 350 words)
The website of Chartered Accountants Australia and New Zealand (CA ANZ) carries many articles on
Audit Quality which can be found at the link given below:

https://www.charteredaccountantsanz.com/member-services/technical/audit-and-assurance/audit-
quality

Your audit manager has requested your team to consider the concept of “Audit Quality” and how it
may impact on the audit of historical financial information.
In your own words (as a team) comment on the concept of Audit quality and as a team conclude as
to how important it is or isn’t when you carry out an audit; justify your answer. Please note it must be
your team’s opinion not a reproduction of any legislation, the article or a standard.
REQUIRED:
1. Complete the questions in Parts 1 and 2 and submit your answers electronically using the link
on the student portal under assessments overview and submission. Note to include the names and
student ID numbers of the team members and submit the assignment cover sheet for each team
member but submit just the one answer for your team under the team leader (identified in the
other team members cover sheet).
2. Part 3: Team Meetings – As a team you will conduct meetings and will have had guidance on
how to conduct meetings using an agenda and taking minutes etc. The team should have a
minimum of three meetings (the team may have as many meetings as they need to) and should
maintain agendas and minutes of those meetings. A copy of these documents should be attached
to your team submission. Please make sure that all members of the team sign the minutes of the
meetings in agreement to their accuracy. A pro forma is attached to this assignment forreference
3. Part 4: Group Presentation – prepare and present a group presentation of 10 minutes (13
minutes for 4 members) on all or some of the material you have researched in parts 1 and/or 2
above. All members of the group should be part of the presentation. Questions will be asked of the
group during and/or after the presentation to test your understanding of the material. Presentations
that exceed the time limit may be penalised.
Summary of Marks:
Parts 1 and 2: Written response 15 marks
Part 3 Teamwork – minutes 2 marks
Part 4 Team presentation 8 marks
25 Marks

A detailed marking sheet relating to requirements 1 and 2 and a marking rubric for requirement 3 is
also available and you should check them to ensure that you have followed all the guidelines for
presenting your work and are aware of how you can score marks

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment

AGENDA

Team Name: …………………………………………………………

Team Members: ……………………………………………………..

ITEM

Date @ Time
Location

Present/Welcome
Apologies
Minutes
Discussion/decision items

Any other business
Meeting closed
Next meeting

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment

MINUTES OF MEETING

Team Name: …………………………………………………………
Team Members: ……………………………………………………..

Date @ Time
Location

ITEM NOTES ACTION

Present/Welcome

Names of attendees. Name of Chair

Apologies

Minutes

Minutes of previous meeting accepted/not
accepted as an accurate record.

Discussion/decision
items

Summary of discussion and decisions Action to be
taken before
next meeting
and name of
person
responsible

Any other business
Meeting closed
Next meeting

MINUTES CONFIRMED . . . . . . . . . . . . . . . . . . . . . (SIGNED)
. . . . . . . . . . . . . . . . . . . . . (DATE)

ACCM 4400 Auditing & Assurance
Trimester 1, 2018: Assignment

Team Work Cover Sheet

Team Number: ADE/BRI/MEL/SYD: ………………………………………………………………….
Team Name: ……………………………………………………………………………………………..

Student
Number

Student Name Indicate the
Team Leader

Instructions:
By the end of week 5
Team Number: In creating your team numbers please note to include the location and then your
team number; for example, ADE01Team or BRI01Team or MEL01Team…MEL02Team etc., or
SYD01Team. Please note to liaise with the lecturer on your campus to get unique team numbers.
Please finalise your team members and your team number with your lecturer by the end of week 5
at the latest. Inform them in class or by email.
Upon submission of the assignment
If you are not the team leader, then you are required to upload this cover sheet only, duly
completed to include all the names and student IDs of the team members. Individual members
should not upload copies of the assignment.
If you are the team leader, you must upload the assignment including this cover sheet. This
assignment will then be marked by the lecturer. The marks awarded will be the same for each
member of the team for the “team work” section of the assignment.
Please note that this cover sheet must match the with the team members you previously
informed your lecturer of, and must be the same for all team members.

