ACCT2004: Legal Environment of the Commonwealth Bank - Control Risk Adequately - Accounting Assignment Help

Assignment Task:

Learning Outcomes:

1. Explain the professional, legal and ethical requirements and responsibilities of auditors and explore the significance of audit quality.

2. Illustrate an understanding of the audit process including risk assessment, response to assessed risks and audit reporting requirements.

3. Demonstrate an understanding of assurance engagements other than historical financial information and investigate the relevance of such engagements in the contemporary business environment.

Task Summary

This is an Individual Research Essay. Students are required to use IRAC method by Identifying Issues, Research, Analysis and Conclusion in research questions.

Context

This assessment helps in understanding following key areas of auditing and internal control:

• Understanding the professional legal and ethical requirements and responsibilities of auditors in the current business environment.

• Application of the fundamentals of audit planning, audit risk and materiality.

• Understanding of assurance engagements other than historical financial information and investigate the relevance of such engagements in the contemporary business environment.

Required: To construct an essay on the above topic and use the questions/issues as listed below as subheadings. The importance of each question/issue carries the same weighing.

1. a) In your opinion, do you think the Auditors of the Commonwealth Bank (EY) were negligent by not planning the audit properly and not familiarizing themselves adequately with the business and legal environment of the Commonwealth Bank? Discuss and provide reasons for your answer.

b) Do you think the Internal controls at the Commonwealth Bank were adequate if the system was unable to uncover and/or detect 57,000 counts of money laundering transactions? Did the auditors (EY) reviewed and assessed the Control Risk adequately? Discuss and provide reasons for your answer/s.

2. Did the shareholders of Commonwealth Bank (Bank) suffer any losses as a result of the money laundering allegations against the Commonwealth Bank? If the shareholders did suffer any losses, will they be able to institute a legal action against the Bank and/or the auditors (EY)? Did the shareholders of Commonwealth Bank subsequently institute an action against any parties as a result of the losses which they have suffered? Discuss and provide reasons for your answer/s.

3. In your opinion, did EY produce an appropriate auditors’ report for the year ending June 2018 in light of the above allegation? If not, why not? Discuss and provide reasons for your answer.

4. Present an argument of why a similar event is not likely to happen again. Your discussion should make specific references to how regulations (by ASIC and/or APRA) and auditing standards have changed since the issues were raised by the Banking Royal commission in Australia also stressing the importance of adequate audit planning and the audit risk model.

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