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Microsoft Word - HA3032 Group Assignment T1 2018.doc 1 | P a g e H A 3 0 3 2 G r o u p A s s i g n m e n t T 1 2 0 1 8 HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HOLMES INSTITUTE...

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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__________
Answered Same Day May 22, 2020 HA3032

Solution

Pulkit answered on May 27 2020
149 Votes
HA3032 AuditingTRIMESTER 1 / 2018
(
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HA3032 AuditingTRIMESTER 1 / 2018        Name of Student:                Student ID:    
Billabong International
Introduction –
This report is prepared for the purpose of audit program of Billabong International Limited is a company which is engaged in the business of wholesaling and retailing of surf, skates, snow and sports apparel, accessories and hardware over three key reporting segments i.e. the Asia Pacific, Americas and Europe. This report highlights the areas which are material and required detailed analysis by auditor and procedure which should be followed for the collection of evidence
.
Task -2
a) Business operations –
It is a surf company which is primarily a clothing retailer along with it is engaged in the business of wholesaling and retailing of skate, snow and sports apparel over three key areas The Asia Pacific, Americas and Europe. The Group
ands of the company include Billabong, Element, RVCA, Kustom, Palmers Honolua, Xcel, Tigerly and Von Zipper. The group operates 407 Retail stores for the year ended 30 June, 2016 and it also operates online retail e-commerce for each of its key
ands. It is incorporated in the year 1977 as Gordon & Rena Merchant Pvt, Ltd.
) Investment and Investment activities –
The major investment that the company makes is the investment in consumer durables that includes provides clothing apparels of skates, snow and sports apparel. The company also earns income from third-party royalties in other than three key areas.
The company primarily makes an investment in acquiring the retail chains which are engaging himself in a similar line of business as that of Billabong limited. The company primary income includes income by sale of clothing apparels in relation to skates, snow. The companies investment include property, plant, and equipment which land and building, furniture and leased plant and equipment which are used primarily for the purpose of business.
    
c) Financing and Financing Activities –
The companies financing activities include bo
owings for the purpose of the business which includes both short term and long term bo
owing which also include lease liabilities i.e. taking property, plant, and equipment for the purpose of business which includes both financial and operating lease. The loan is taken for the operations of the business and to continue them in an effective way. This state the bo
owings are raised and repaid and additional shares issued during the period are also reported here.
d) Financial reporting practices-
The financial statements of the company have been prepared on the basis of Australian accounting standards (AAS) and in compliance with corporation act, 2001. The financial statements have been prepared on the basis of historical cost convention, as modified by the revaluation of asset and liability which has been recorded at fair value through profit and loss. The management has also utilized critical accounting estimate in the preparation of financial statements. It has also into account International financial reporting practices (IFRS) for the preparation purpose. The presentation of items of financial statements should comply with the applicable standard and should be disclosed along with proper notes in relation to such items should be disclosed appropriately.
2) A Financial statement is prepared for the users of financial statement on the basis of which they are able to analyze the performance of the company. The analysis can be done on the basis of a various method which also includes ratio analysis and then the ratio is compared with the standard ratio in the industry which helps in comparison.
    Sr. No.
    Particular
    Explanation
    1.
     This ratio...
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