FINANCE

Assignment

Semester 2, 2018

Advanced Auditing and Assurance (ACC5AAS)

Department of Accounting and Data Analytics

La Trobe University

This assignment is to be based on AMP Limited (ASX code-AMP).

The assignment is to be completed in groups of two (members need not be in the

same tutorial). The successful completion of this assignment requires extensive

research on AMP’s internal and external environments, operations and analysis of the

2017 annual report.

Weighting: 20% of Total Mark

Word Limit- 3,000 words (excludes title page, executive summary and reference list)

In relation to the word limit, +/-10% variation of the 3,000 words (2700 to 3300) is

acceptable.

Submission details

 The assignment is to be submitted via LMS through Turnitin, as per the

Subject Learning Guide.

 The due date for assignment is Wednesday September 19, 5.00 pm.

Late Submission

Submission made after the deadline will be marked late and penalty will be imposed

on the submitted work. Please refer to the Subject Learning Guide (pp. 6-7) for more

details.

Presentation Requirements

The assignment shall be presented in the following format:

1. A title page containing the title of the assignment, name and student numbers of

the group members, number of words in the assignment

2. A table of contents

3. An executive summary followed by the body of the assignment

4. A reference list

5. Each page must be numbered. Appropriate reference citations throughout the

assignment are expected.

Failure to meet the presentation requirements will incur a mark 5 mark penalty.

Assume that the audit for AMP Limited (AMP), a financial services company, will be

coming up for tender. You and your colleagues are required to prepare a client

evaluation report based on your research for the senior partners of your audit firm.

Your report should provide preliminary information as to whether or not the audit firm

should consider tendering for the audit of AMP.

You should conduct extensive research and perform an analysis of the annual report

of AMP for the year 2017 and any other relevant information that you have obtained

(Hint: company’s financial results, financial press and other business media).

In your report, you must address the following issues:

1. What are the areas in which AMP conducts its operations? (3 marks)

2. Which particular laws/regulations (other than financial related categories which

include legislation such as: Australian taxation laws, Corporation Act 2001 etc.)

affect AMP’s operations? You need to identify and describe at least FOUR

laws/regulations. (8 marks)

3. Identify and explain FOUR business risks that could have impact on the audit of

AMP. (8 marks)

4. Based on your business risk analysis and understanding of AMP group and its

environment, list and explain FOUR accounts to be at risk of material

misstatements. You also need to identify the key assertion at risk for each

identified account. (8 marks)

5. The recent Royal Commission highlighted a number of internal control

deficiencies and fraud perpetuated on AMP clients for an extended period of time.

These findings have serious ramifications for AMP. How will these findings affect

your tendering decision? (4 marks)

6. Based on your understanding of the client and assessment of the client’s business

and audit risks, would you undertake the audit? Why? (4 marks)

The answers for above questions should be reflective of your in-depth understanding

of how the AMP operates.

Total -35 marks Presentation requirements- 5 marks Grand total- 40 marks Final mark-20 marks

Group assignment –assessment sheet

Group No._________

Students IDs (i) ____________ (ii) ______________________ (iii) __________________

No. Marks Comments

1 Overview of the client’s operations

/3

2 4 laws and regulations*2

/8

3 4 business risks*2

/8

4 4 accounts of concern*2 /8

5 Royal Commission affecting the tendering decision

/4

6 Would you undertake the audit? Why?

/4

7 Presentation requirements (i) Title page and a table of contents (1 mark) (ii) An executive summary (1 mark) (iii) with in word limit (1 mark) (iv) Reference list & citations (2 marks)

/5

Total marks /40

Total marks /20

Less: Late submission

Final mark /20

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