Homework help, Evaluate how revelations during the Royal Commission hearing would affect your audit plan. The link to relevant accounting standard (ASA315) follows

Questions

Following questions are based on AMP Limited with which you should be already familiar from your first assignment. This time however, you are required to analyse AMP Ltd from different angles. The questions you should answer are provided below. Please answer all questions in reference to AMP Limited and refrain from giving general answers.

(i) Evaluate how revelations during the Royal Commission hearing would affect your audit plan. The link to relevant accounting standard (ASA315) follows:
https://www.essaybishop.com/write-my-essay/auasb.gov.au/admin/file/content102/c3/ASA_315_Compiled_20
15.pdf

(ii) Identify two major audit risk areas for AMP, and explain why you have identified these accounts as being significant. Discuss the potential impact of the audit risk on the company’s financial statements; and detail the auditing procedures to verify the account balances impacted by the risk.

(iii) Identify two relevant general balance-related and two transaction-related audit objectives based on the finding from the risk factors in part (ii). The required audit objectives here must be specific to AMP and causal relationship with part iii) must be established.

(iv) From the findings of the Royal Commission, identify internal control weaknesses in the AMP’s present system of control and recommend appropriate mitigating controls to overcome the risks identified.

Marking Guide

Marks
1 Audit plan 4
2 Audit risk areas 5
3 Audit objectives 4
4 Internal control 5
Presentation 2
Total 20

Instructions for writing the report
You are required to write a business report addressing the following questions. Your report should include an introduction, conclusion, appropriate headings, and diagrams or graphs where appropriate. Report format includes a brief introduction, clear separate sections each discussing a different point and a final conclusion.

Your report should consist of the following sections:
• Assignment cover sheet (with full name, student ID, signature, and the part each student completed)
https://students.acu.edu.au/home/panels/administration/forms/assessment_and_ assignment_forms. You may submit cover sheets separately.
• Table of contents
• Introduction (an introduction to the issues you are to address in the report, sources you have used /analyses you carried out and a brief overview of the results).
• Table of contents
• Body (answers to questions)
• Conclusion(s)
• References

Checklist before submission:

• Typed using Microsoft Word in Ariel 12 points with double spacing • Displayed a one inch margin on all sides.
• Each question is numbered or is answered under an appropriate title
• Cover page is attached at the front of the assignment. The cover page can be downloaded from the following link:
• https://students.acu.edu.au/home/panels/administration/forms/assessment_and_ assignment_forms. You may submit cover sheets separately.
• Appropriately cite original work, author(s) etc. Citation and referencing must conform to Harvard referencing format both in the body of the paper and its attached reference section. https://leocontent.acu.edu.au/file/2029731d-68e2a1fd-10fa-
50310093b57f/1/Harvard%20Referencing%20System%20%28AGPS%29.pdf
• Assignment submitted via Turnitin.

Referencing
In your report you need to back up your ideas and statements by referring to scholarly literature. Therefore your understanding of appropriate referencing is essential not only to write reports during your studies but also in your professional career. Submitting work in whole or in part that is copied or paraphrased from other authors including students without correct acknowledgement is considered to be one of the most serious academic crimes.

Assessment rubric for Group Assignment

FAIL (0-49%) PASS (50%-64%) CREDIT (65%-74%) DISTINCTION (75%-84%) HIGH DISTINCTION (85% and over)
Unsatisfactory performance indicating inadequate and insufficient understanding and/or application of the subject matter; achieves few or none of the basic and higher-order intended goals for the assessment tasks; numerous substantive errors of fact, omission and/or application present; clear and unambiguous evidence of non-possession of most or all required skills; insufficiently demonstrated level of interpretive and/or analytical ability and intellectual initiative; inadequate level of competence. Satisfactory performance indicating adequate but incomplete or less well-rounded
understanding and/or application of the subject matter; achieves many basic but very few or none of the higher-order intended goals for the assessment tasks; several serious flaws or many minor ones; clear and unambiguous evidence of possession of an adequate level of an acceptable number of required skills; demonstrated adequate level of interpretive and/or analytical ability and intellectual initiative; adequate level of competence. Good performance indicating reasonable and well-rounded understanding and/or application of the subject matter; achieves all basic but only a few higher-order intended goals for the assessment tasks; a few more serious flaws or several minor ones; clear and unambiguous evidence of possession of a reasonable level of most required skills; demonstrated reasonable level of interpretive and/or analytical ability and intellectual initiative; reasonable level of competence. Very good performance indicating reasonably complete and comprehensive understanding and/or application of the subject matter; achieves all basic and most higher-order intended goals for the assessment tasks; some minor flaws; clear and unambiguous evidence of possession of a high level of required skills; demonstrated high level of interpretive and or analytical ability and intellectual initiative; high level of competence. Excellent performance indicating complete and comprehensive understanding and/or application of the subject matter; achieves all basic and higher-order intended goals for the assessment tasks; minimal or no errors of fact, omission and/or application present; clear and unambiguous evidence of possession of a very high level of required skills; demonstrated very high level of interpretive and/or analytical ability and intellectual initiative; very high level of competence.
Little flow
Many mistakes
Lack of proofreading
Poorly organised
Disconnected Somewhat organised Few obvious mistakes Good skills in expression and presentation Well-developed skills in expression and presentation Outstanding presentation
No mistakes of any kind
Logical format, smooth flow of ideas

LO2 LO3
&

Presentation

(Referencing, physical layout, line spacing,
page numbering, spelling, grammar)