Category | Assignment | Subject | Financial |
---|---|---|---|
University | University of Newcastle (UoN) | Module Title | ACFI3005 Auditing and Assurance |
Word Count | 3,000 words +/-10% |
---|---|
Assessment Type | Group Assignment 2 |
Assessment Title | Report |
Academic Year | 2025 |
Weighting: Worth 30% of final mark: 10% for in-class discussions, 15% for the final report, and 5% for the presentation.
Auditors generally work in groups to audit the financial reports of their clients. For this assignment, your group (as an audit team) will choose a company (your client) and conduct a preliminary risk assessment based on previous period financial reports and other relevant information.
Select a company listed on the Australian Stock Market or a large proprietary company. Please do not choose too big or complex a company, e.g. Woolworths, Coles, JB-HiFi, etc.
Find the latest available review report and two annual (full year) reports for your selected company. The review report will provide half year results. Each annual report will include an auditor’s report, financial statements (Statements of Financial Position, Profit or Loss, Cash Flows), and explanatory notes. Address these tasks:
Compare and contrast the two most recent auditor’s reports (i.e. the latest annual report and review report) by:
Provide an understanding of the client at the economy, industry, and entity levels by discussing at least two indicators for each category (e.g. entity level: major customers, importer/exporter, capital structure). From the understanding, identify six potential risks of material misstatement.
(You can use any items that are discussed in Topic 3 material, e.g. interest rates, industry competition, products, changes in major customers/suppliers, questions listed in the case study – Crest Outfitters in Chapter 3).
From the review report, project the half year result to full year result (by doubling the half year result). From the two annual reports, collect historical financial data for the latest available three years. Using the projected result and three-year historical data, address the tasks below
Do You Need ACFI3005 Assessment 2 Report of This Question
Order Non Plagiarized AssignmentPlanning Materiality: your audit firm dictates that one planning materiality amount (and percentage if necessary) is to be used for the financial statement as a whole. The planning materiality bases are as follows:
Base | Threshold (%) |
---|---|
Profit before tax | 5-10 |
Turnover | 0.5-1 |
Gross profit | 2.0-5 |
Total assets | 0.5-1 |
Based on the information collected and your risk assessment in Task 2:
select the base for planning materiality that you believe is most appropriate and provide three reasons justifying the base you have chosen.
calculate and suggest the planning materiality (amount and percentage) that you would use for the client.
Conduct analytical procedures, involving:
Discuss the results from Task 3 by highlighting six significant unusual or unexpected results (unusual variances or no variance) and identifying areas with high risk of potential misstatements. For each risk listed, identify key accounts and assertions that require attention in the new audit.(You can refer to the case study Crest Outfitters in Chapter 4, textbook pages 106-107 and other resources for further understanding.)
Considering all the work done starting from Task 1, conclude the overall level of risk and materiality of the firm and recommend the areas of audit focus for the coming year-end audit.
Companies and their annual reports can be searched by using:
Use feedback and comments provided to in-class discussions to work on the quality of the final report addressing all four tasks of the assignment.
Your report should be structured along the following lines:
Executive summary (should be one stand-alone page with no page number)
The key objective of the oral presentation is to enable you to demonstrate your work to the Course Coordinator. Each participant can speak for a maximum of three minutes and explain their part of the report and the key findings that related to their part of the work. The entire oral presentation for each group should NOT exceed 15 minutes.
Sometimes problems related to teamwork arise from differing perceptions among team members as to the worth of different types and level of contributions. The same mark for all members is not always fair as each individual brings different skills and different commitments to the task.
To address these issues, this course will use the Peer Assessment that allows you to provide formative feedback on each team member’s performance and your Course Coordinator to moderate each individual’s mark in the group assignment.
NO PEER ASSESSEMENT, NO MARK.
Participation in Peer Assessment is MANDATORY and students who do not undertake the Peer Assessment will be given a mark of zero for this assessment item. The Peer Assessment must be completed by Sunday (inclusive) of Week 11, using the link provided on Canvas.
Your essay and report should adopt the format illustrated in the “Gold Guide” available at
http://www.newcastle.edu.au/__data/assets/pdf_file/0005/149918/Gold-Guide-NBS-APA-Referencing-Resource.pdf
Word limits (as per the marking criteria) provide you with guidance. Try to control the word limit within -/+10%. When you go beyond this level, your work is either lacking depth or off topic, which is where marks are deducted.
Number every page.
Font size: 11 or 12.
Attach a completed Newcastle Business School cover sheet with the Turnitin submission, otherwise your report presentation will be penalised.
Notes:
The assignment must be attempted and completed in group and submitted to Turnitin by the due date. No individual work will be accepted.
You must control the similarity rate of your work within the green zone (around 25%). Turnitin reports can be used as evidence by the lecturer in the event that plagiarism is suspected in an assignment. Suspected acts of plagiarism will be forwarded to the Student Academic Conduct Officer (SACO).
Any assignment submitted late will be penalised at a rate of 10% per day of the possible maximum mark for the assignment for each day or part day that the assessment is late. Any assignment submitted more than five days after the due date will be awarded zero marks.
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