ACCT601 Auditing Assessment Artifact: Written Report

ASSESSMENT GUIDE
ACCT601 Auditing Semester 2, 2020
Impost Number 1
Impost Artifact: Written Noise
Weighting: 30%
Why this impost?
What are the types of employforce skills that I completeure realize upon completion of this
assessment?
Impost Aggravateview:
The object of the Impost Task 1 is to eliminate a student’s construction of the administrative and divine
aspects of auditing as courteous as how auditing can give to socially lawful outcomes and can inflame vile
cheerful and stewardship. The primitive impost to-boot gratuity to eliminate students’ construction of representationing /auditing
standards and the lawful framework.
Ascribable date: Week 6, Aug 31, 12 noon
Weighting: 30%
Length and/or coercionmat: 1,200 representations
Attainments outcomes assessed LO 1
Graduate attributes assessed GAs 2 and 5
How to present: Turnitin
• Opportunity to completeot precursory auditing recognition belowstandt into practice
• Exposure to real-life scenario
• The feedback from this impost completeure acceleration students to be cheerful to amobject any conceptual
misconstruction and completeot in after imposts
Skill Type
Developed dubious and analytical thinking x
Developed coercionce to explain compound collections ☐
Developed coercionce to work cogently with others ☐
Developed dependence to belowstand unconnectedly ☐
Developed written message skills x
Developed verbal message skills ☐
Developed recognition in the arena examine ☐
Developed work-akin recognition and skills x
2
Return of ordinance: Posted by Sep 14
Impost criteria: Rubric: look object of muniment
Context
Corporate robbery instances in UK, US, China and South Africa
Instructions
Where alienate and warranted, internet inquiry coercion (i) further postulates of the instances; and (ii) postulates and statistics of
auditing vocation in a province of your excellent, other than UK,.
Examine courteous the Weeks 1 to 3 belowstanding materials aidful on LEO.
Solution the questions in the Impost muniment, which are very biased.
Structure
1) Introduction
2) Examineion
a) Vile cheerful and stewardship
b) Australia’s Corporations Act 2001
c) ASAs
d) General analysis
3) Recommendations
4) Advertences
How do I present?
Impost 1 Dropbox on LEO.
Checkschedule coercion students to present concurrently with their ordinance
My presentted ordinance noise is amid the provisoed representation proviso ☐
I enjoy conceived advertences using provisoed advertencing name ☐
I enjoy amendly cited complete my sources and advertences ☐
I enjoy coercionmatted my noise as per the biasedations ☐
I enjoy checked my Turnitin noise to fix the homogeneousness noise is satisfactory and explainserviceable ☐
I completeure be serviceserviceable to afford the regularity output, if required by my lecturer to examination this my avow work (e.g shade dump
of my exploration and vindication of journal doctrines, anticipation.)

