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Kent Institute Australia Pty. Ltd.
Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458
Version 2: 11th October, 2019 Page 1 of 6 TEQSA Provider Number: PRV12051
ASSESSMENT BRIEF
| COURSE: Bachelor of Business / Bachelor of Accounting | |
| Unit Code: | AUDT317 |
| Unit Title: | Auditing |
| Type of Assessment: | Assessment 3 – Group report (Maximum 4 members in a group) |
| Length/Duration: | 2500 words (excluding executive summary, table of content, heading & sub-heading, references, appendix & tables) |
| Unit Learning Outcomes addressed: |
1. Demonstrate a cohesive knowledge on the legislative and ethical requirements and responsibilities in completing and reporting on assurance and audit tasks. 4. Explain and exemplify audit sampling techniques, substantive tests of client’s transactions and balances including auditor’s reporting obligations. 5. Apply tools, techniques, and frameworks to specific audit contexts. 6. Distinguish any weaknesses in the internal control procedures and potential risk factors. 7. Learn how to conduct substantive tests of transactions and balances and design an audit strategy to address the risks of errors in the financial statements. |
| Submission Date: | Week 10 Friday 4.00 p.m. (Online Submission – Moodle) |
| Assessment Task: | Students are required to work in a group of 3 – 4 students in the performance of this written task. Students must register for their group with the lecturer during the first three weeks of the trimester and are not allowed to change group members afterward. Two assessment tasks will be covered in this assessment which carries 10% each. Ensure that both tasks are completed in one report. Please see the assessment description for more details. |
| Total Mark: | 100 |
| Weighting: | 20% |
Kent Institute Australia Pty. Ltd.
Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458
Version 2: 11th October, 2019 Page 2 of 6 TEQSA Provider Number: PRV12051
| Students are advised that submission of an Assessment Task past the due date without a formally signed approved Assignment Extension Form (Kent Website MyKent Student Link> FORM – Assignment Extension Application Form – Student Login Required) or previously approved application for other extenuating circumstances impacting course of study, incurs a 5% penalty per calendar day, calculated by deduction from the total mark. For example. An Assessment Task marked out of 40 will incur a 2 mark penalty for each calendar day. More information, please refer to (Kent Website MyKent Student Link> POLICY – Assessment Policy & Procedures – Student Login Required) |
ASSESSMENT DESCRIPTION:
Assessment Task 1 (10%)
Research
The aim of the group report 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 internal and external environments,
operations, strategies and analysis of the annual report and other relevant information, including 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 a written report in a professional manner. Details regarding the nature of
the assignment and its assessment will be provided in week 2.
Every group for this assignment is required to research for one case of corporate collapse and analyse how
auditors had failed to fulfil their responsibility professionally. You have to be clever and pragmatic in selecting
the case as some corporate collapses are not due to any audit failures.
Your case must have available information for desk research. You are required to explore and collect
information on the case to complete this assignment.
Additional research is also required for this task.
It is expected that your report will cover the followings:
a. Executive summary (for both of the tasks)
b. Brief introduction of the selected corporate collapse.
c. Auditor of the company collapsed.
d. An analysis of how have the audit procedures contributed to the collapse.
e. Comment on the auditor’s independence and professional and ethical behaviour within the case
discussed.
f. Amendments that have taken place in the auditing standards and principles since then.
g. Your recommendations for any other improvements in the auditing profession based on this collapse.
h. Conclusion.
Kent Institute Australia Pty. Ltd.
Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458
Version 2: 11th October, 2019 Page 3 of 6 TEQSA Provider Number: PRV12051
Assessment Task 2 (10%)
Scenario based question
Andrew and Mike are two audit seniors working for Ford & Associates. Both started employment with the audit
firm around the same time. They have mutual respect for each other; however, they have been highly
competitive since they commenced work together. Andrew has recently married and he and his wife are paying
off their mortgage. Mike is single with no commitments. They have both been seniors for almost two years and
are looking for promotion to audit supervisor. They are both aware that there is only one supervisor position
available. Andrew recently replaced Mike on the audit of Kent Ltd. The reason they were both given for the
change was that another assignment had arisen with a long-time client of Mike’s. Once Andrew had replaced
Mike on the Kent audit, he realised that the client had called the audit manager to say that they were not
impressed with Mike, as he had missed a number of issues within the audit and was arriving at work late. The
audit manager had not discussed these comments with either Andrew or Mike. After going through the work
that Mike had completed, Andrew realised that Mike had performed an excellent job, identifying a number of
issues that he thought he might possibly have missed. Furthermore, Andrew suspects that Mike and the client
had a personality conflict, and that the client has misled the audit manager. Andrew realises that he can finish
off the audit, resolve the issues and obtain a good review from this assignment, which would help him in the
promotion stakes. He also knows that the audit manager is unlikely to bring the client’s unsupported allegations
to Mike’s attention.
Work through this scenario using the American Accounting Association decision-making model.
[Adapted from Gay, Grant and Simnett, Roger (2015). Auditing & Assurance Services in Australia,
McGraw-Hill, 7th edition]
The best way to present your answer is following the steps of American Accounting Association decision-making
model. The key steps in AAA model has been mentioned for your reference.
a. Determine the facts.
b. Define the ethical issues.
c. Identify the major principles, rules and values.
d. Specify the alternatives.
e. Compare values and alternatives.
f. Assess the consequences.
g. Make your decision.
ASSESSMENT SUBMISSION:
This assessment is a group activity and students are required to work with their respective groups. No individual
submission will be accepted. You will not receive any marks for this assignment if your group members collectively
report against you for non-participation or non-cooperation. You have to nominate someone as your group leader
to coordinate the assignment submission.
Kent Institute Australia Pty. Ltd.
Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458
Version 2: 11th October, 2019 Page 4 of 6 TEQSA Provider Number: PRV12051
The assignment must be submitted online in Moodle and Turnitin. All materials MUST be submitted electronically
in Microsoft Word format. Other formats may not be readable by markers. Please be aware that any assessments
submitted in other formats will be considered LATE and will lose marks until it is presented in MS Word.
No paper based or hardcopy submission will be accepted. Our Academic Learning Support (ALS) team would be
happy to help you with understanding the task and all other assessment-related matters. For assistance and to
book one-on-one meeting please email one of our ALS coordinators (Sydney ALS_SYD@kent.edu.au; Melbourne
ALS_MELB@kent.edu.au).
For online help and support please click the following link and navigate Academic Learning Support in Moodle.
http://online.kent.edu.au/cms/course/view.php?id=437
MARKING GUIDE (RUBRIC):
ASSESSMENT TASK 1
| Marking Criteria | Lecturer Expectation | Marks | Comments |
| Executive summary | An overall view of the report. (For both of the tasks) |
3 | Recommended to write at the beginning. |
| Brief introduction of the selected corporate collapse |
A concise introduction expected. |
3 | Desk research recommended. |
| Brief explanation about the Auditor of the company that has collapsed |
A concise introduction expected. |
3 | Desk research recommended. |
| Research and analysis of how the audit procedures have contributed to the collapse |
External research on concepts relevant to collapse of the selected company should be included as part of the analysis. |
15 | Application of auditing principles and standards necessary to complete this section. |
| Comment on the auditor independence and professional and ethical behaviour within the case discussed |
APES 110 and relevant ethical principles should be stated. |
8 | Required to explore and collect information on the case to complete this section. |
| Amendments that have taken place in the auditing standards and principles since then |
Direct improvements that have taken place expected. |
5 | Desk research recommended. |
| Your recommendations for any other improvements in the auditing profession based on this collapse. |
Further recommendations from student’s perspective. |
4 | This area will focus on students’ innovative ideas for improvements. |
| Answer format | The report must be prepared to address the marking criteria. |
3 | All the relevant areas should be addressed. |
Kent Institute Australia Pty. Ltd.
Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458
Version 2: 11th October, 2019 Page 5 of 6 TEQSA Provider Number: PRV12051
ASSESSMENT TASK 2
| Marking Criteria | Lecturer Expectation | Marks | Comments |
| Determine the facts. | Key facts that relates to the case expected. |
5 | Recommended to practice similar questions before writing this section. |
| Define the ethical issues. | A Comprehensive explanation expected. |
7 | Read and understand ethical issues before writing this section. |
| Identify the major principles, rules and values. |
Describe major ethical principles, rules and values which relates to the case. |
10 | Refer lecture materials and other readings. |
| Specify the alternatives. | Identify and explain different alternatives. |
8 | Discuss within the group and find alternatives. |
| Compare values and alternatives. |
A detail comparison between the alternatives expected. |
7 | Evaluate and compare alternatives. |
| Assess the consequences. | All the possible consequences should be addressed. |
5 | Discuss within the group and assess possible consequences. |
| Make your decision. | Final decision should be clear and concise. |
3 | Please be clear writing this section. |
| Answer Format | Should apply the steps of AAA model. |
2 | Cross check with the original model before submitting the final assessment. |
| Conclusion | Summary of the report. | 3 | Final conclusion should be clear and concise. |
| Referencing | Kent referencing policy must be followed. |
6 | Please see ALS team if necessary. |
GENERAL NOTES FOR ASSESSMENT TASKS
Content for Assessment Task papers should incorporate a formal introduction, main points and conclusion.
Appropriate academic writing and referencing are inevitable academic skills that you must develop and
demonstrate in work being presented for assessment. The content of high quality work presented by a student
must be fully referenced within-text citations and a Reference List at the end. Kent strongly recommends you
refer to the Academic Learning Support Workshop materials available on the Kent Learning Management System
(Moodle). For details please click the link http://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606
and download the file titled “Harvard Referencing Workbook”. This Moodle Site is the location for Workbooks
and information that are presented to Kent Students in the ALS Workshops conducted at the beginning of each
Trimester.
Kent recommends a minimum of FIVE (5) references in work being presented for assessment. Unless otherwise
specifically instructed by your Lecturer or as detailed in the Unit Outline for the specific Assessment Task, any
paper with less than five (5) references may be deemed not meeting a satisfactory standard and possibly be failed.
Content in Assessment tasks that includes sources that are not properly referenced according to the “Harvard
Referencing Workbook” will be penalised.
Kent Institute Australia Pty. Ltd.
Assessment Brief ABN 49 003 577 302 CRICOS Code: 00161E RTO Code: 90458
Version 2: 11th October, 2019 Page 6 of 6 TEQSA Provider Number: PRV12051
Marks will be deducted for failure to adhere to the word count if this is specifically stated for the Assessment Task
in the Unit Outline. As a general rule there is an allowable discretionary variance to the word count in that it is
generally accepted that a student may go over or under by 10% than the stated length.
GENERAL NOTES FOR REFERENCING
References are assessed for their quality. Students should draw on quality academic sources, such as books,
chapters from edited books, journals etc. The textbook for the Unit of study can be used as a reference, but not
the Lecturer Notes. The Assessor will want to see evidence that a student is capable of conducting their own
research. Also, in order to help Assessors determine a student’s understanding of the work they cite, all in-text
references (not just direct quotes) must include the specific page number(s) if shown in the original. Before
preparing your Assessment Task or own contribution, please review this ‘YouTube’ video (Avoiding Plagiarism
through Referencing) by clicking on the following link: link:
http://moodle.kent.edu.au/kentmoodle/mod/folder/view.php?id=3606
A search for peer-reviewed journal articles may also assist students. These type of journal articles can be located
in the online journal databases and can be accessed from the Kent Library homepage. Wikipedia, online
dictionaries and online encyclopaedias are acceptable as a starting point to gain knowledge about a topic, but
should not be over-used – these should constitute no more than 10% of your total list of references/sources.
Additional information and literature can be used where these are produced by legitimate sources, such as
government departments, research institutes such as the National Health and Medical Research Council (NHMRC),
or international organisations such as the World Health Organisation (WHO). Legitimate organisations and
government departments produce peer reviewed reports and articles and are therefore very useful and mostly
very current. The content of the following link explains why it is not acceptable to use non-peer reviewed websites
(Why can’t I just Google?): https://www.youtube.com/watch?v=N39mnu1Pkgw
(Thank you to La Trobe University for access to this video).
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