Auditing & Assurance MAC005


Auditing & Assurance

MAC005

Trimester 22020 ASSIGNMENT

Objective

MAC005 covers a range of important theory and practice of issues in Auditing & Assurance. The main purpose of this assessment is to provide students with the opportunity to extend their understanding and practical application in a key audit skill (Analytical Review Procedures) which are used throughout an audit and in practice have been deemed to be effective in highlighting potential earnings management issues.

The assessment will allow students the opportunity to prepare a “Key Audit Matters” report further enhancing their knowledge by applying the theory learnt to develop a practical document prepared on many audit engagements.

You will acquire a range of excel skills such as writing formulae to perform accounting analytics and summarising your results using pivot tables, graphs and slicers. Those skills will enable you to prepare an accounting analytics dashboard which will enable reviewers to understand your approach, analysis and conclusions.

You will be required to analyse the financial information of ABC Learning over the period 2000 – 2007 using Analytical Review techniques such as DuPont Analysis, Common Size, Trend Analysis and the Beneish M-Score models to identify:

  • any potential earnings manipulation
  • in which accounts and
  • for which years.

Once you have completed the analytical procedures you are required to submit a “Key Audit Matters Report” outlining the key material accounts which will require further investigation and the audit approach / procedures / assertions you believe will be appropriate given your analysis.

Students will be required to act as an Audit Senior involved in the Audit of ABC Learning who is completing the Audit Planning and is responsible for the effective Analytical review of the historical financials covering the years 2000 – 2007.

The results of your review will need to be summarised for your Audit Manager highlighting areas of concern and recommendations in terms of changes to the Audit Approach.

Section 1.0 Assessment Information

Marking Criteria: A marking rubric will be made available in the Moodle site.

Length: 1500-2000 words

Weighting: 25%

Assessment due: 31 July 2020 11:00pm (Friday in Week 11)

Type of Collaboration: Individual Assessment

Style and format: Submissions will be in the form of a report – specifically a Key Audit Matters Report. This assessment task must be word processed using Arial 11 font, double spaced with margins of 2cm.

UBSS uses the Harvard method of referencing.

Common Report Structure Guidelines:

Proposed Structure

1.0 Introduction

  • General statement: a sentence or 2 to orient the reader to the topic, which sets the context for the topic in a broad way
  • The purpose of the report
  • The auditing themes that are being explored
  • The standards / criteria that are being explored / applied
  • The reason why you are conducting this analysis (its significance)
  1. Ratio Analysis
  • What analysis was conducted i.e. summarise the nature and type of Ratio analysis conducted.
  • What were your key findings from the ratio analysis
  • What are the auditing implications from the ratio analysis
  • Are there any other implications
  • One main point or key idea per paragraph
  • Should link to the key areas of Audit Focus
  1. Risk Assessment and Areas of Audit Focus
  • This section summarises your risk assessment for each area of audit focus by identifying the account / area that is at risk, your assessment as to why it is at risk (your perspective based on the literature reviewed and ratio analysis conducted) and the audit work that is planned. It emphasises your JUDGEMENT.
  • This section can be provided in tabular form as suggested below:
Areas of audit Focus (Account / Area)Your Perspective (Why)Audit Work to be performed (Approach & Assertions covered)



4.0 Conclusion

  • Summarises the main points or arguments
  • Restates the major point of view (your answer to the question)
  • Includes no new information
  • Should not need references

Appendices (These are optional and can include any additional findings / materials that you believe are relevant)

References (Harvard Anglia compliant, if required)

Guidelines

  • You may find it useful to use the above structure as a starting point, however it is not mandatory
  • Answer the question directly
  • Develop an argument logically and coherently
  • Ensure all your arguments are based on sound evidence
  • Essay illustrates wide reading and a good understanding of the topic
  • Ensure all your arguments are concise and clear
  • Please refer to the attached RUBRIC (refer section 3) to self-assess how well your essay demonstrates the attributes of the targeted outcomes.

Assessment Submission: This assessment has been set up to be checked by Turnitin, a tool which helps you check whether you have reference correctly.

You can submit your assessment report to Turnitin prior to the due date and Turnitin will be you an originality report.

You may then make any changes that may be required and resubmit your final version by the due date.

IMPORTANT

Also the EXCEL SPREADSHEET with all relevant analytical review procedures conducted must be submitted via MOODLE (not Turnitin).