I enjoy completed establishment lection and checked coercion spelling and expression ☐
I enjoy presentted my work antecedently the ascribable date/opportunity ☐
3
Some Accelerationful Websites and Instrument
Please advert to (i) the Weeks 1 to 3 belowstanding materials aidful on LEO (including links to Australia’s Corporations
Act 2001 and ASAs); and (ii) the biased tutorial recording on the impost.
In another representation, complete instrument essential coercion the impost are aidful on LEO, other than (i) further postulates of the
cases; and (ii) postulates and statistics of auditing vocation in a province of your excellent, other than UK, where
alienate and warranted
Who can acceleration me?
1) Academic skills Unit (ASU)
Please investigate the Student Portal or the ACU’s LEO aspect, including the 24/7 on-demand examine prop service
2) National-Lecturer-in Arraign
3) Student Services Centre, AskACU, in each campus might to-boot be accelerationful in directions coercion countenance.
I’m having collections
Forms coercion production of opportunity coercion imposts, proper suspect and others are aidful at the link:
https://www.acu.edu.au/study-at-acu/how-to-apply/forms
Referencing
Complete advertencing should be in ACU Harvard name; besides if you are hereafter from another benefaction, you may select
to representation your accustomed advertencing name. If this is the instance you must declare at the summit of your advertence schedule what
referencing name you are using (e.g. APA, MLA, Chicago, anticipation).
Please fix your ordinance makes representation of in-text citations and a advertence schedule. Missing citations or advertences
is equiponderant to plagiarism.
Criteria
The ample criteria is compiled in a rubric, which can be endow on the restraintthcoming page/s.
Campus:
Name:
Brisbane, Melbourne, North Sydney, Strathfield
Philip Cheng
Office location: 532.6.17
Email: Philip.cheng@acu.edu.au
Telephone: 02 9739 2914
Contact: Preferred instrument of contact: Email. Response Opportunity: Amid 2 vocation days normally if referable
the selfselfsame day
4
Optional Student Feedback Request Proforma
Complete students completeure accept feedback on their impost inveterate on the rubric. If you would relish to acquire biased feedback
on this ordinance, expand in the restraintthcoming tserviceable and present it concurrently with your ordinance. Please spread in comments
environing detail feedback you are lookking as courteous as providing feedback on the impost to acceleration us in the regularity
of natural proficiency.
Questions
Student’s Response
What are the deep strengths of this work?
What areas scarcity proficiency in this work?
What do I scarcity to standpoint on to imexamination my
grade in the instant impost?
Provide deductive feedback on this
impost coercion proficiency.
5
Rubric coercion Impost Task 1 (30 marks)
Relevant LO/GAs Criterion (akin to
a solitary GA from
the akin LO –
one GA per criterion
Does referable meet
expectations
Meets
expectations
Exceeds expectations
NN PA CR DI HD
GA2
LO1
Influence = 10 marks
TL = 5
Attainments Stage: D
Implications of
apparent audits to
vile goog and
stewardship of
communities at enlightened
10 marks
Undeveloped
construction of the
implications of
apparent audits to
vile cheerful and
stewardship of
communities at
large
Basic
construction of the
implications of
apparent audits to
vile cheerful and
stewardship of
communities at
large
Developing
construction of the
implications of
apparent audits to
vile cheerful and
stewardship of
communities at
large
Discerning
construction of
the implications of
apparent audits to
vile cheerful and
stewardship of
communities at
large
Advanced
construction of
the implications of
apparent audits to
vile cheerful and
stewardship of
communities at
large
GA5
LO1
Influence = 20 marks
TL = 4
Attainments Stage: D
Purpose, kind and
benefits of apparent
audits to
shareholders and
business
communities at enlightened
20 marks
Undeveloped
construction of the
purpose, kind and
benefits of apparent
audits to
shareholders and
business
communities at
large
Basic
construction of the
purpose, kind and
benefits of apparent
audits to
shareholders and
business
communities at
large
Developing
construction of the
purpose, kind and
benefits of apparent
audits to
shareholders and
business
communities at
large
Discerning
construction of
the object, kind
and benefits of
apparent audits to
shareholders and
business
communities at
large
Advanced
construction of
the object, kind
and benefits of
apparent audits to
shareholders and
business
communities at
large
Semester 2, 2020
ACCT601 Auditing and Assurance Services
Impost Task 1: Individual Ordinance

Total Marks: 30 (Weightage: 30%)

Topic: Corporate Robbery vs Eyewitnesss

Cases

a) Carillion, United Kingdom, 2018

Construction hercules Carillion contracted below the influence of a £1.5 billion claim.

In May 2018, a UK parliamentary committee said its abolition was ascribable to “recklessness, hubris and avaricious.” Representationants KPMG, which earned £1.5 favorite a year from the Carillion representation, prisoner of rubberstamping figures that “misrepresented the verity of the vocation” as courteous as incurring a combat of cause ascribable to its work advising the pension contrivance.

b) Gupta, South Africa, 2018

Gupta Group, with vocation in mining, earnestness peregrination, essence, technology and instrument, contracted in February 2018,

KPMG faced very grievous animadversion aggravate work manufactured coercion the Guptas, with whom it had worked coercion 15 years until stepping davow in 2016, and was coercionced to conclusion a generally-knhave justification as courteous as withdrawing findings in a noise representationd as examinationimony in a police examine. Ex-KPMG eyewitness Jacques Wessels was afterly pregnant with inalienate direct and impost shuffle.

c) General Electric (GE), United States, 2018

At the source of 2018, it was announced that the Securities and Exchange Commission (SEC) was investigating its “aggressive representationing” practices, a examine that widened throughout the method of the year when in October 2018 its $22 billion non-cash arraign akin to acquisitions came below examination, with the Department of Fairness to-boot launching an examination. In June it was removed from the Dow Jones Industrial Average, the barely portion left of the restraintmer 1896 protest. John L Flannery stepped davow as Chairman and CEO. GE’s chaffer compute subvert by further than $200 billion aggravate span years.

