ACCT 20040 – AUDITING AND ETHICAL PRACTICE
WRITTEN ASSESSMENT TERM 1, 2014 – 30%
APPROXIMATELY 2500 WORDS
AEST MUST SUBMIT THROUGH MODULE VIA TRINITIN SOFTWARE
The subtle nature of corporate collapse ensures collapses are given wide attention in news media. Whilst some funds may be recovered from various parties that include the auditors under the regulatory system we adopt in Australia, investors are going to bear a significant share of losses suffered in corporate collapses.
Choose any 2 corporate collapse companies in the year 2011-13 from ASX 200(Public Listed Companies) and answer the following questions.
1. Locate the Annual Report of both the companies and their Unmodified Audit Report. Identify the major reasons of their collapse.
2. Identify any breach committed by the Auditors under the Corporations Act 2001 and APES 110- Code of Ethics for Professional Accountants.
3. Use analytical procedures to support your financial statement analysis and identify which were the major factors in collapse companies. For example- Liquidity issues or Long term debts.
4. Investigate the current situation of the auditors of your corporate collapse companies and what is the current civil/criminal penalty status.
5. Compare and contrast major auditor duties outlined under Corporations Act 2001 in Australia and Sarbanes Oxley Act 2002 in U.S.
6. Record all your group discussion on assessment and attached evidence as part of your assessment submission.
7. Use academic journals to support your answer.
ASSESSMENT MARKING CRITERIA
|
Requirements |
|
Marks |
|
Executive Summary |
Purpose, plan and indication of findings |
2 |
|
Requirements |
1) Identifying two Annual Reports and their Unmodified Opinion |
4 |
|
|
2) Identifying any breach committed by the Auditors |
3.5 |
|
|
3) Use of Analytical Procedures |
6 |
|
|
4) Status of penalty of Auditors. |
4 |
|
|
5) Compare and Contrast Corporation Act 2001 and Sarbanes Oxley Act 2002 |
3 |
|
|
6) Group Journal |
1.5 |
|
Conclusion |
Summary of findings and opinion |
2 |
|
Presentation |
Appropriate referencing- in-text and reference list. Grammar and punctuation. |
3
1 |
|
TOTAL MARKS |
|
30 |
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