Assessment Type: Individual Project Assessment. Word Limit 2500 words + 10%
Purpose: The individual research project requires students assessment of real-life auditing issues through
a case study that links auditing theory, auditing practice and auditing performance. This assessment
relates to learning outcomes a, b and c.
Due Date: Week 10 – 11:59 pm Thursday of Week 10
Submission: Upload soft copy of Word .doc or .docx to Turnitin and Moodle via Kol’s Moodle subject
Topic: Research Individual Assignment
Task details: The new auditing standard AS A701 Communicating Key Audit Matters in the Independent
Auditor’s Report is developed
in the wake of the global financial crisis. This development is in response to
cals from shareholders to know more about the companies they invest in. Further, investors have also
requested earlier warnings of potential issues that may exist with respect to an entity’s ability to continue as
a Going Concem which resulted in the revision of ASA 570 (IS A 570) Going Concern.
Students are required to select and compare two industries in the Australian AS X Top 100 listed
corporation and assess the “areas of higher assessed risk of material misstatement, or significant risks
identified in accordance with AS A 315”, “significant auditor judgements relating to areas in the financial
report that involved significant management judgement” as well as “the effect on the audit of significant
events or transactions that occurred during the period” (Para 9 AS A 701). The summary report should
include data extracted from the General-Purpose Financial Report relevant to the material analysed.
The industry can be banking, mining, retail
, telecommunications, manufacturing or other industry available
on ASX Top 100.
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ACC707 AUDITING AND ASSURANCE T121 01/03/2021 14:12
*AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD ©
ABN: 72 132 629 979
Approved by KOI Academic Board for T1 2021
King’s Own Institute
Required: Students must include at least twelve references including applicable academic journals,
newspaper, professional accounting, auditing articles, auditing standard(s), Code of Ethics for Professional
Accountants. Word Limit: 2500 words + 10%. The report should include title page, executive summary,
table of contents, appropriate headings and sub headings, recommendations, reference list (Harvard-
Anglia style), attachments if relevant, single spaced, font Times New Roman 12pt.
The marking guide will be as follows:
30% Research – extent and application
Total mark will be scaled to a mark out of 20 subject marks.