Professional Documents
Culture Documents
FACULTY OF
HIGHER EDUCATION
This assignment aims to enhance students’ critical thinking skills and higher order application abilities through
research and analyses of business risks including analytical procedure, assessment of audit risk, key financial
report assertions, going concern and audit committee role and governance practices.
Students will have to research relevant academic literature, including related organization websites and write in-
text citations in this assignment. Additionally, they will demonstrate understanding and critical evaluation of the
Australian conceptual framework for financial reporting and corporate governance mechanism including
regulatory framework, and recommend future directions to Australian financial reporting regulators in relation to
corporate governance principles and best practices.
Important note: You are NOT allowed to select your own companies. As a group you must complete this
assignment with the subject company that your group have been allocated. Your assignment will not be marked if
you use a different company to the one that you have been allocated, or you will be asked to resubmit your
assignment using the correct company. Students are not allowed to complete the assignment using the same
company as used by another group.
Go to the website of your subject company. Then go to the Investor Relations section of the website. This section
may be called: “Investors”, “Shareholder Information” or similar titles. In this section, find the company’s annual
report and other related reports. Download the firm’s latest annual report and other related information and
reports and save it to your computer. For example, these reports may be dated 30 June 2019 or 30 June 2020.
As a group assume that you have been appointed as the external auditors for your allocated company for the financial
year ending June 2019 or 2020, prepare a report to adequately address questions one, (1) to four (4) below which
are deemed to be important for the audit of your client.
1- Gain an understanding of the nature and uniqueness of your allocated company, its industry and the environment
in which it operates, then identify key business risks. After this is performed, critically assess where the risks of
material mis-statements could be in the financial report of your allocated company. You need to consider the
factors affecting both Inherent Risk and Control Risk. (8 marks)
2- Critically evaluate and examine key accounts of your allocated company which are likely to be materially at risk
for misstatements (indicate the key assertions at risk) and provide valid justifications for your claims. (8 marks)
3- Evaluate the going concern assumption of your allocated company and present an argument to indicate whether
it has been applied appropriately. Your argument must be supported by valid evidence. (8 marks)
4- Critically evaluate the nature and structure of the audit committee of your allocated company and outline how it
helps in enhancing the effectiveness of corporate governance mechanism. You need to critically evaluate the
audit committee with reference to the ASX Corporate Governance Principles and Recommendations. Your
evaluation should be supported by relevant literature. (11 marks)
1. Holmes Institute Assignment Cover Sheet – Full Name, Student No., Contribution.
2. Executive Summary
• The Executive summary should be concise and not involve too much detail.
• It should make commentary on the main points only and follow the sequence of the report.
• Write the Executive Summary after the report is completed, and once you have an overview of the
whole text.
• The Executive Summary appears on the first page of the report.
3. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. Note
this is excluded from the total word count.
4. 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.
5. 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.
6. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessment of the
research performed.
7. 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. (Note this is excluded from the total word count.
To ensure that all students participate equitably in the group assignment and that students are responsible for the
academic integrity of all components of the assignment. You need to complete the following Group Assignment
Task Allocation table, relevant evidence (authenticity of your assignment) which identifies which
student/students are responsible for the various sections of the assignment.
This table needs to be completed and submitted with the assignment as it is a compulsory component required
before any grading is undertaken. Students that are registered in a solo group are not required to fill this table.
Both assessment items must be submitted on Blackboard. The written assignment must be in a report format
and submitted through safe-assign prior to final submission. The originality percentage should be as low as
possible. The written submission must be double-checked, edited and rephrased if the originality percentage
and plagiarism risk is noted as high, as per safe-assign.
Marking Criteria
Academic Integrity
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to
maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to
comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If
you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer
or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through
the Study Sills link on Blackboard.
Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of
marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course
enrolment.
Data fabrication and Manipulating or inventing data with the intent of supportingfalse
falsification conclusions, including manipulating images.
Marking
Rubric
Holmes will be implementing as a pilot program a revised Harvard approach to referencing. The following guidelines
apply:
1. Reference sources in assignments are limited to sources which provide full text access to the source’s content for
lecturers and markers.
2. The Reference list should be located on a separate page at the end of the essay and titled: References.
3. It should include the details of all the in-text citations, arranged alphabetically A-Z by author surname. In
addition, it MUST include a hyperlink to the full text of the cited reference source.
For example;
P Hawking, B McCarthy, A Stein (2004), Second Wave ERP Education, Journal of Information Systems
Education, Fall, http://jise.org/Volume15/n3/JISEv15n3p327.pdf
4. All assignments will require additional in-text reference details which will consist of the surname of the
author/authors or name of the authoring body, year of publication, page number of content, paragraph where the
content can be found.
For example;
“The company decided to implement an enterprise wide data warehouse business intelligence strategies (Hawking
et al, 2004, p3(4)).”