ACC302: Auditing & Assurance- Case Study Assignment

Internal Code: MAS1298

Case Study Assignment:

Case Study: Students are required to form audit teams of 3 students (please get your lecturer’s prior approval to change the team size) and complete the questions noted in the assignment details section on the next page. A copy of the minutes of team meetings must be attached to the group assignment and submitted electronically as noted above. The team will also carry out a peer review for team work and award each member of the team a mark (include justification) which will be added to the lecturer’s assessment of the team to arrive at a mark for teamwork. Any work which has been copied or shared between teams or groups will result in a Fail grade for all students concerned. This assignment must be your teams own work and all members of the team will be awarded the same team mark. Your team’s work must not be copied directly from any source; any work copied will result in a mark of zero. Team Meetings The team should have a minimum of three meetings (the team may have as many meetings as they need to) and should maintain minutes of those meetings which should be included with the hard copy of your assignment as an attachment. Minutes should include - 1) Where and when the meeting was held 2) People present; absent; apologies 3) What was discussed and agreed on; 4) The follow up action relating to each member of the team; 5) Any other relevant matter, things you agreed or disagreed on etc. Each member will need to complete a peer review sheet (attached) for the other team members. An average of the mark awarded will be taken into the peer review marks for each person and will form the mark for your team work. Please note that you need to give a reason for the mark you have given your team members or you will lose half your team marks. Task Details: Review the audited annual reports including financial statements presented to the shareholders in respect of the company noted below and answer the questions. Please note that if the web-link fails to open you may need to “right click” on it and use “open hyperlink” to access it. 3. An Independent Auditor’s Report to the Members has been issued for the company: (A) Identify the type of audit opinion issued by the auditor, and justify your answer. (B) Do you agree with the type of opinion issued by the auditor? Why or why not? Please indicate an alternative audit opinion if you do not agree with the one issued. (C) Does the audit report conform to the different criteria according to the auditing standard? (D) Are there any other matters or events that have taken place after the issue of the audit report that strengthens or weakens the auditor’s opinion? 4. In relation to corporate governance research and justify your answer to the following questions- (A) Does the above company have any process relating to corporate governance? Under which section of the annual report would you expect to find information on it? (B) Does the company have an audit committee and does the audit committee have the correct composition? (C) In your team’s opinion, are audit committees of benefit to the auditor, the company, the auditing profession and/or society as a whole? Why or why not? Required: You are required to work as an audit team intending to present your findings to the Audit Manager (your lecturer): 1) Hand in a written version (one for the group) of your assignment, 2) Assess the contribution of each member in your team – scoring each one out of a maximum of 5 marks. Complete the peer review forms (one for each team member) and submit it with the written assignment. In Summary submit one assignment for the group. It should contain – 1) The group’s written response to the questions above; 2) A copy of the minutes of the group meetings 3) Peer review forms completed by each team member for all the other members.