HI6026 Audit, Assurance and Compliance Group Assignment T3 2019 1
HOLMES INSTITUTE
FACULTY OF
HIGHER EDUCATION
Group Assessment Details and Submission Guidelines
Trimester T3 2019
Unit Code HI6026
Unit Title Audit, Assurance and Compliance
Assessment Type Group Assignment and Group Video Presentation
Assessment Title The Demand for Assurance and the Benefits of Assurance Services
Purpose of the
assessment (with ULO
Mapping)
Students are required to research the factors which create the demand for assurance
and consider the benefits of assurance for key stakeholders, including those employed
by the client company as well as the general public at large.
Learning Outcomes:
1. Demonstrate an understanding of the reporting requirements of auditing standards
(ULO 1)
2. Demonstrate an understanding of the auditor’s professional, legal and ethical
responsibilities to their clients and third parties (ULO 2)
3. Understand the auditor’s reporting obligations (ULO 5)
Weight 40% of the total assessments
Total Marks 40
Word limit Maximum 3,000 words
Due Date Week 9
Submission Guidelines • All work must be submitted on Blackboard by the due date along with a completed
Assignment Cover Page.
• The assignment must be in MS Word format, single spacing, 12-pt Arial font and 2cm
margins on all four sides of your page with appropriate section headings and page
numbers.
• Reference sources must be cited in the text of the report, and listed appropriately at
the end in a reference list using Harvard referencing style.
HI6026 Audit, Assurance and Compliance Group Assignment T3 2019 2
Assignment Specifications
Purpose
This assignment aims to enhance students’ critical thinking skills and higher order application abilities
by researching what the key factors are which create the demand for assurance services. Students
will also need to consider the benefits of assurance services to key stakeholders including:
Shareholders, Directors, Creditors, Suppliers, Customers, Regulators and potential investors.
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.)
HI6026 Audit, Assurance and Compliance Group Assignment T3 2019 3
Assignment Topic – The Demand for Assurance and the Benefits of Assurance Services
Read the following extract from the “Perspective” article, November 2015, from Chartered
Accountants Australia and New Zealand (CAANZ). As stated:
“Assurance can provide value in a number of contexts. In an internal sense, comfort can be gained
over such areas as the effectiveness of internal controls, the organisation’s risk management
processes, compliance with contractual terms and conditions, and key performance indicators used
within the business. In an external regard, organisations that invest in assurance services are able to
demonstrate a commitment to transparency, quality and rigour of internal controls and processes.
This in turn lends weight to the perception of the organisation as a whole with respect to their
governance structure and framework. Independent assurance also provides confidence in an
organisation’s externally released information. Examples include broader financial and non-financial
corporate reporting information (e.g. published data such as taxation information) and sustainability
reporting. The road to integrated reporting and related assurance is another example of the
expanding audit footprint.”
Source: Szentirmay, Bernie & Travers, Jennifer (2015). Perspective – Assurance beyond the Financial
Statements, Chartered Accountants Australia and New Zealand (CAANZ)
https://home.kpmg/au/en/home/insights/2015/12/assurance-beyond-financial-statements.html
Required Activities:
With reference to the article provided above, as a starting point:
• Work as a team and discuss the article in your group along with the assignment requirements
• Research the main factors which give rise to the demand for assurance services in Australia
• Briefly explain and provide examples of the four conditions, which create the need for
independent financial audit reports. (Refer to the textbook for guidance)
• Explain in detail each of the following three hypotheses which are commonly used to explain
the demand for auditing, namely:
o Agency Theory
o Information Hypothesis
o Insurance Hypothesis
• Perform a stakeholder analysis and consider the likely benefits of assurances services to each
key stakeholder you have identified.
• Consider the benefits of well-conceived and effectively implemented Auditing Standards.
• Make use of the resources and reference links listed below to complete the assignment.
Resources and Reference Links:
1. Textbook: Gay & Simnett, Auditing & Assurance Services in Australia, 7th Edn, McGraw Hill
Education, 2018
2. https://www.charteredaccountantsanz.com
3. https://www.iaasb.org/focus-areas/focus-audit-quality
4. https://www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspx
Group Formation and Assignment Submission
Students are required to work on the assignment in groups of 4 – 6, produce a group report and a
short video presentation of approximately 10mins. Group membership will need to be
communicated to the local campus lecturer in writing to the session lecturer by week 6.
HI6026 Audit, Assurance and Compliance Group Assignment T3 2019 4
Both assessment items must be submitted on Blackboard. The written assignment must be in a report
format and submitted through safe-assign prior to final submission. The originality percentage
should be as low as possible. The written submission must be double-checked, edited and rephrased
if the originality percentage and plagiarism risk is noted as Medium or High, as per safe-assign.
