acct-20040-auditing-and-ethical-practice-written-assessment-term-1-2014-30

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ACCT
20040 – AUDITING AND ETHICAL PRACTICE

WRITTEN ASSESSMENT TERM 1, 2014 – 30%

GROUP WORK – 3 STUDENTS

APPROXIMATELY 2500 – 3000 WORDS

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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