This assignment is based

This assignment is based on Retail Food

FACULTY OF BUSINESS PETER FABER BUSINESS SCHOOL Semester 1, 2018 ACCT300: AUDITING Assessment 2 Due date Weighting Length Learning outcomes assessed : 11 May 2018 23.59 hours : 20% : 3,000 words 10% (excluding references) : LO2, LO3, and LO4 This assignment is based on Retail Food Group (ASX Code: RFG). Students are required to examine annual reports of Retail Food Group (ASX Code: RFG) for 2016 and 2017,and answer the following questions: Critically evaluate the audit reports for 2016 and 2017 by identifying the type of report issued by the auditor, and discussing the appropriateness of the audit report issued. Provide an assessment of the internal control environment of RFG, and suggest ways to overcome the identified internal control weakness. Assess business risks associated with RFG from the point of view of auditors. Evaluate RFGs operations from an ethical perspective by identifying deficiencies in their practice and how they can be best addressed. Also discuss why ethical issues should interest auditors and what actions can auditors take under the current regulations. Your report should consist of the following sections: Assignment cover sheet (with full name, student ID, signature) Introduction Table of contents Body (answers to questions) Conclusion(s) References Checklist before submission: Typed using Microsoft Word in Ariel 12 points with double spacing o Displayed a one inch margin on all sides. o Each question is numbered or is answered under an appropriate title o Pages are numbered o Cover page is attached at the front of the assignment. The cover page can be downloaded from the following link: o https://students.acu.edu.au/home/panels/administration/forms/assessment_and_ assignment_forms. You may submit cover sheets separately. o Appropriately cite original work, author(s) etc. Citation and referencing must conform to Harvard referencing format both in the body of the paper and its attached reference section. o Assignment submitted via Turnitin. Following criteria will be used to mark the written section of the assignment: # Contents Maximum marks 1 Introduction 1 2 Critically evaluate the audit reports for 2016 and 2017 by identifying the type 4 of report issued by the auditor, and discussing the appropriateness of the audit report issued. 3 Provide an assessment of the internal control environment of RFG, and 4 suggest ways to overcome the identified internal control weakness. 4 Assess business risks associated with RFG from the point of view of auditors. 4 5 Evaluate RFGs operations from an ethical perspective by identifying 4 deficiencies in their practice and how they can be best addressed. Also discuss why ethical issues should interest auditors? 6 Conclusion 1 7 Presentation ( Organisation and flow of materials, table of contents, use of 2 headings, format and presentation, pagination, spelling, referencing) Total 20 APPENDIX 2: Rubric for assessment task 2 Standards ILOs Criteria Below Expectations Meets Expectations Exceeds Expectations Level 1 (NN) Level 2 (PA) Level 3 (CR) Level 4 (DI) Level 5 (HD) LO2: Describe ethical Identification of ethical Inability to identify and describe Demonstration of basic Demonstration of good Demonstration of excellent Demonstration of outstanding issues that auditors issues and their resolution ethical issues and auditors role understanding of ethical issues and understanding of ethical issues understanding of ethical issues understanding of ethical issues encounter and their role in dealing with these issues. auditors role in dealing with these and auditors role in dealing and auditors role in dealing and auditors role in dealing in dealing with these Poor application of ethical issues with these issues with these issues. with these issues. issues standards and ethical theories. Basic application of ethical Application of ethical standards Excellent of application of Outstanding application of standards and ethical theories and ethical theories is good. ethical standards and ethical ethical standards and ethical theories. theories. LO3: Explain the Regulatory and Poor understanding of Basic understanding of regulatory Good understanding of Excellent understanding of Outstanding understanding of regulatory and professional standards regulatory and professional and professional requirements regulatory and professional regulatory and professional regulatory and professional professional requirements affecting the affecting the audit requirements affecting the audit requirements affecting the requirements affecting the requirements affecting audit audit audit the audit LO4: Describe the entire Audit process under Poor understanding of the Basic understanding of the entire Good understanding of the Excellent understanding of the Outstanding understanding of audit process from Australian Auditing entire audit process from audit process from planning to entire audit process from entire audit process from the entire audit process from planning to compiling an Standards planning to compiling an audit compiling an audit report with planning to compiling an audit planning to compiling an audit planning to compiling an audit audit report with regard report with regard to relevant regard to relevant auditing report with regard to relevant report with regard to relevant report with regard to relevant to relevant auditing auditing standards standards auditing standards auditing standards auditing standards standards

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