Microsoft Word - HA3032 Group Assignment T1 2018.doc
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HOLMES
INSTITUTE
FACULTY
OF HIGHER
EDUCATION
HOLMES INSTITUTE
FACULTY OF HIGHER EDUCATION
Group Assignment
HA3032 Auditing
TRIMESTER 1 / 2018
Instructions:
1. This assignment is to be submitted in accordance with the assessment policy, as stated in the Subject
Outline and in the Student Handbook.
2. It is the responsibility of the student, who is submitting the work, to ensure that the work is in fact
he
his own work. Incorporating another person’s work or ideas into one’s own work without
appropriate acknowledgement is an academic offence.
3. Students can submit all assignments for plagiarism checking (self-check) on Blackboard before final
submission in the subject. For further details, please refer to the Subject Outline and Student
Handbook.
4. Maximum marks available: 20 marks. (Weighting = 20%)
5. Due date of submission: Week 11
6. Assignment word length = 3,000 words
7. Please use the “Spelling & Grammar” and “Word Count” functions and include the actual no. of
words on the front page of the report.
8. Important Note: Please submit the Assignment through SafeAssign
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Format of the Report
1. You should at least have the following details:
a. An Assignment Cover Page clearly stating all of your members names and student numbers
. Brief Introduction or Overview of what the report is about.
c. Main Body of the report with sections to answer the above sections and with appropriate section
headings. Provide your responses in a table format.
d. Conclusion
e. List of References.
2. Ensure all diagrams and tables are clearly labelled and explained.
3. Ensure all materials used are co
ectly referenced.
4. Use page numbers at the bottom of each page of the assignment.
5. Use the co
ect in-text referencing, appropriate expression, co
ect grammar, spelling and
punctuation, 10-12pt font, appropriate word length and normal margins.
NOTE> Plagiarism will be severely penalised.
Learning Outcomes
9.1 - Identify and distinguish between tests of controls, substantive tests of transactions and
substantive tests of balances.
9.2 -Identify and understand when the auditor will undertake substantive audit procedures in response
to specific assessed risks of material misstatement.
9.3 - Understand how assertions relate to account balances
9.4 - Understand how to select the most efficient and effective combination of audit procedures that
allows them to achieve the audit objective
9.5 – active participation in an “audit team context” with professional group discussions
9.6 - Co-operation with fellow students to produce a joint deliverable on time and to a high standard.
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Group Assignment Theme:
Developing an Audit Program for a selected listed Company
The objective of this group assignment is to provide you with an opportunity to design an audit program
for a real world company and focus on the “Substantive tests of balances”, which involves substantiating
the ending balance of an account(s), which is comprised of multiple transactions, as at a certain year-end
date.
Introduction and Project Requirements
1. Students are required to form groups of three students and inform their session lecturer of their group
members by completing the “HA3032 T1 2018 Group Form details”.
2. If you have difficulties forming such groups, please contact your lecturer asap.
3. Each group of students will select, or have selected for them, a unique ASX listed company to use for
progressive analysis in this group assignment.
4. Final approval of the company/client - any company listed on the ASX and which has not already been
selected by another group - is required by your lecturer.
5. Prepare a detailed audit program Report [Minimum of 3000 words] for the client/company in a group
of 3 members.
6. Use publicly available online resources for research purposes.
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Detail Project Tasks: Developing an Audit Program for a selected listed Company
1. Select a listed company from the cu
ent ASX List.
2. Understand the nature of the entity and its industry, including the following items:
a. Business operations
. Investments and investment activities
c. Financing and financing activities
d. Financial reporting practices
3. Perform analytical procedures of the Statement of Financial Position and of Financial Performance
over the last three years using appropriate ratios and metrics. Select four key ratios and provide a
ief explanation in the report. This can be presented in a table format.
4. Discuss with your group members which account balances are considered “material”. Explain how
you calculated materiality for planning purposes and provide appropriate justification for your
decision-making.
(Note - Use a table format to structure your answers to questions 5, 6 and 7.)
5. Select up to ten different material account balances, at least five assets and five liabilities.
6. For each material account balance selected, list the relevant financial report assertions and explain
why the selected assertions are applicable to each account.
7. Design a comprehensive set of audit worksteps for each material account balance, which addresses
the selected assertions and which will result in sufficient and appropriate audit evidence being
collected for your selected client company. (Assume that a predominantly substantive approach is
eing adopted)
8. Refer to the following websites for further information and research processes:
http:
www.auasb.gov.au/Home, http:
www.asic.gov.au/, www.cpaaustralia.com.au,
http:
www.ifrs.org,
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HA3032 – AUDITING - T1 2018 Group Assignment Form Details
Please complete this form as soon as possible and provide one copy only to your lecturer. You will
select or be assigned a unique ASX listed company to review for this group assignment. It cannot be a
company which has already been selected by another group.
Group No._____ (Note - this will be assigned to you by the Unit Convenor)
Lecturer Name___________________________ (T1 2018) Session No.________
Campus Location_________________________ Date______________
Student Name Student No.
1. __________________________ ______________________________
Student Name Student No.
2. __________________________ ______________________________
Student Name Student No.
3. __________________________ ______________________________
Company Selected_________________________________________________________
Approved by Unit Co-ordinator_______________________ Date______________
Note – All students in the group, as listed above, are required to be active participants and all
members agree to co-operate in the interests of each other’s learning and educational development.
Each student has a responsibility to contribute equally to the completion of the group assignment and
submit one assignment only by the due date. If your group encounters major problems and issues,
which may prevent or delay completion of this assignment by the due date, student(s) need to inform
their lecturer immediately.
Signed____________________________ Date__________
Signed____________________________ Date__________
Signed____________________________ Date__________