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Group Assessment Details and Submission GuidelinesTrimester T3 2020Unit Code HI6026Unit Title Audit, Assurance and ComplianceAssessment Type Group AssignmentAssessment Title Assurance, Audit Fees and Good GovernancePurpose of the assessment (with ULOMapping) Students are required to explain demand of assurance, audit fees determination and application of ASX CGC principles. Students are required to analyse the root causes of demand for assurance and the pertinent issues from their selected company’s and then specify what measures can be taken by auditors in selecting audit fees and in other ways application of ASX CGC principles and ensure professional integrity, good governance and reputation.Learning Outcomes:• Demonstrate an understanding of the reporting requirements of auditing standards (ULO 1)• Demonstrate an understanding of the auditor’s professional, legal and ethical responsibilities to their clients and third parties (ULO 2)Weight 40% of the total assessmentsTotal Marks 40Word limit 3,000 words ± 500 wordsDue Date Group Formation: Please form the group by self-enrolling in Blackboard. There should be maximum of 4 members in a group. Email BBHelpdesk@holmes.edu.au for any issues with self-enrolling into groups.Assignment submission: Final Submission of Group Assignment: Week 10, Sunday 7th of February 2020 at 11:59 pm.Late submission incurs penalties of five (5) % of the assessment per calendar day unless an extension and/or special consideration has been granted by Student Services of your campus prior to the assessment deadline.Submission Guidelines • All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.• The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2cm margins on all four sides of your page with appropriate section headings and page numbers.• Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.Audit, Assurance and ComplianceAssignment Specifications PurposeThis assignment aims to enhance students’ critical thinking skills and higher order application abilities by researching and analyzing a demand for assurance, audit fees determination and good governance practice. Students will need to propose and document demand for audit and assurance services, explain techniques of determination audit fees and practical application of good governance.Students will have to research relevant academic literature, including related organisation websites and write in- text citations in this assignment. Additionally, they will demonstrate understanding and critical evaluation of the Australian financial governance reporting environment and its current regulatory framework, and recommend future directions to the Australian governance principles reporting regulators.Required Task:Part 1: Demand of adequate Assurance: (15 marks)In 2002, the audit firm Arthur Andersen collapsed following charges brought against it in the United States relating to the failure of its client, Enron. Some other clients announced that they would be dismissing Arthur Andersen as their auditor even before it was clear that Arthur Andersen would not survive.Required:a. Explain demand from audit and assurance services under Sarbanes- Oxley Act (2002)? (5 marks)b. Explain auditors understanding of corporate governance revision, update and arguments after SOX Act (2002)(10 marks)Part 2: Audit Fees Determination and ASX CGC Principles (20 marks)All companies are required to disclose in their annual reports the amounts paid to their auditors for both the financial report audit and any other services performed for the company.Required:a. Obtain a copy of a recent annual report (2019) from ASX Top 100 listed companies list (most companies make their annual reports available on the company’s website) and find the disclosures explaining the amounts paid to auditors. How much was the auditor paid for the audit and non-assurance, or other, services? Explain your understanding about demand and supply theories of audit fees from this company? (10 marks)b. Explain your selected company’s (same selected company from question a) application of ASX CGC principles using Corporate Governance Principles and Recommendations (4th Edition) was released on 27 February 2019?(10 marks)Source: https://www.asx100list.com/. You can choose any company from list. You DO NOT need any approval from Unit Coordinator.The assignment structure must be as follows:1. Holmes Institute Assignment Cover Sheet – Full Name, Student No., Contribution.2. 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 overviewof the whole text.• The Executive Summary appears on the first page of the report.3. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. Note this is excluded from the total word count.4. 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.5. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates onthe 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.6. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessmentof the research performed.7. 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 themain body paragraphs, as and where appropriate. (Note this is excluded from the total word count.Group Formation and Group AssignmentTo ensure that all students participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. You need to complete the following Group Assignment Task Allocation table, which identifies which student/students are responsible for the various sections of the assignment.Assignment Section Student/StudentsThis table needs to be completed and submitted with the assignment as it is a compulsory component required before any grading is undertaken. Students that are registered in a solo group are not required tofill this table.Both assessment items must be submitted on Blackboard. The written assignment must be in a reportformat and submitted through safe-assign prior to final submission. The originality percentage should be as low as possible. The written submission must be double-checked, edited and rephrasedif the originality percentage and plagiarism risk is noted as high, as per safe-assign.Marking CriteriaGroup Assignment Marking Criteria WeightingExecutive Summary 2%Introduction and Main Body of the Report 35%Overall Presentation (Report presentation, Correct referencing, consistency) 3%Total Weight 40%Academic IntegrityHolmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Sills link on Blackboard.Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.Table 1: Six categories of Academic Integrity breachesPlagiarism Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.Collusion Working with one or more other individuals to complete an assignment, in a way that is not authorised.Copying Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.Contract cheating Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.Data fabrication and falsification Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images.Source: INQAAHE, 2020Marking RubricExcellentHD Very Good D GoodC Satisfactory P UnsatisfactoryFExecutiveSummary(2 marks) Very effectively written synopsis with clear communication of the main points in a concise paragraph. Competently composed a strong synopsis. The main points are communicated well. Synopsis is well written with all the expected points raised. Synopsis is clearly written, but it is brief or has some errors. Synopsis is deficient and poorly written.Too brief.Main Body Excellent. Well There are valid There are valid Some Poorly organized;Including organised. Main points raised with points raised, organization; no logicalIntroduction points are logically a good argument paragraphing is main points progression;(35 marks) ordered; sharp / thesis noted, and the are there but beginning andsense of statement, points in the they are ending are vague.structuring and paragraphing is introduction are disjointed; No structure.arrangement of key noted, and the explained in Minor Lacks substance.information. points in the more detail structuring No researchSupporting details introduction are with supporting issues. noted.are specific to the explained in more evidence.main points and detail withadequate facts and supportingother evidence is provided and well- articulated. evidence.Referencing and Citation(3 marks) References are consistently correct using Harvard style. No missing citations. A strong reference list with relevant and credible sources used. Evidence of extensive research. References are consistently correct using Harvard style. No missing citations.References used are good, but not extensive. Generally correct referencing using Harvard style. More references required. SomeReferences are used, but not used consistently. Not enough research done. References are missing or do not comply withcorrect referencing style.
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