BUACC5935 Auditing and Assurance Services Semester 2, 2019 Group Assignment Contribution to overall assessment: 25% Due Date: Week 10 In recent years, the advancement in technology has led some to argue that these technologies may help in improving audit quality. For Former Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft, “audit quality has been a concern for a number of years now”. https://www.forbes.com/sites/insights-kpmg/2019/03/04/how-advanced-technologies-may-improve-audit-quality/#511282375632 https://www.abc.net.au/news/2019-08-06/audit-firm-failures-could-spark-enron-style-collapse-medcraft/11388164 https://www.afr.com/politics/federal/asic-to-name-and-shame-big-four-consulting-firms-over-audit-quality-20190806-p52efr https://www.pwc.com.au/press-room/2019/pwc-releases-balanced-scorecard.html Required: Discuss the issues raised over audit quality in the above excerpts. You also need to consider the way in which the *Restructured Code of Ethics may help in providing quality audits that serve public interest. *https://www.ifac.org/global-knowledge-gateway/ethics/discussion/how-new-ethics-code-will-affect-your-standards You need to support your discussion with suitable examples and relevant cases – both recent and past. Important: In developing your viewpoint, you need to examine the issues raised in the following material. These materials are a good starting point. They include: • Your textbook. • https://www.ey.com/en_gl/assurance/how-artificial-intelligence-will-transform-the-audit • Sikka, P., Filling, S.,Liew, P. (2009) -The audit crunch: reforming auditing-, Managerial Auditing Journal, Vol. 24 No.2, pp.135 – 155. • Sikka, P. (2009). Financial crisis and the silence of the auditors. Accounting, Organizations and Society, Vol. 34(6-7), pp. 868-873. To appreciate the multiple pressures on accountants and auditors, see: Helliar, C., & Bebbington, K. J. (2004). Taking Ethics to Heart. Institute of Chartered Accountants of Scotland. Please note: while the above reference is 15 years old and UK-based, the issues remain relevant in the Australian context. Please note the following: • Required format: Essay (Around 2 500 words) • The assignment is to comply with the University’s General Guide to Writing and Study Skills, General Guide to Referencing, and Assignment Layout and Appearance Guidelines. • Useful links: • http://federation.edu.au/__data/assets/pdf_file/0018/190044/General-Guide-to-Writing-and-Study-Skills.pdf https://federation.edu.au/__data/assets/pdf_file/0020/313328/FedUni-General-Guide-to-Referencing-2016ed.pdf https://federation.edu.au/__data/assets/pdf_file/0017/190043/General-Guide-to-Layout-and-Appearance.pdf • This is a group-assignment. Each group needs to have 2 to 3 members in it. Please organise yourselves into groups. • Please make sure that names and ID numbers of all group members are stated on the cover sheet of your submission. As this is a group assignment, each member of your group is awarded the same mark. Working in groups has its pros and cons. I am sure that you will hold constructive group discussions. In case of any disagreements, you will be able to resolve them in a reasonable way. There will be times when you may have to agree to disagree with each other. Invariably different group members bring different skills to a project; it is up to you to make the best of it. I believe one can learn a lot by discussing the issues with one’s colleagues. If you find your group members are “not pulling their weight” or there are problems with any member’s commitment, then please try to resolve those issues amongst yourselves. Open and honest communication always helps. If you are unable to resolve these issues, you are most welcome to see me and we will try to sort out the problems together. Do this as soon as possible and certainly before the due date. For some reason, if you do not wish to work in a group, please let us know. Please adapt the above to suit your style and your students! Thanks Geeta ***** BUACC5935, Auditing and Assurance Services Semester 2 – 2019, Group Assignment Bases of assessment F P HD Content – Identification of relevant issues. Research – Selection of relevant material. A demonstration of critical evaluation of the material. Expression of your viewpoint (and not a catalogue of quotes/ others’ ideas). Expression – clarity, style (formal and academic), coherence in writing, grammar, punctuation, spellings and sentence structure. A logical flow of argument at both the paragraph level and the overall text level. Use of supporting arguments. Use of literature to support the argument. Structure – Synopsis (Stated the topic, reflected main arguments and identified conclusions reached). Introduction (Provided background/contextual information; clearly introduced the essay topic; outlined the plan for addressing the topic). Discussion in appropriately linked sections and paragraphs. Conclusion (no new material; reiterated the main line of argument). Referencing procedure (within the text, and at the end of the text). Appropriately styled and punctuated bibliography. Overall Presentation – including cover page, line spacing, page numbering. GRADE: ~~~For this or similar assignment papers~~~
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