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Assignment , Auditing

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Length: 2000 words
Submission method options
Alternative submission method
Task
Question 1 (5%)

Case:

Battersby and Associates Chartered Accountants is a successful mid-tier accounting firm with a large range of clients across Australia. During the 2015 financial year Battersby and Associates gained a new client, Medical Services Holdings Group (MSHG), which owns 100 per cent of the following entities:
Green Grass Hospital, a private hospital group
Green Gardens Nursing Home Pty Ltd, a private nursing home
Complete Cancer Care Limited (CCCL), a private oncology clinic that specialises in the treatment of cancer.
Year end for all MSHG entities is 30th June.

CCCL owns two relatively old linear accelerators used in radiation therapy. Recently radiographers using these linear accelerators have raised concerns that they have adverse radiation impacts on patients.

The CEO of CCCL, Adam Chase, has approached Belinda Battersby, the audit partner responsible for the financial report audit, about undertaking an engagement in respect of the linear accelerators. Adam has requested Belinda provide an opinion that the linear accelerators are fit for use. Adam pointed out that the CCCL audit is up for tender the following year and suggested that Battersby and Associates might like to take on the linear accelerators engagement without charging a fee as a gesture of goodwill.

Source: Adapted from the CA Program’s Audit and Assurance exam, December 2008.

Required
What should Belinda do? Use the Code of Ethics for Professional Accountants and the American Accounting Association (AAA) Model to help consider your response to this question.

The best way to present your answer is in a table as below:
American Accounting Association Model
Decision making process
1. Determine the facts
The facts are ...
2. Define the ethical issues

3. Identify the major principles, rules and values

4. Specify the alternatives

5. Compare values and alternatives

6. Assess the consequences

7. Make your decision



Question 2 (5%)

Good corporate governance reduces the audit risk. Independent directors have been recognised as critical to good corporate governance.

Task
Prepare a report for your fellow students that:
describes the current Australian recommendations for the inclusion of independent directors in a board of directors,
evaluates the continuing need for independent directors, and
identifies barriers to the effectiveness of the role of independent directors.
Rationale
This assessment has been designed to assess your ability to:
Be able to explain and critically evaluate influences on audit and assurance services including: Australian and international professional standards, statutory and common laws, regulatory bodies, and public expectations within a global market;
Be able to exercise critical and reflective judgment and appreciate the value of ethical practice.


Marking criteria
Question 1



Criteria
HD
Distinction
Credit
Pass
Use of critical and reflective judgment in ethical practice in the application of the AAA guide (4.5 Marks).
Complex and detailed application of the ethical decision guide demonstrating strong critical and reflective thinking the use of the guide. There are extensive relevant references to ethical and auditing standards.
Logical application of the ethical decision guide demonstrating coherent critical and reflective thinking in the use of the guide. There are a number of relevant references to ethical and auditing standards.
Minor problems with the application of the ethical decision guide. There are some relevant references to ethical and auditing standards.
Ethical decision guide partially applied including some references to ethical and auditing standards.
Professional communication
(Note: you are required to space between paragraphs; use Arial 10pt or TNR 12 pt; use 1.5 or double line spacing)
(.25 Marks).
Work contains distinct understandable statements with no errors. There is a sophisticated use of language.
Extremely well organised.
Content is structured in a manner that facilitates the reader’s understanding.
Work contains distinct understandable statements with minimal errors.

Answer is well organised.
Content is structured in a manner that facilitates the reader’s understanding.
Minor spelling, grammar and punctuation errors. Work shows evidence of proofreading.
Well-structured with one main idea or argument provided per paragraph arguments/ideas.
Some spelling, grammar and punctuation errors found but the work is readable and structured.
Work may include
too many ideas in one
paragraph.
Appropriate resources and correct referencing
(.25 Marks)
Used four or more sources.
All work has been referenced correctly as per APA (6th edn) requirements.
Used two or more sources.
All work has been referenced correctly as per APA (6th edn) requirements.
Used one or more sources.
All work has been referenced within the body of the answer and in the reference list, with some omissions or errors in terms.
No additional sources other than the text used.
Others’ work is not always acknowledged and there are a number of errors or non-compliance with the APA (6th edn).
Question 2



Criteria
HD
Distinction
Credit
Pass
Description of the current Australian recommendations for the inclusion of independent directors in a board of directors. (1 Mark).

A complete description of the current Australian recommendations for the inclusion of independent directors in a board of directors. In addition it may refer to recommendations from international jurisdictions that are relevant to the Australian context.
A complete description of the current Australian recommendations for the inclusion of independent directors in a board of directors.
A description of the current Australian recommendations for the inclusion of independent directors in a board of directors.
Some attempt to describe the current Australian recommendations for the inclusion of independent directors in a board of directors.
Evaluation of the continuing need for independent directors
(2 Marks).
A complex and highly detailed evaluation of the need for independent directors is presented.
A logical attempt to evaluate the need for independent directors is presented.
A good attempt to explain the need for independent directors is presented.
Some attempt to explain the need for independent directors is presented.
Identification of the barriers to the role of independent directors (1 Mark).
Identification of the range of barriers to the role of independent directors is presented demonstrating a deep understanding of the issues.
Identification of many of the barriers to the role of independent directors is presented demonstrating a good understanding of the issues.
A number of the barriers to the role of independent directors are presented.
Some attempt to identify the barriers to the role of independent directors is presented.
Professional communication using a business report format.
(Note: you are required to space between paragraphs; use Arial 10pt or TNR 12 pt; use 1.5 or double line spacing) (.5 Mark).

Work is in a report format and contains distinct understandable statements with no errors. There is a sophisticated use of language.
Extremely well organised.
Content is structured in a manner that facilitates the reader’s understanding.
Work is in a report format and contains distinct understandable statements with minimal errors.

Answer is well organised.
Content is structured in a manner that facilitates the reader’s understanding.
Work is in a report format. There are minor spelling, grammar and punctuation errors. Work shows evidence of proofreading.
Well-structured with one main idea or argument provided per paragraph arguments/ideas.
Some spelling, grammar and punctuation errors found but the work is readable and structured. Some attempt at a business report format.
Work may include
too many ideas in one
paragraph.
Appropriate resources and correct referencing
(.5 Mark).
Used four or more sources.
All work has been referenced correctly as per APA (6th edn) requirements.
Used two or more sources.
All work has been referenced correctly as per APA (6th edn) requirements.
Used one or more sources.
All work has been referenced within the body of the answer and in the reference list, with some omissions or errors in terms.
No additional sources (other than the textbook) used.
Others’ work is not always acknowledged and there are a number of errors or non-compliance with the APA (6th edn).
Presentation
The report should follow a statndard business report format, an example of which is included in the Resources section of the subject Interact site.

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