Objective of the Assignment paper:
Students are required to research the ASX Corporate Governance Principles and Recommendations and discuss how adoption of each ASX Corporate Governance principle, by the client company, will affect the auditor's risk assessment process, the audit approach, the audit strategy and audit evidence.
Assignment Outcomes:
1. Demonstrate an understanding of the auditor's professional, legal and ethical responsibilities to their clients and third parties
2. Understand the audit planning procedures, evaluate the business risk and assess the internal control
3. Prepare auditing procedures for transactions and balances by conducting control and substantive tests
Assignment Specifications:
This assignment aims to enhance students' critical thinking skills and higher order application abilities by researching the ASX Corporate Governance principles. Students will need to evaluate what the likely implications are for the auditor when the client company has adopted the ASX Corporate Governance principles in full.
The assignment structure must be as follows:
I) Holmes Institute Assignment Cover Sheet - Full Name, Student No., Campus, Session No.
II) 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.
III) 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.
IV) 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.
V) 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.
VI) Conclusion - A logical and coherent evaluation based on a thorough and an objective assessment of the research performed.
VII) 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.)
Assignment Topic - Auditors and Corporate Governance
Read the following extract from the Australian Accounting Review (AAR), which is a well-known and influential Accounting journal. As stated:
"Corporate governance is of growing importance in Australia, New Zealand and all over the world. Corporate governance interacts with auditing and it is useful to understand how corporate governance and auditing affect companies."
Source: Hay, David & Stewart, Jenny & Redmayne, Nives. (2017). The Role of Auditing in Corporate Governance in Australia and New Zealand: A Research Synthesis: Auditing and Governance in Australia and New Zealand. Australian Accounting Review. 27. 10.1111/auar.12190. (Australian Accounting Review 27(1) • August 2017)
Required:
With reference to the "ASX Corporate Governance Council's Corporate Governance Principles and Recommendations":
1) Identify and explain each of the eight ASX Corporate Governance principles and recommendations
2) Briefly explain what the likely effect of full adoption of each corporate governance principle and recommendation will have for the company
3) Explain how full adoption of the eight ASX Corporate Governance principles is likely to influence:
a) Risk assessment process
b) Audit approach
c) Audit strategy
d) Audit evidence
Resources and Reference Links:
1. Textbook: Gay & Simnett, Auditing & Assurance Services in Australia, 6th Edn, McGraw Hill Education, 2017
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