HI6026 | Audit, Compliance and Assurance T2 2024
Assignment Requirements – Questions
Each group has been allocated a subject company for completing this assignment.
In the excel file “””Find Your Company””” “”””””under “Assessments” on
Blackboard, you will find the listed company you have been allocated for
completing this assignment.
As a group, your assignment should be based on the company allocated to your group
(Refer to the information given above). Your assignment will not be marked if you
use a different company than the one you have been allocated, or you will be asked
to resubmit your assignment using the correct company. Students are not allowed to
complete the assignment using the same company as used by another group.
Go to the website of your allocated company. Then, go to the Investor Relations
section of the website. This section may be called: “””Investors”””, “”Shareholder
Information”,” or similar titles. In this section, find the ‘company’s annual report and
other related reports. Download the ‘firm’s latest annual report and other related
information and reports and save it to your computer. For example, these reports
may be dated 30 June 2022 or 30 June 2023.
Requirements – Questions
As a group, assume that you have been appointed as the external auditor for your allocated
company for the financial year ending June 2022 or 2023. Prepare a report to adequately address
the following:
1 In the evolving landscape of digital business environments, discuss the unique
challenges and considerations associated with ensuring the integrity of data obtained
for the audit of a financial report. Identify specific risks that arise in the context of
digital transactions, cloud computing, and reliance on automated systems. Outline the
procedures and controls that auditors should implement to assess and maintain the
integrity of financial data in the digital business environment. Explore how
advancements in technology, such as blockchain or data analytics, can be leveraged to
enhance data integrity assurance. Discuss the potential impact of compromised data
integrity on the audit process and the reliability of financial statements in the digital
business era. (15 marks)
2 As external auditors for your company, prepare a report based on your allocated
company. For quality audit, (a) Describe the characteristics and operating strategy
of your designated company, its field, and the surrounding market conditions. (b)
Recognize significant business threats and risks and their impact on your designated
company. (c) Conduct an analysis of the potential material misstatement in the
financial report of your designated company. Note: Consider the elements thatinfluence inherent risk, control risk, and then explain your understanding of detection
risk. (15 marks)
The assignment structure must be as follows:
- Holmes Institute Assignment Cover Sheet – Full Name, Student No., Contribution.
- 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 thewhole text. - The Executive Summary appears on the first page of the report.
Appendices – Include any additional explanatory information which is supplementary
and/ or graphical tohelp 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.
Contents Page – This needs to show a logical listing of all the sub-headings of the
‘report’s contents. Notethis is excluded from the total word count.
Introduction – A short paragraph that 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.
Main Body Paragraphs with numbered subheadings – Detailed information that
elaborates on the mainpoints 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.
Conclusion – A logical and coherent evaluation based on a thorough and an objective
assessment of the research performed.