Students are encouraged to submit a draft for review and they may be requested to show drafts by
their lecturer, as well as the reference material they have used for research.
Video Presentation
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
may be deducted. Video presentations should not exceed the 10mins time limit or marks may be
deducted. Impressive video presentations may be played in class provided that consent is given.
Marking Criteria
Group Assignment Marking Criteria Weighting Marks
Executive Summary 2% 2 marks
Clear description of all four conditions creating demand
for assurance
5% 5 marks
Clear description of the three hypotheses of demand for
Auditing
5% 5 marks
Stakeholder Analysis including the benefits of assurance
to each stakeholder
5% 5 marks
Clear description of the role of and benefit of Auditing
Standards in assurance
5% 5 marks
Conclusion 2% 2 marks
Punctuation, spelling, grammar, word choice, academic
English expression
2% 2 marks
Report presentation, formatting and effective use of any
additional research materials
2% 2 marks
Correct referencing, In-text citation, acknowledgement
of sources, consistency
2% 2 marks
Weight 30% 30 Marks
Video Presentation Marking Criteria Weighting Marks
Effective verbal communication of the key content in a
professional manner.
4% 4 marks
Effective use of power-point slides with clearly legible
text in concise statements and effective coverage of the
content in a professionally produced presentation,
which is engaging and logically structured.
4% 4 marks
Total length of the video presentation is within the
10mins limit and effective participation of all group
members is noted.
2% 2 marks
Weight 10% 10 Marks
Group Assignment + Presentation = Total Weight 40% 40 Marks
HI6026 Audit, Assurance and Compliance Group Assignment T3 2019 5
Marking Rubric
Excellent Very Good Good Satisfactory Unsatisfactory
Executive
Summary
(2 marks)
Very effectively
written synopsis
with clear
communication of
the main points in
a concise
paragraph.
(2 marks)
Competently
composed a strong
synopsis. The main
points are
communicated
well.
(1.75 marks)
Synopsis is well
written with all
the expected
points raised.
(1.5 marks)
Synopsis is
clearly written,
but it is brief or
has some
errors.
(1 mark)
Synopsis is deficient
and poorly written.
Too brief.
(0 – 0.5 mark)
Four
Conditions
creating
demand for
Assurance
(5 marks)
All four conditions
are very well
described.
Main points are
logically ordered;
sharp sense of
structuring and
arrangement of key
information.
Supporting details
are specific to the
main points and
adequate facts and
other evidence is
provided and wellarticulated.
(5 marks)
All four conditions
are very well
described.
There are good
points raised.
Paragraphing is
noted, and there is
sufficient
detail with
effective
supporting
examples and
evidence.
(4 marks)
The four
conditions are
effectively
described.
There are valid
points raised,
paragraphing is
noted, and
there are some
examples
provided with
supporting
evidence.
(3 marks)
The four
conditions are
described.
There are valid
points raised,
but either there
is not enough
description or
examples or
they are not
provided or
explained in
enough detail.
Minor
structuring
issues.
(2.5 marks)
The four conditions
are either not
adequately
described or
missing. There is
irrelevant or
incorrect
information
provided.
Poorly organized;
no logical
progression.
No structure.
(0 – 2 marks)
Description of
the three
hypotheses
(5 marks)
Excellent
description of all
three hypotheses of
demand for
Auditing. Main
points are logically
ordered; sharp
sense of structuring
and arrangement of
key information.
Supporting details
are specific to the
main points and
adequate facts and
other evidence is
provided and wellarticulated.
(5 marks)
All three
hypotheses are
very well
described.
There are good
points raised.
Paragraphing is
noted, and there is
sufficient detail
with effective
explanations and
supporting
information.
(4 marks)
The three
hypotheses are
well described.
There are valid
points raised,
paragraphing is
noted, and
there are some
examples
provided with
supporting
information.
(3 marks)
The three
hypotheses are
described.
There are valid
points raised,
but either there
is not enough
description or
examples or
they are not
provided or
explained in
enough detail.
Minor
structuring
issues.
(2.5 marks)
The three
hypotheses are
either not
adequately
described or
missing. There is
irrelevant or
incorrect
information
provided.
Poorly organized;
no logical
progression.
No structure.
(0 – 2 marks)
HI6026 Audit, Assurance and Compliance Group Assignment T3 2019 6
Stakeholder
Analysis
including the
benefits of
assurance to
each
stakeholder
(5 marks)
Excellent
Stakeholder Analysis
including the
benefits of
assurance to each
stakeholder is noted.
Main points are
logically ordered;
effective
arrangement of key
information.
Supporting details
are specific to the
main points. Incitation is provided
and wellarticulated.
