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HI6026 Audit, Assurance and Compliance

HI6026 Audit, Assurance and Compliance

Trimester 2 2018

Individual Assignment

Assessment Value: 20% General Instructions:


  1. This assignment is  to  be  submitted  in  accordance  with  the  assessment  policy stated in the Unit Outline and Student Handbook.
  2. It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence. Students should submit all assignments for plagiarism checking on Blackboard before final submission in the subject. For further details, please refer to the Unit Outline and Student Handbook.
  3. Maximum marks available: 20 marks. Refer to marking rubric for marking criteria.
  4. Assignment should be of 2,500 words. Please use “word count” and include this in the report. Presented in Calibri font size 12.
  5. Due date of submission: Week 9, Friday at 12.59 p.m.


Topic: How is Enhanced Auditor Reporting being embraced in Australia?

Background and Context:

Since 2016, there has been a strong push to improve the quality of audit reporting. Listed  entities  now  have  to  report  on  “key  audit  matters”  and  improve  the  way material information is communicated using “plain English”. As mentioned in the CPA Australia podcast “How is Enhanced Auditor Reporting being Embraced around the Globe?” (available at CPA Australia website):

“The  IAASB’s  new auditor  reporting requirements  commenced  in December

  1. Standard setters  in  many  jurisdictions,  including  Australia  and  New Zealand,  have  issued  the  new  requirements  with  the  same  effective  date, whilst others have committed to issue the standards but have not yet done so. The UK have had similar requirements in place since 2013 and some firms in other countries have early adopted the IAASB’s requirements. Jim Sylph, Co- chairman  of  the  IAASB’s  Auditor  Reporting  Implementation Working  Group, and  Merran  Kelsall,  IAASB  member  and  AUASB  Chairman  spoke  to  CPA Australia about the uptake and impact of enhanced auditor reporting around the globe.”

<Note>   Refer   to   the   links   below   and   listen   to   the   podcast   before   you commence the assignment.

Research Assessment:

Download an annual report of an ASX listed company that is in the S&P/ASX 300 list. Review all the sections within the selected company’s annual report, which relate to the Auditor’s role in providing assurance over the entity’s financial statements and control  environment.  Students  will  need  to  review  and  analyse  the  following  key areas included in the company’s Annual Report:

Auditor’s Independence Declaration

Independent auditor’s report

Non-Audit services performed by the Auditor

Auditors’ remuneration

Role, functions and composition of the Audit Committee

Independent Auditors report to the members (shareholders)

Review all Key Audit Matters noted and the associated audit procedures


Based on your analysis of  the auditors’ sections and other areas pertaining to the auditor, as included within the Annual Report, submit a report which summarises and evaluates the auditor’s assurance services performed for the client company.

As part of your review of the assurance services provided, consider the following:

Has the auditor complied with Independence requirements?

If  there  were  non-audit  services  provided,  what  was  the  nature  of  such services?

Provide  an  analysis  of  the  Auditor’s  remuneration  in  a  table  with  prior  year comparisons.    Include    percentage    changes    and    explanations    of    the remuneration.

In relation to the key audit matters, which audit procedures were performed to provide assurance over each matter? Summarise and paraphrase each key audit  matter.  Correctly  classify  each  audit  procedure  listed  as:  tests  of controls, substantive tests of detail, substantive test of balances or analytical procedures.

Is there an Audit committee? Are there any non-executive directors on the audit committee? Is there an Audit Committee Charter? If so, summarise the main points of the charter including: the structure, function and responsibilities of the Audit Committee.

What type of Audit Opinion was expressed?

How  do  the  Directors’  and  Management’s  responsibilities  differ  from  the

Auditor’s responsibilities in relation to the financial report?

Were  there  any  material  subsequent  events?  If  so,  briefly  outline  them  and paraphrase and summarise how they were treated.

As   an   interested   third   party   stakeholder,   make   an   assessment   of   the effectiveness  of  the  material  information  reported  by  the  Auditor  in  your conclusion.

Consider  whether  there  is  any material  information  which  could be  missing, under-reported and/or not fully explained or disclosed in an effective way for the intended users?

What follow-up questions would you ask the Auditor at the company’s Annual General Meeting?

Report Structure:

  1. Executive Summary

The Executive summary should be concise and not involve too much detail.

It should make commentary on the main points only and follow the sequence of the report.