Please only fill in the ORANGE CELLS with the correct EXCEL FORMULA(numbers alone will not be accepted).

This will form 50% of your “Analysis” mark which is weighted at 30% (refer Rubric Section 3)

Section 2.0 Other Important Information

2.1 Plagiarism

Taking another person’s ideas, words or inventions and presenting them as your own without acknowledging your sources (citing or referencing), is plagiarism. Paraphrasing or rewording another person’s work, without acknowledging its source, is also plagiarism. If you are identified with plagiarism assessment mark will be zero.

2.2 Referencing

Correct referencing is important for two main reasons. The first is to enable the reader to access source material you have relied upon, should they care to. The other is to ensure that you have properly recognized the contribution of the work of others to your assignment. If you do not do this properly, you are engaging in plagiarism—the theft, intentional or otherwise, of the intellectual or creative work of others.

UBSS will not tolerate plagiarism. It is therefore important that you understand how to avoid it. It is important that you adopt a consistent, and adequate, referencing system. Reference system to be used Harvard Anglia.

Section 3. Analysis Rubric (100 marks reduced to 25)

CriteriaHD (100%)HD (>85%)Distinction (75-84%)Credit (65-74%)Pass (50-64%)Fail (40-50%)Fail (<40%)
Knowledge (25%)Demonstrated SOPHISTICATED knowledge and understanding.Demonstrated COMPREHENSIVE knowledge and understanding.Demonstrated a DETAILED and REASONED level of knowledge and understanding.Demonstrated SOME level of knowledge and understanding.Demonstrated a LIMITED but RELEVANT level of knowledge and understanding.Demonstrated a GENERAL level of knowledge and understanding.Lacked any real knowledge or understanding.
Judgement (25%)Presented a SOPHISTICATED and CRITICAL judgement with relevant supporting information which identified the judgement as ground-breaking.Presented a COMPREHENSIVE judgement with relevant supporting information.Attempted to present a reasoned judgement with relevant supporting information.Provided some relevant judgement with supporting information.Provided limited judgement with some relevant information.Provided some basic information.Did not provide any basic or relevant information.
Analysis (30%)SOPHISTICATED /CRITICAL analysis of each of the key issues identified (re Earnings Management) and impacts on audit strategy.
COMPREHENSIVE discussion of each of the key issues identified (re Earnings Management) and impacts on audit strategy.
Provided detailed and reasoned discussion of each of the key issues identified (re Earnings Management) and impacts on audit strategy.
Provided some detailed discussion on each of the key issues identified (re Earnings Management) and impacts on audit strategy.
Simple discussion of each of the key issues identified (re Earnings Management) and impacts on audit strategy.
Poor Evaluation or analysis.
Significant gaps in the analysis and lack of understanding of the issues.
Little or no evaluation or analysis.
Terminology (5%)Excellent use of specific and relevant terminology used throughout which was well integrated into the responseApplied specific and relevant terminology which was integrated in the responseApplied mostly accurate and relevant terminologyUsed some relevant and appropriate terminologyLimited use of relevant terminologyUsed little or inaccurate terminologyUsed no relevant and inaccurate terminology
Response (15%)Presented a sophisticated, logical and insightful response. Outstanding closing statement.Presented a sustained, logical and well-structured response. Conclusion intrinsically linked to all elements of the analysis conducted and provides a sophisticated closing statement.Presented a logical and structured response applying the Analysis structure points.Presented a logical response utilising some of the Analysis structure points. Conclusion linked to the analysis conducted.Presented a generalised and limited response. Conclusion somewhat linked to the analysis conducted.Presented an underdeveloped responsePresented an underdeveloped and incoherent response

Section 4. Selection of References

  1. http://www.smh.com.au/business/lessons-to-be-learnt-from-abc-learnings-collapse-20090101-78f8.html
  2. http://www.smh.com.au/business/numbers-finally-start-to-add-up-as-operators-go-back-to-basics-20110121-19zy6.html
  3. https://www.slideshare.net/rustamzalaldinov/abc-learningannualreport2007
  4. http://governanceforstakeholders.com/2012/12/28/the-abc-of-a-corporate-collapse/
  5. http://www.abc.net.au/news/2008-08-27/fast-eddy-leaves-abc-learning-investors-reeling/490536

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