Understand the audit planning procedures, evaluate the

Assignment Detail:- Auditors and Corporate Governance Purpose of the assessment -with ULO Mapping- 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- Learning Outcomes: 1- Demonstrate an understanding of the auditor's professional, legal and ethical responsibilities to their clients and third parties -ULO 2- 2- Understand the audit planning procedures, evaluate the business risk and assess the internal control -ULO 4- 3- Prepare auditing procedures for transactions and balances by conducting control and substantive tests -ULO 5- 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: 1- Holmes Institute Assignment Cover Sheet - Full Name, Student No-, Campus, Session No- 2- 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- 3- 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- 4- 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- 5- 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- 6- Conclusion - A logical and coherent evaluation based on a thorough and an objective assessment of the research performed- 7- 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": • Identify and explain each of the eight ASX Corporate Governance principles and recommendations• Briefly explain what the likely effect of full adoption of each corporate governance principle and recommendation will have for the company• Explain how full adoption of the eight ASX Corporate Governance principles is likely to influence:o Risk assessment processo Audit approacho Audit strategyo Audit evidence Resources and Reference Links: 1- Textbook: Gay & Simnett, Auditing & Assurance Services in Australia, 6th Edn, McGraw Hill Education, 2017 Video Presentations Students must use power-points slides with clear dot-points, noting the key information- The video presentation should be considered a professional business presentation, which would be viewed by colleagues in the Auditing profession- All students in the group must participate in the video or marks will be deducted- Video presentations should not exceed the 10mins time limit or marks will be deducted- Impressive video presentations may be played in class provided that consent is given- • Check the 8 Principles in ASX Doc • Take a Hypothetical Company and examples• 1 Principle - Talk about directors -Independent directors, Audit committee- • 2 Principle: Same as above and elaborate• 3rd Principle: Ethics and Integrity - example of what ethical behaviour should be • 4th Principle: Financial Reporting -Good IT system, reliability- • 5th Principle: Reporting, notes in financial statements with example• 6th Principle: Debenture and Shareholders needs to be protected -Agency Theory-• 7th Principle: Business Risk• 8th Principle: Remuneration -How do you ensure that a Sr- Manager are paid adequately-- Risks of a management bonus scheme -Fraud- • Audit Committee - How do you make a audit committee really good• Audit Quality • Provide examples of each• Internal Auditors - Explain -they are a part of control system- - Definition, role and example• Importance for risk management• Reduce Control Risk -Below the control risk the better it is -- explain this with example- Additional Points: • Will it improve the company if the company adopts to the ASX 8 principle and why????• How will it affect inherint, Control and detention risk• What is the audit strategy - Define and explain• Audit Evidence -Example and definition-• Audit Approach -Planning , Business Risk, Risk of Material Misstatement- ARf= IR*CR*DR• Risk Assessment - High, Medium, Low• Provide Intext Citation if you copy from the sources• Provide references -Harvard Style Referencing- • Max 6-10 references , you can use the ASX, CPA and Deloitte as references Attachment:- Principles-and-recommendations-rar
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