Haynes Royal Commission - Accounting and Finance Assignment Help

Assignment Task:

This is an individual research assignment that consists of three parts.  In Part, A students will review the audit reports for 2018 and 2019 for three ASX companies (ANZ, Commonwealth Bank and NAB) and answer the questions below.  In Part B, students will review the findings of the Haynes Royal Commission into Financial Services and consider the impact of those findings on the future audit reports for the above companies. A conclusion that summarises what has been learned in Parts A and B is to be completed in Part C.  

Part A

Review the audit reports for 2018 and 2019 for ANZ, Commonwealth Bank and NAB. With reference to ASA 701, consider the Key Audit Matters (KAM’s) noted by the auditors and discuss:

• What has changed, for each company, between the audits of 2018 and 2019? Refer only to audit procedures.
• How does the description of KAM’s differ between audits undertaken by, KPMG, PWC and Ernst & Young for those three (3) companies?
• How well do KAM’s communicate key risks and audit procedures to the users of audited financial statements?  

Part B

Research the findings of the Haynes Royal Commission into Financial Services.  Then answer the following questions:

• To what degree have the KAM’s for each company for 2018 and 2019 reflected the risks arising from the findings of the Banking Royal Commission? In your opinion, has the Banking Royal Commission impacted or influenced the disclosures in the audit reports in 2019?
• A key concern that came out of the Banking Royal Commission to be addressed by the banks is their organizational culture.  Can organizational culture be audited by the external auditors, what is your opinion?  What audit procedures might they need to perform?  Had organizational culture matters been included in their KAM’s section for the 2019 audit reports? If not what’s your opinion, explain?

Part C

Write an overall conclusion that discusses what you have learned from the review of Key Audit Matters for the three (3) banks and refers to the Haynes Royal Commission. 
 

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