ACCT6006 Assessment 3 Group Case Study Page 1 of 6
ASSESSMENT BRIEF
Subject Code and Name ACCT6006 Auditing Theory and Practice
Assessment Assesment 3 - Case Study
Individual/Group Group (max of three students)
Length 2,200 words (+/- 10%)
Learning Outcomes a) Describe the nature of auditing and critically
evaluate the benefits and limitations of financial
statement audits.
) Explain the cu
ent legal and ethical responsibilities
of auditors including the application of the
Accounting Professional and Ethical Standards.
c) Explain the fundamentals of audit planning, audit
isk and materiality.
d) Demonstrate application of methodologies
involved in the provision of audit services.
e) Describe the process of compiling an audit report
and completing an audit engagement.
Submission By 11:55pm AEST/AEDT Sunday of Week 10
Weighting 25%
Total Marks 60 Marks
Task Summary
Students are required to work in the group with maximum of three members. The assessment is
designed to assess the subject learning outcomes above including students’ ability to research audit
elated issues and apply their knowledge to real cases. Students are expected to develop a
professional report addressing tasks within following areas:
i. Inheret risk identification
ii. Audit procedures in response to inherent risks identified
iii. Analytical review of the financial statemets with the purpose of identifying areas of concern
or comfort
iv. Susbtantive audit procedures addressing the identified risks
v. Audit report, its basis and legal issues
The report should include an Excective summary, Introduction, Body (covering all tasks) and
Conclusion.
ACCT6006 Assessment 3 Group Case Study XXXXXXXXXXPage 2 of 6
Context:
The case study requires students to work in a group and develop a professional report.
A key aspect in your group’s choice of format/layout should be to ensure you impart your key
messages effectively (i.e., complete the requirements) and efficiently (i.e., it should be succinct and
take into account the word limit).
The report should be coherent and consistency is expected throughout (e.g., formatting, language
style, linkages between the parts).
Note, groups who split up the requirements and work independently are likely to have more
difficulty accomplishing this objective compared to groups who work on each of the parts
collaboratively (i.e., as an ‘audit team’).
Referencing
It is essential that you use appropriate APA style for citing and referencing research. Please see more
information on referencing : http:
li
ary.laureate.net.au
esearch_skills
eferencing
Submission Instructions:
Complete all tasks and submit your answers electronically using the link on BlackBoard under
assessments overview and submission. Include the names and student ID numbers of the team
members on the assignment cover sheet. Only one version of the assessment is to be submitted on
ehalf of the group. Please ensure that your submission is in compliance with all of To
ens Policies.
http:
li
ary.laureate.net.au
esearch_skills
eferencing
ACCT6006 Assessment 3 Group Case Study XXXXXXXXXXPage 3 of 6
Instructions:
Review the audited annual reports including financial statements presented to the shareholders for
the following organisations:
ï‚· Telstra Corporation Ltd
ï‚· Woolworths Group Ltd
Assume that your audit team is responsible for planning the audits for both companies for the most
ecent financial year. Discuss your strategies addressing each of the tasks below:
1. Identify at least three inherent risks that you would have to consider for each company in the
audit planning phase and justify your answer. Cite the relevant ASAs/ISAs to support your
answer. XXXXXXXXXX10 Marks)
2. Which audit procedures and/or tasks would you have planned to ca
y out in response to
the inherent risks identified above? Cite the relevant ASAs/ISAs to support your answer.
XXXXXXXXXX12 Marks)
3. Ca
y out an analytical review on the financial statements of these companies in the planning
phase and identify areas of concern (high risk, problem areas) or comfort. Identify at least
three areas for each company and justify your answer. XXXXXXXXXX10 Marks)
4. Which audit procedures and/or tasks would you have planned to ca
y out in response to the
high risks or problem areas identified above? Alternatively, in relation to which area would
you have minimised your evidence gathering procedure? XXXXXXXXXX10 Marks)
5. Discuss ethical and legal responiblities/liabilities of the auditors in case they would have given
an inappropriate audit opinion. Discuss safeguards available to the auditors XXXXXXXXXXMarks)
Presentation quality and peer review XXXXXXXXXX3 Marks + 3 Marks)
The report should be coherent and consistency is expected throughout (e.g., formatting, language
style, and linkages between the parts).
Each group member is required to assess other members on the basis of collaboration and
contribution towards the assessment tasks. Please include the peer review commentary at the end
of your assessment after the conclusion section. Peer review marks have to be allocated in line with
the learning ru
ic placed at the end of the assessment
ief.
ACCT6006_Assessment Brief_Group_Assignment_Due_Week_ XXXXXXXXXXPage 4 of 6
Learning Ru
ic: Assessment ACCT6006 Case Study
Assessment Criteria
Fail
(Unacceptable)
0-49%
Pass
(Functional)
50-64%
Credit
(Proficient)
65-74%
Distinction
(Advanced)
75 -84%
High Distinction
(Exceptional)
85-100%
Knowledge and
understanding
(technical and
theoretical knowledge)
20 %
Limited understanding of
equired concepts and
knowledge.
Key components of the
assignment are not
addressed.
XXXXXXXXXX – 5.5 Marks
Knowledge or
understanding of the field
or discipline.
Resembles a recall or
summary of key ideas.
Often confuses assertion of
personal opinion with
information substantiated
y evidence from the
esearch/course materials.
XXXXXXXXXX – 7.5 Marks
Thorough knowledge or
understanding of the
field or discipline/s.
Supports personal
opinion and information
substantiated by
evidence from the
esearch/course
materials.
Demonstrates a capacity
to explain and apply
elevant concepts.
8 – 8.5 Marks
Highly developed
understanding of the field or
discipline/s.
Discriminates between
assertion of personal opinion
and information
substantiated by robust
evidence from the
esearch/course materials
and extended reading.
Well demonstrated capacity
to explain and apply relevant
concepts.
XXXXXXXXXX – 9.5 Marks
A sophisticated understanding
of the field or discipline/s.
Systematically and critically
discriminates between
assertion of personal opinion
and information substantiated
y robust evidence from the
esearch/course materials and
extended reading.
Mastery of concepts and
application to new
situations/further
learning.
XXXXXXXXXX -12 Marks
Evaluation of
information selected to
support the case study
60%
Limited understanding of
key concepts required to
support the case study.
Confuses logic and
emotion. Information
taken from reliable
sources but without a