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Assessment 3Assessment Type: Case Study Assignment – group assignment. Maximum word limit of 2,500 wordsEach group will have between three and five students and to be formed by the students. Individual assignments are not allowed for this assessment and the group members will receive the marks based on their contribution.Purpose: The assignment is to be based on an ASX listed company. This assignment is to be completed in teams of three to five students. All students in a team must be from the same tutorial. The aim of the group assignment is to test students’ ability to integrate skills learnt in Auditing and Assurance Services to analyse a real company from the auditor’s perspective and within the framework of auditing standards. The successful completion of this assignment requires extensive research on a firm’s internal and external environments, operations, strategies and analysis of financial information.Students are expected to demonstrate their ability to critically evaluate various pieces of information and apply analytical skills to critically evaluate potential audit risks. An important aspect of the assignment will be to demonstrate your ability to present written reports in a professional manner, addressing key formatting requirements as specified in Question 3 below. This assessment contributes to learning outcomes a, b and c.Value: 20% Due Date: Week 11 (8.00 pm Monday of Week 11.)Submission: One copy per group, uploaded to Moodle and Turnitin.This assignment is worth 20% of the total marks in the subject and is a group assessment. Individual assignments will not be accepted. There are three inter-related requirements in this assignment.ACC300 AUDITING AND ASSURANCE SERVICES T220 02/07/2020 11:59 PAGE 9 OF 14?AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171AApproved by KOI Academic Board for T2 2020i /’ KOIKina’s Own instituteTopic: Client evaluation I Key Audit RisksTask details: As a team from the same tutorial, choose an ASX listed firm. Each team must research on a unique company. Report to your tutor as soon as you have chosen the firm. Once the choice is locked in by your tutor, no other teams in the subject (not just from the same tutorial) are permitted to pick your chosen firm.You are the team responsible for planning the forthcoming audit engagement for the year ending June 2019. You have been assigned to gather relevant background information and prepare a report for a meeting with your audit partner and audit managers. Your report must address the following issues.1. To demonstrate your understanding of the firm, provide a detailed description of how it conducts its operations. This must include a description of its revenue streams, products and services, business processes, competitive environment, strategies, management and governance. The appendix to ASA 315 will help guide your response. The information presented should be reflective of your in-depth understanding of how the company operates, not merely a summary of information from the annual report. [8 marks]2. List and explain three key audit risks which would impact on the audit of the firm. Include the account and assertion most affected by the risks identified. Be sure to link audit risks to their applicable business risks (from your research in sections 1 and/or other applicable research). [8 marks]3. Your assignment submission should be presented in a format as if it were to be presented to a meeting of senior auditors at your accounting firm and should be designed and laid out so as to most effectively impart your key messages. It should be succinct, and the use of diagrams, tables and graphs is encouraged. The report should also be coherent and consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). Note that groups who split up the questions and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively. Note, merely complying with the presentation guidelines will receive low marks for presentation. To gain full marks, student will need to present their assignment in a highly professional manner.[4 marks]Marking Guide: Research – extent and application 20%Analysis of the organisation 30%Recommendations/conclusions 40%Report presentation/referencing 10%This mark will be scaled to a mark out of 20 subject marks.
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