See the subject outline for information on the following:
1. Information about the presentation of written work;
2. Late assignment policy.
3. Academic Integrity
REQUIRED:
This assignment comprises three parts:
1. Written answers to a research case study involving two companies;
2. Written answers to a research question on a current area of concern in auditing;
3. A group presentation.
You are required to complete the assignment working in groups of 3 – 4 members.
You need to obtain your lecturer’s approval as to the size and members of your
group. Minutes of team meetings must also be maintained and submitted with the
assignment.

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Refer to study support skill resources which can be located under Academic
Success Centre/Library on the KBS student portal and please check the marking
guide to ensure that you have followed all the guidelines for presenting your work.
ACCM 4400
Auditing and Assurance
Assignment
Trimester 3, 2013
Group Assignment: Research and Presentation
Kaplan Business School is part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN
86 098 181 947 is a registered higher education provider CRICOS Provider Codes SA/QLD 02426B, NSW 02913J and VIC 02887F
ACCM 4400/3TRIMESTER2013/Assignment /MIR
– 2 –
PART 1:
Review the annual reports including financial statements presented to the shareholders
in respect of the two companies noted below and answer the following questions:
(A) Commonwealth Bank Annual Report 2013
https://www.commbank.com.au/content/dam/commbank/aboutus/
shareholders/pdfs/annual-reports/2013_CBA_Annual_Report_19_August_2013.pdf
(B) Rio Tinto Limited:
http://www.riotinto.com/reportingcentre2012/pdfs/rio_tinto_2012_annual_report.pdf
Questions to be answered by the group or team:
(A). If you had been the auditor of each company identify at least three (3) inherent
risks that you would have considered for each company in the audit planning phase?
Justify your answer
(B). What audit procedures and/or tasks would you have planned to carry out in
response to the inherent risks identified by you in 1 above?
(C). If you had carried out an analytical review on the financial statements of these
companies in the planning phase, what areas of concern (high risk or problem areas) or
comfort would you have identified? Justify your answer and identify at least three (3)
points for each company. (Hint: To answer this part you will need to carry out an
analytical review.)

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(D). What audit procedures and/or tasks would you have planned to carry out in response
to the high risks or problem areas identified by you in (C) above? Alternatively, in relation
to which area would you have minimised your evidence gathering procedure?
(E). An Independent Auditor’s Report to the Members has been issued for each company:
(a) Identify the type of audit opinion issued by each 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) 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?
(F). In relation to audit committees research and justify your answer to the following questions-
(a) Do the above companies have audit committees?
(b) Under which section of the annual report would you expect to find information on them?
(c) Do the companies have the correct composition in relation to audit committees?
(d) In your opinion, are audit committees of benefit to the auditor, the company, the
auditing profession and/or society as a whole?
Group Assignment: Research and Presentation
Kaplan Business School is part of Kaplan Inc., a leading global provider of educational services. Kaplan Business School Pty Ltd ABN
86 098 181 947 is a registered higher education provider CRICOS Provider Codes SA/QLD 02426B, NSW 02913J and VIC 02887F
ACCM 4400/3TRIMESTER2013/Assignment /MIR
– 3 –
PART 2:
The Australian Securities and Investments Commission (ASIC) conducts audit
inspection and surveillance programs. It also has an ASIC Financial Literacy
Program (2012 – 2013).
In your own words briefly explain (in not more than 600 words) –
a) What you see as the purpose or main aim of these three programs
differentiating between the inspection and the surveillance aspects of the program.
b) How the audit inspection and surveillance programs are managed and whether
they only impact on the large audit firms such as the Big 4
c) The way in which the Financial Literacy Program operates and how it is
managed. What are the five different basic financial principles covered in this
program?
d) Do you believe that these kinds of programs will be of benefit to the auditor, the
auditing profession and/or society as a whole? Justify your answer
You are required to:
1. Complete the above questions submit your answer electronically using the link on
the student portal under assessments and revision named Group Assignment . A
copy of the minutes of team meetings (noted below) should also be attached. Please
make sure that all members of the team sign the minutes of the meetings.
2. Group Presentation – prepare and present a group presentation of 10 minutes on
all or some of the material you have researched in parts 1 and/or 2 above. All
members of the group should be part of the presentation. Questions will be asked of
the group during and/or after the presentation – presentations will be held in the
week beginning 27 January 2014
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 detailing –
1) Where the meeting was held
2) People present; absent; apologies
3) What was discussed and agreed on;
3) The follow up action relating to each member of the team;
4) Any other relevant matter, things you agreed or disagreed on etc.
The team meeting minutes should be included with the hard copy of your
assignment as an attachment.

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