Write the Executive Summary after the report is completed, and once you have an overview of the whole text.

The Executive Summary appears on the first page of the report.

  1. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents.
  2. Introduction –  A  short paragraph which includes background, scope and the main points raised in order of importance.  There should be a brief conclusion statement at the end of the Introduction.
  3. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting sentences with facts and evidence obtained from research and finish with a concluding sentence at the end.
  4. Conclusion –  A  logical and coherent evaluation based on a thorough and objective assessment of the facts. Key information has been appraised from an analysis of the company’s annual report and supplementary research to support the final evaluation of the Auditor’s findings in the Annual report.
  5. Appendices –   Include any additional explanatory information which is supplementary and/ or graphical to help communicate the main ideas made in the report.  Refer to the appendices in the main body  paragraphs, as and where appropriate.

Additional Resources Reference Links:


(Enhanced reporting requirements review one year after introduction) risk-committee-charter.pdf (Sample Audit Committee Charter) documents/enhanced-auditor-reporting-questions-and-answers.pdf (Enhanced Auditor Reporting. Live Chat: Questions and Answers)

CPA Australia Podcast web-page for illustrative purposes is shown below:

Assignment Marks Allocation:

Executive Summary                                 (4 marks) Main Body of the Report                          (8 marks) Conclusion                                               (4 marks) Spelling and Grammar                             (1 mark) Presentation                                             (1 mark)

Reference and Citation                            (2 marks)

Total                                                        20 marks

<Note> Refer to the Individual Assignment Rubric below

HI6026 – Individual Assignment Marking Rubric

Criteria           weight                 Excellent                        Good                     Satisfactory              Sub-standard


Summary          4 marks

Very effectively written synopsis with clear communication of the main points. (4 marks)

Competently composed synopsis with the main points communicated. (3 marks)

Synopsis is clearly written, but it is brief or has some errors. (2 marks)

Synopsis is deficient and poorly written. Too brief. (1 mark)


Main Body


Introduction 8 marks

Excellent.  Well organised. Main points are logically ordered; sharp sense of structuring and arrangement of key information. Supporting details are specific to the main points and adequate facts and other evidence is provided and well – articulated. (7 – 8 marks)

Organised; but some main points are disjointed, incomplete or not correctly prioritised. Some details do not support the subject. (5 – 6 marks)

Some organization; main points are there but they are disjointed; Minor structuring issues. (3 – 4 marks)

Poorly organized; no logical progression; beginning and ending are vague. No structure. Lacks substance. No research noted. (1 – 2 marks)


Conclusion       4 marks

Very well composed conclusion with a clear and logical evaluation with conclusive and persuasive statements based on an intelligent assessment of the evidence acquired. (4 marks)

Conclusion is logical and an evaluation is made, but there is some lack of evidence or depth of analysis, which would have improved the overall persuasiveness of the report. (3 marks)

Conclusion is noted and an evaluation is presented, but it is lacking in sufficient detail or supporting evidence. Requires more analysis and some proof-reading. (2 marks)

Conclusion is poorly written with no evaluation and no logical coherence. No evidence of analysis. Poor effort. (1 mark)

Spelling and

Grammar           1 mark

No errors. Well proof- read. Clearly edited and refined prior to submission. (1 mark)

Only minor errors. Needs some editing. (0.75 mark)

Numerous minor errors. Not proof- read or edited effectively. (0.5 mark)

Numerous major and minor errors which distract from understanding and clarity. Not proof- read. Not edited. Academic English level is low. (0 mark)


Presentation     1 mark

Reference and Citation      2 marks

Very well formatted with sub-headings, page numbers, appendices, and effective use of tables/graphics (1 mark)

References are consistently correct using Harvard style or APA style. No missing citations. A strong reference list with relevant and credible sources. (2 marks)

Formatting is well set out and clear, but there are minor issues in sub- headings, page numbers, appendices and/or graphics. (0.75 mark)

Generally correct referencing using Harvard style or APA style. Lacks references. (1.5 marks)

Formatting is coherent and clearly structured, but page numbers are missing or subheadings or contents page is

brief (0.5 mark)

Some References are used, but not used consistently. Not enough research. (1 mark)

No formatting or lack of structuring. (0 mark)

References are missing or do not comply with correct referencing style. (0.5 mark)

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