(5 marks)
Stakeholder
Analysis and the
benefits of
assurance is very
well described.
There are good
points raised.
Paragraphing is
noted, and there is
sufficient
detail with
effective
explanations and
supporting
information.
(4 marks)
Stakeholder
Analysis is well
described,
including the
benefits of
assurance.
There are valid
points raised,
paragraphing is
noted, and
there are some
examples
provided with
supporting
information.
(3 marks)
Stakeholder
Analysis is
adequately
described.
There are valid
points raised,
but either there
is not enough
description or
examples or
they are not
provided or
explained in
enough detail.
Minor
structuring
issues.
(2.5 marks)
Stakeholder
Analysis is not
adequately
described.
There is irrelevant
or incorrect
information
provided.
Poorly organized;
no logical
progression.
No structure.
(0 – 2 marks)
Benefits of
wellconceived and
effectively
implemented
Auditing
Standards
(5 marks)
Excellent description
of the benefits of
Auditing Standards.
Main points are
logically ordered;
effective
arrangement of key
information.
Supporting details
are specific to the
main points. Incitation is provided
and wellarticulated.
(5 marks)
The benefits of
Auditing
Standards are
very well
described.
There are good
points raised.
Paragraphing is
noted, and there is
sufficient
detail with
effective
explanations and
supporting
information.
(4 marks)
The benefits of
Auditing
Standards are
well described.
There are valid
points raised,
paragraphing is
noted, and
there are some
examples
provided with
supporting
information.
(3 marks)
The benefits of
Auditing
Standards are
adequately
described.
There are valid
points raised,
but either there
is not enough
description or
examples or
they are not
provided or
explained in
enough detail.
Minor
structuring
issues.
(2.5 marks)
The benefits of
Auditing Standards
are not adequately
described.
There is irrelevant
or incorrect
information
provided.
Poorly organized;
no logical
progression.
No structure.
(0 – 2 marks)
Conclusion
(2 marks)
Very well composed
conclusion with a
clear and logical
evaluation with
conclusive and
persuasive
statements based on
an intelligent
assessment of the
assignment
requirements.
(2 marks)
Well composed
conclusion with a
clear and logical
evaluation with
conclusive and
persuasive
statements based
on an intelligent
assessment of the
assignment
requirements.
(1.75 marks)
Conclusion is
logical and an
evaluation is
made, but there
is some lack of
evidence or
depth of analysis,
which would
have improved
the overall
persuasiveness of
the report.
(1.5 marks)
Conclusion is
noted and an
evaluation is
presented, but
it is lacking in
sufficient detail
or supporting
evidence.
Requires more
analysis and
proof-reading.
(1 mark)
Conclusion is
poorly written
with no evaluation
and no logical
coherence. No
evidence of
analysis. Poor
effort.
(0 -1 mark)
HI6026 Audit, Assurance and Compliance Group Assignment T3 2019 7
Spelling and
Grammar
(2 marks)
No errors. Well
proofread. Clearly
edited and refined
prior to
submission.
(2 marks)
Edited and
refined prior to
submission with
one or two
errors.
(1.75 marks)
Only minor
errors. Needs
some editing.
(1.5 marks)
Numerous
minor errors.
Not proofread
or edited
effectively.
(1 mark)
Numerous major
and minor errors
which distract from
understanding and
clarity. Not
proofread. Not
edited. Academic
English level is low.
(0 -1 mark)
Report Format
and
Presentation
(2 marks)
Very well formatted
with sub-headings,
page numbers,
appendices, and
effective use of
tables/graphics.
(2 marks)
Formatting is
above standard
and meets all
the basic
requirements
with a contents
page,
subheadings
and page
numbering.
(1.5 marks)
Formatting is
well set out and
clear, but there
are minor issues
in subheadings,
page numbers,
appendices
and/or graphics.
(1.5 marks)
Formatting is
coherent and
clearly
structured, but
page numbers
are missing or
subheadings or
contents page is
brief.
(1 mark)
No formatting or
lack of structuring.
(0 -1 mark)
Referencing
and Citation
(2 marks)
References are
consistently correct
using Harvard style
or APA style. No
missing citations. A
strong reference list
with relevant and
credible sources
used. Evidence of
extensive research.
(2 marks)
References are
consistently
correct using
Harvard style or
APA style. No
missing
citations.
References used
are good, but
not extensive.
(1.75 marks)
Generally correct
referencing using
Harvard
style or APA
style. More
references are
required.
(1.5 marks)
Some
references are
used, but not
used
consistently.
Not enough
research done.
(1 mark)
References are
missing or do not
comply with correct
referencing style.
(0 -1 mark)
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