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hi6026 audit

HI6026 Audit, Assurance and Compliance Assessment item 1

HI6026 – Audit, Assurance and Compliance

Assessment item 1 —  Individual Assignment

Due date: 11.00pm Friday Week 6

Weighting: 20%

Research Assessment:

Download  a  company  annual  report  which  is  listed  in  ASX  and  must  be  present  in ASX   S&P   300   index,   along   with   this   annual   report,   student   should   download corporate statement of same company.

Structure of your research report:

  1. Executive Summary of the assessment
  2. Focus in each  headline  the  implication  of  ASX  Corporate  Governance  Principles from  your  selected  company  (reference  link  B).  Conceptualize  and  explain  how  to your   selected   company   implements   ASX   CGC   principles   (read   carefully   from reference link A.3 and A.4 to follow)
  3. Risk assessment (When performing an audit, you use risk assessment procedures to assess the  risk  that  material  misstatement  exists.  This  step  is  very  important because the whole point of a financial statement audit is finding out if the financial statements are materially correct. How exactly do you assess audit risk?) There are various  steps  of  risk  assessment  procedures,  but  your  report  will  focus  mainly:

Recognizing    the    nature    of    the    company,    whats    the    companys    market overview?  Who  (if  anyone)  regulates  the  client?  Whats  the  companys  business strategy?   Computation   of   income   statement   and   balance   sheet   ratio,   and

Development of common-size financial statements and focus on relevant audit risk and potential steps to reduce risk (reference link C).

Additional Resources Reference link:



2. mendations-3rd-edn.pdf



  1. ASX CGS Principles:

The Principles and Recommendations are structured around, and seek to promote, 8 central principles:

  1. Lay solid foundations  for  management  and  oversight:  Your  selected  company should  establish  and  disclose  the  respective  roles  and  responsibilities  of  its  board and management and how their performance is monitored and evaluated.
  2. Structure the board to add value: Your selected company should have a board of an appropriate size, composition, skills and commitment to enable it to discharge its duties effectively.
  3. Act ethically and  responsibly:  Your  selected  company  should  act  ethically  and responsibly.
  4. Safeguard integrity in corporate  reporting:  Your  selected  company  should  have formal and rigorous processes that independently verify and safeguard the integrity of its corporate reporting.
  5. Make timely and balanced disclosure: Your selected company should make timely and balanced disclosure of all matters concerning it that a reasonable person would expect to have a material effect on the price or value of its securities.
  6. Respect the rights of security holders: Your selected company should respect the rights of its  security  holders  by  providing  them  with  appropriate  information  and facilities to allow them to exercise those rights effectively.
  7. Recognise and manage risk: Your selected company should establish a sound risk management framework and    periodically    review    the    effectiveness    of    that framework.
  8. Remunerate fairly  and  responsibly:  Your  selected  company  should  pay  director

hi6026 audit

remuneration  sufficient  to  attract  and  retain  high  quality  directors  and  design  its executive remuneration to attract, retain and motivate high quality senior executives and to align their interests with the creation of value for security holders

  1. Risk Assessment
  3. Assessing Risk   with   Analytical   Procedures:   Do   Systems-Thinking   Tools   Help

Auditors   Focus   on   Diagnostic   Patterns?O’Donnell,   Ed;  Perkins,   Jon   D.  Auditing; Sarasota    Vol.    30,    Issue.    4,     (Nov 2011): 273-283.


4. auditing/

Marks Allocation:

  1. Executive Summary – 2 marks
  2. Body of the report (ASX CGS Principles -8 marks and Risk Assessment Procedures-8 marks)
  3. Reference list, in-text citation – 2 marks

hi6026 audit

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hi6026 audit



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