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Posted: February 2nd, 2022

ACCT601: Auditing and Assurance Services, Assessment 1: Individual Assignment

ACCT601: Auditing and Assurance Companies Semester 1, 2018
Evaluation 1: Particular person Project
Evaluation weight : 30%
Due : 15 April 2018 by 23.59
Phrase restrict: : 2000 ± 10%phrases (most)
The group project goals to:
1. Give college students an understanding of actual life auditing points
2. Assist college students perceive the hyperlink between concept and follow; and
three. Foster college students’ analysis, team-working, important evaluation and written communication abilities.
You’re required to put in writing a enterprise report regarding HIH Insurance coverage by addressing the questions under.
The Case: The Heath Worldwide Holdings (HIH) was based in 1968 and have become public in 1998. By 2001, HIH turned the second largest insurance coverage firm in Australia using greater than 2500 folks and had places of work throughout Australia, the UK and the USA of America, Hong Kong and New Zealand. HIH is taken into account as the biggest firm collapse in Australia. Previous to its collapse Even within the yr of its demise, HIH was usually thought of a conservative and financially wholesome enterprise with property exceeding $Eight.1 billion. When HIH went into liquidation in March 2001 it left behind money owed greater than $5 billion.
1. Critically study the audit report of HIH for the yr ended 2000 and supply an analysis of the audit report with respect to its goals and the extent to which the audit report achieved its goals. (Annual report is accessible from: https://www.studyproessay.com/write-my-paper/aspecthuntley.com.au/asxdata/20001116/pdf/00205722.pdf)
2. Determine the place the HIH administration and auditors did not carry out their moral, skilled and authorized obligations, and focus on motivations that motivated their actions. Bear in mind to incorporate in your evaluation accounting irregularities, fraud and misstatements perpetrated and auditing requirements breached.
three. Present an analysis of the social accountability efficiency of HIH.
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Your report ought to embrace an introduction, conclusion, applicable headings, and diagrams or graphs the place applicable. The report ought to comprise an introduction adopted by solutions to questions and a conclusion. Grading will likely be based mostly on important evaluation of the difficulty, proof of huge studying on subject, coherence within the growth of arguments, use of applicable proof, and readability of expressions. You’re anticipated to quote no less than 5 (5) acceptable sources. If you’re not clear what constitutes an appropriate supply, please seek the advice of the Lecturer-In-Cost.
Grading standards for Evaluation #1
Questions Max
level
Introduction 1
Critically study the audit report of HIH for the yr ended 2000 and supply an analysis of the audit report with respect to its goals and the extent to which the audit report achieved its goals Eight
Determine the place the HIH administration and auditors did not carry out their 12
(i) moral,
(ii) skilled; and
(iii) authorized
obligations.
Bear in mind to incorporate in your evaluation accounting irregularities, fraud and misstatements perpetrated and auditing requirements breached.
Present an analysis of the social accountability efficiency of HIH. 6
Conclusion 1
Format and presentation (referencing, tidiness, grammar, spelling, spacing, paragraphing, web page formatting, and many others.) 2
Complete 30
Assignments will likely be graded by 30 April 2018, and grades will likely be posted in Turnitin. Submission tips
The project needs to be submitted through Turnitin no later than 15 April 2018. Submission deadline is strictly enforced. Assignments have to be submitted with an ACU cowl sheet and will:
Use an project cowl sheet signed by all college students.
be stapled, and elaborate binding and plastic covers aren’t required.
Be typed utilizing one-and-a half (1.5) spacing left justified.
Use Ariel or Occasions New Roman font measurement 12.
Show a one inch margin on all sides.
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Appropriately cite authentic work, writer(s) and many others. Quotation and referencing should conform to APA (American Psychological Affiliation) format each within the physique of the paper and its hooked up reference part.
College students ought to retain digital copies of all work submitted for evaluation besides within the case of checks and examinations.
Late submission of assignments
Due dates will likely be strictly adhered to. Nonetheless, within the case of outstanding
circumstances, college students might apply for extensions within the following method.
In accordance with the ACU Evaluation Procedures (para three):
You could search extension of submission date for an evaluation activity previous to the due date by submitting the Utility for Extension of time for an Project (EX) type. https://www.acu.edu.au/ knowledge/property/pdf file/0011/126668/EX – ApplicationforExtofTimeforSubmissionofAssessment.pdf
You could search as much as 5 working days after the related due date by submitting the Particular Consideration type. https://www.acu.edu.au/knowledge/property/pdffile/0010/48493/SCApplicationforSpe cial Consideration 20170615.pdf
Evaluation duties submitted after the due or prolonged date will incur, for every entire or a part of a calendar day that the work is overdue, a 5% penalty of the utmost marks accessible for that evaluation activity as much as a most of 15%. Evaluation duties acquired greater than three calendar days after the due or prolonged date won’t be allotted a mark.
Hyperlinks for additional studying about HIH
HIH Insurance coverage Group Collapse (Parliament of Australia)
https://www.aph.gov.au/AboutParliament/ParliamentaryDepartments/Parliamentar y Library/Publications Archive/archive/hihinsurance
The rise and fall of HIH Insurance coverage Group
https://treasury.gov.au/publication/economic-roundup-issue-1-2015/economic-roundup-issue-1/the-hih-claims-support-scheme/2-the-rise-and-fall-of-hih-insurance-group/
The HIH collapse: a catalyst for expensive reform
file:///C:/Customers/bt/AppData/Native/Microsoft/Home windows/INetCache/IE/83Q7UY07/fulltext .pdf
Case research on the HIH Insurance coverage Group
file:///C:/Customers/bt/AppData/Native/Microsoft/Home windows/INetCache/IE/N1RDSLAA/0610 04BGN-0hihbackgroundnote.pdf
The HIH Report and Clerp 9
https://www.studyproessay.com/write-my-paper/findlaw.com.au/articles/1450/the-hih-report-and-clerp-9.aspx
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Adams, M. A. (2005). Australian company governance: classes from HIH Insurance coverage. -One Legislation for All?-: 60th Annual ALTA Convention, The College of Waikato, Hamilton, New Zealand 5-Eight July 2005.
Buchanan, B. (2003). Watch out for the ides of March: The demise of HIH insurance coverage, Finance School Publications, College of Georgia.
https://scholarship.richmond.edu/cgi/viewcontent.cgi?referer=https://www.google.co m.au/&httpsredir=1&article=1016&context=finance-faculty-publications
Leung, P. & Cooper, B.J. (2005). The Mad Hatter’s company tea get together, Managing Auditing Journal, 18 (6/7), 505-516.
Mirshekary, S., Yaftian, A, M & Cross, D. (2005). Australian company collapse: The case of HIH Insurance coverage. Journal of Monetary Companies Advertising, 9 (three). pp. 249-258
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