ACC5218 Auditing Practice, S1 2015 Assessment: Assignment

ACC5218 Auditing Practice, S1 2015
Assessment: Assignment 1
Description Wtg (%) Due/ submission instructions Type Word limits
Assignment 2
25 Submission*:
Submit via Drop Box on Study Desk Individual
Group
Maximum 3 persons
1500 words
2500 words
Submission Instructions:
• Due 1 June
• The front style for your answer should be set to “Time New Roman” size 12 with 1.5 line spacing, 2.5cm margin & A4 page layout.
• The assignment should be typed and a complete assignment cover sheet attached. Assignments with no cover sheet will attract 5% panalty of the maximum mark (i.e. 1 mark out of 20).
• If a student is unable to attend their lecture due to illness or misadvanture, the student should contact their lecturer and provide proof of such a circumstance (e.g. medical certificate covering absence date and subsequent days until submission). The assingment documentary evidence and supporting forms should be submitted to your Lecturer. No penalty will apply if the evidence provided is approved by the Course Leader and covers the entire period prior to submission. Submission do not comply with these requirements will attract the standard penalty.
• The policy statement on cheating and plagiarism is a cornerstone of academic integrity at USQ. All students are responsible for familiarizing themselves with the policy, seeking further advice if necessary and complying with it at all times. If you use any material, for example textbooks, journal articles etc. to support your answer, you are to use the Harvard Style of referecing in your answer for both in-text and bibliography referencing (students are expected to use external material and articles). Referencing: The Harvard (AGPS) style – USQ Library’s referencing guide at http://www.usq.edu.au/library/referencing
Assignment Coversheet
School /Faculty: School of Commerce, Faculty of Business, Education, Law and Arts
Course: ACC5218 Auditing
Assignment Description/Number: Assignment 2
Name:
Date Submitted: Assignment Due Date:
Declaration: By submitting this assignment, I declare that:
First Name Family Name/ Surname Student ID

University of Southern Queensland
• No part of this assignment has been copied from any other person’s work except where due acknowledgement is made in the text, and
• No part of this assignment has been written for me by any other person except where such collaboration has been authorised by the examiner concerned.
• I hold a copy of this assignment which I can produce if the original is lost or damaged.
N.B.
• An examiner has and may exercise the right not to mark this assignment without the above declaration.
• If the above declaration is found to be false, action will be taken in accordance with USQ regulations.
Please start your assignment here.

Research Project
This assignment is a research component within the Auditing Practice assessment. There is no model answer to this assignment. You need to conduct desk research and based on this and any anecdotal evidence and/ or personal experience consider the questions given.
Topic
Inherent risk, in a financial audit, measures the auditor’s assessment of the likelihood that there are material misstatements due to error or fraud in cycles before considering the effectiveness of internal controls.
Industry Sector of Interest
Consider the risks inherent to the retail industry such as grocery supermarkets and conduct research about the following questions.

1. List and describe the possible inherent risks in the retail industry. (20 marks)
2. Determine which inherent risks may currently be considered critical. (20 marks)

3. Determine which practices might address the inherent risk identified in’2’ above.
(10 marks)

Bill Carlson

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