1. This assignment is to be submitted in accordance with the assessment policy stated in the Unit Outline and Student Handbook.
2. It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence. Students should submit all assignments for plagiarism checking on Blackboard before final submission in the subject. For further details, please refer to the Unit Outline and Student Handbook.
3. Maximum marks available: 20 marks. Refer to marking rubric for marking criteria.
4. Assignment should be of 2,500 words. Please use “word count” and include this in the report. Presented in Calibri font size 12.
5. Due date of submission: Week 9, Friday at 12.59 p.m.
Topic: How is Enhanced Auditor Reporting being embraced in Australia?
Since 2016, there has been a strong push to improve the quality of audit reporting. Listed entities now have to report on “key audit matters” and improve the way material information is communicated using “plain English”. As mentioned in the CPA Australia podcast “How is Enhanced Auditor Reporting being Embraced around the Globe?” (available at CPA Australia website):
2 “The IAASB’s new auditor reporting requirements commenced in December 2016. Standard setters in many jurisdictions, including Australia and New Zealand, have issued the new requirements with the same effective date, whilst others have committed to issue the standards but have not yet done so. The UK have had similar requirements in place since 2013 and some firms in other countries have early adopted the IAASB’s requirements. Jim Sylph, Cochairman of the IAASB’s Auditor Reporting Implementation Working Group, and Merran Kelsall, IAASB member and AUASB Chairman spoke to CPA Australia about the uptake and impact of enhanced auditor reporting around the globe.
Download an annual report of an ASX listed company that is in the S&P/ASX 300 list. Review all the sections within the selected company’s annual report, which relate to the Auditor’s role in providing assurance over the entity’s financial statements and control environment. Students will need to review and analyse the following key areas included in the company’s Annual Report:
Auditor’s Independence Declaration
· Independent auditor’s report
· Non-Audit services performed by the Auditor
· Auditors’ remuneration
· Role, functions and composition of the Audit Committee
· Independent Auditors report to the members (shareholders)
· Review all Key Audit Matters noted and the associated audit procedures
· 3 Required: Based on your analysis of the auditors’ sections and other areas pertaining to the auditor, as included within the Annual Report, submit a report which summarises and evaluates the auditor’s assurance services performed for the client company.
As part of your review of the assurance services provided, consider the following:
Has the auditor complied with Independence requirements?
· If there were non-audit services provided, what was the nature of such
· services? Provide an analysis of th
· 4 What follow-up questions would you ask the Auditor at the company’s Annual
· General Meeting? Report Structure:
1. Executive Summary The Executive summary should be concise and not involve too much detail.
2. · It should make commentary on the main points only and follow the sequence
3. · of the report. Write the Executive Summary after the report is completed, and once you
4. · have an overview of the whole text. The Executive Summary appears on the first page of the report.
5. · 2. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. 3. Introduction – A short paragraph which includes background, scope and the main points raised in order of importance. There should be a brief conclusion statement at the end of the Introduction. 4. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting sentences with facts and evidence obtained from research and finish with a concluding sentence at the end. 5. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessment of the facts. Key information has been appraised from an analysis of the company’s annual report and supplementary research to support the final evaluation of the Auditor’s findings in the Annual report. 6. Appendices – Include any additional explanatory information which is supplementary and/ or graphical to help communicate the main ideas made in the report. Refer to the appendices in the main body paragraphs, as and where appropriate. 5 Additional Resources Reference Links: https:// www.charteredaccountantsanz.com/Auditor-Reporting-one-year-on (Enhanced reporting requirements review one year after introduction) https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/about/auditrisk-committee-charter.pdf (Sample Audit Committee Charter) https://www.intheblack.com/~/media/intheblack/allfiles/document/pdfdocuments/enhanced-auditor-reporting-questions-and-answers.pdf (Enhanced Auditor Reporting. Live Chat: Questions and Answers) CPA Australia Podcast web-page for illustrative purposes is shown below: 6 Assignment Marks Allocation: Executive Summary (4 marks) Main Body of the Report (8 marks) Conclusion (4 marks) Spelling and Grammar (1 mark) Presentation (1 mark) Reference and Citation (2 marks) Total 20 marks
Holding a PhD degree in Finance, Dr. John Adams is experienced in assisting students who are in dire need...
55 - Completed Orders
Canada, Toronto I have acquired my degree from Campion College at the University of Regina Occuption/Desi...
52 - Completed Orders
Even since I was a student in Italy I had a passion for languages, in fact I love teaching Italian, and I...
102 - Completed Orders
To work with an organization where I can optimally utilize my knowledge and skills for meeting challenges...
109 - Completed Orders
JOB OBJECTIVE Seeking entry level assignments in Marketing & Business Development with an organization...
202 - Completed Orders
Current work profile Project manager- The Researchers Hub (2nd Jan 2016 to presently working) Researc...
20 - Completed Orders
Sales Assistant, Mito Marina Assigned to the Stationery dept – assisted in merchandising, stock taking...
100 - Completed Orders
Personal Profile Dedicated and highly experienced private chauffeur. High energy, hardworking, punctua...
200 - Completed Orders
I'm Lizzy, full time education specialist in English, Essay Writing, Economics and Maths. Having Assi...
109 - Completed Orders