The totaliance between the eyewitness KPMG and GE was picturesquely as “too cozy” – emblematic of the concerns environing choosing representationants with whom a assembly has “chemistry”.

d) Luckin Coffee Inc, China, 2020

Its Nasdaq-listed shares slumped 83% gone the assembly announced that its highest easy official and some belowlings may enjoy affected billions of yuan in sales coercion 2019. Representationing attached Ernst & Young posterior said it discovered the fabrications when it audited the attached’s financial statements.

Luckin Coffee Inc.’s consultation is lookking the restraintsaking of Chairman Charles Zhengyao Lu.

e) Huawei, China, 2019

In May 2019, U.S. authorities pregnant Chinese telecom hercules Huawei with closely span dozen illegal arraigns and sought betrayal of Huawei executive Meng Wanzhou from Canada.

The indictment completeeges Huawei sinful the U.S. and a global bank environing its totaliance with span subsidiaries, Huawei Device USA and Skycom Tech, to direct vocation in Iran. In 2018, President Donald Trump reinstated complete U.S. sanctions on Iran.

A second indictment completeeges Huawei stole technology from phone assembly T-Mobile representationd to examination smartphone durforce plus bound fairness and committed wire robbery.

Constitution of Impost

1) Introduction

Explain (i) the object of apparent auditing; and (ii) the totaliance between an eyewitness and an auditee.

2) Discussion

You might scarcity to inquiry further postulates coercion the instances scheduleed overhead to prop your solution.

Please fulfill each exception by an alienate distinction.

a) Examine the concepts of vile cheerful and stewardship, and then analyse whether KPMG, in the overhead instances, has failed to raise vile cheerful and stewardship with honor to (i) companies’ shareholders; and (ii) communities at enlightened, honorively.

Please incorporate the restraintthcoming constitution in your solution:

– Concepts of vile cheerful and stewardship

– KPMG’s encouragement vile cheerful and stewardship to shareholders

– KPMG’s encouragement vile cheerful and stewardship to communities at enlightened

b) Allot Australia’s Corporations Act 2001 to KPMG in the overhead instances.

Select span exceptions of the parliament from its proexamination (e.g. Division 5: Exception 324: Eyewitness order coercion scheduleed companies; Division 6 Exceptions 325, 327, 328, 329, 331: Appointment, dispersion and fees of eyewitnesss coercion companies).

Examine their planned objects, and examine whether they are cogent in preventing eyewitnesss from behaving relish KPMG had, viz. is the parliament cogent and does it enjoy a project commodities coercion its planned object?

Please incorporate the restraintthcoming constitution in your solution:

– Primitive exception: Planned object and project commodities

– Second exception: Planned object and project commodities

c) Allot Australia’s Auditing Standards, ASAs, to complete the overhead instances.

Select span exceptions (e.g. ASA 230 Audit Munimentation; ASA 240 The Eyewitness’s Responsibilities Relating to Robbery in an Audit of a Financial Noise; ASA 500 Audit Examinationimony) of the Australian Auditing Standards (ASA) from its protest.

Examine the aspects of eyewitness’s auditing work the exceptions intobject to organize, and whether they are adequate to uncaggravate the robbery as committed in the overhead instances, honorively.

Please incorporate the restraintthcoming constitution in your solution:

– Primitive ASA: Planned precept of eyewitness’s work and identity in revealing the robbery in each of the overhead five instances

– Second ASA: Planned precept of eyewitness’s work and identity in revealing the robbery in each of the overhead five instances

d) “Source with the abolition of Carillion and through to the abolition of Thomas Cook, the Financial Noiseing Council (FRC) UK was defenseless as a toothless chairman with a “parasitical totaliance” with the Big Four, facing its avow dissolution…

Major conclusions conceive the certainty that companies select their avow eyewitnesss, which instrument they go coercion those with a “cultural fit” or with whom they had “chemistry” rather than choosing a attached that was going to present the toughest examination. Another collection was provisoed excellent. In UK, the Big Four attacheds directing 97 per cent of the audits. There were worries that the standpoint of property could be confused by the certainty that 75 per cent of the Big Four’s enrichment came from other services including consulting.”

Examine whether you would suit with the overhead theory and concerns in a province of your excellent, other than UK. You scarcity to prop your solution with alienate postulates and statistics, as exemplified by what is supposing.

3) Recommendations

Suggest a reconstitute gauge in (i) administrative and divine direct of apparent eyewitnesss; (ii) parliament in reigning eyewitnesss; and (iii) auditing standards, honorively, in purpose of the overhead instances and concerns.

4) References

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