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – TRIMESTER 2018: ASSESSMENT MARKING SHEET

Team Name: ……………………………………………..
Student
Number

Student Name Signature

Assignment:

Marks
Available

Marks
Awarded

Comment

Part 1: CBA Ltd and
JB Hi-Fi Ltd 40.00
1 Inherent Risks and procedures –
CBA Ltd

7.50

1 Inherent Risks and procedures –
JB Hi-Fi Ltd

7.50

2 Analytical Procedures and audit
procedures – CBA Ltd

7.50

2 Analytical Procedures and audit
procedures – JB Hi-Fi Ltd

7.50

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

3
Corporate Governance and Audit
Committees – CBA and JB Hi-Fi
(5 marks each)

10.00

Part 2 CA ANZ – Audit Quality

20.00
(a) Comment on the Article 7.00
(b) Your team conclusion 5.00
(c) Justify your team conclusion 8.00

Team Mark – written response 60.00
Technical Content – Assignment
(Value – 1⁄4 The Mark)

15.00

Team Presentation

Marks
Available

Marks
Awarded

Comment

Structure to presentation – clear,
concise, logical sequence, tone 5.00
Each presenter speaks well with good
oral presentation skills 5.00
Visual aids demonstrate findings and
assist in presentation 5.00
Technical content well handled 5.00

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

Team Mark – presentation 20.00
Team Presentation – Assessable 8.00

Team Minutes (see attached
sheet)

2.00

Professional Competency Mark 10.00
Assignment – Meeting processes and documentation 5%

6 HD 5 Dist 4 Credit 3 Pass 2 fail 1 Mark Awarded

Language and
presentation
25 marks
• Structure of
sentences and
paragraphs
• Vocabulary
• Spelling
• Presentation
• Referencing
• Tone
• plagiarism

Sentences and paragraphs
are well structured and
clear so the reader can
focus on what is written.
Vocabulary is professional,
appropriate and extensive
Grammar, spelling and
punctuation are flawless
Document professionally
presented in terms of KBS
guidelines
Precisely appropriate
tone for intended
audience
No plagiarism

Sentences and
paragraphs are mainly
well structured
Vocabulary is
comprehensive
Few errors in grammar,
spelling and punctuation
Document professionally
presented in terms of
KBS guidelines with few
exceptions
Appropriate tone for
intended audience
No plagiarism

Sentences and
paragraphs are
generally well
structured
Vocabulary is sound
Some errors in
grammar, spelling and
punctuation
Document presented in
terms of KBS
guidelines with few
exceptions
Mainly appropriate tone
for intended audience
No plagiarism

Sentences and
paragraphs are readable
but with grammatical
errors
Vocabulary is limited
Substantial errors in
grammar, spelling and
punctuation
Document presented in
terms of KBS guidelines
with some exceptions
Too formal or too
informal tone for
intended audience
No apparent incidents of
plagiarism

Meaning is unclear
Comments are poorly
structured and unclear
Many grammatical,
vocabulary and spelling
errors
Document poorly
presented and does not
comply with
Inappropriate tone for
intended audience
Evidence of plagiarism

Client 2 Agendas and
minutes
25 marks
• Structure
• Format

Agenda and minutes
conform with template
format.

Agenda and minutes
conform with template
format with minor
exceptions

Agenda and minutes
conform with
template format with
few exceptions

Agenda and minutes
conform with template
format with significant
exceptions

Agenda and minutes
do not conform with
template format
Summaries of meeting
discussions do not

ACCM 4400 AUDITING AND ASSURANCE

ASSIGNMENT – 3 TRIMESTER 2017: ASSESSMENT MARKING SHEET

Total /50

Summaries of meeting
discussions concisely
and clearly written
Evidence of processes

Summaries of meeting
discussions concisely
and clearly written in
most cases

Summaries of
meeting discussions
concisely and clearly
written with some
exceptions

Summaries of meeting
discussions lack clarity

provide appropriate
records

Overall Assessable Mark : / 5 marks

Summary of Assignment Mark

Comment:
Professional Competency Mark: ………/10
Total Mark for Assignment: ………/25