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ACC3600/ACF3600 Semester 1, 2020 Regulation of Auditing in Australia (Individual Assignment, 15% of your Final Grade) In August 2019, the Parliamentary Joint Committee on Corporations and Financial Services instigated an inquiry into the regulation of auditing in Australia. The establishment of the audit inquiry came after the Australian Securities and Investments Commission (ASIC) put auditors on notice after its latest audit inspections revealed that further work was needed to “improve quality”. Interested parties have made several submissions, and the terms of the Inquiry have been the subject of extensive media reporting. Public hearings were held across November and December 2019. The following three (out of twelve) matters were referred to the Parliamentary Joint Committee on Corporations and Financial Services for inquiry: 1. The relationship between auditing and consulting services and potential conflicts of interests; 2. Audit quality, including valuations of intangible assets; and 3. The role and effectiveness of audit in detecting and reporting fraud and misconduct. For terms of reference, submissions, media releases, public hearings and further information, see: https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financ ial_Services/RegulationofAuditing Assignment Requirements You are required to complete ALL the following questions: (1) Select ONE matter from the above three inquiry matters and describe why this matter is of concern to the Australian Parliament. Make sure you use your own words. See the terms of reference: https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financ ial_Services/RegulationofAuditing/Terms_of_Reference (1 mark, maximum 100 words) (2) Refer to the submissions of inquiry by organisations (such as accounting firms, accounting professional bodies, regulatory bodies and entities), choose TWO submissions by organisations (not the individual submissions) and compare and contrast their responses/ concerns/ suggestions/ recommendations related to the matter of inquiry you select. Make sure you write down the name of the organisations clearly. See the submissions: https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financ ial_Services/RegulationofAuditing/Submissions (3 marks, maximum 200 words) (3) Select TWO academic journal articles (less than 5 years old, years 2015 to 2020) that deal with the matter selected. Outline whether the evidence provided in the research articles supports or refutes the cases made by the two organisations’ submissions selected in (2) above. Proper citation is required. https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/RegulationofAuditing https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/RegulationofAuditing https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/RegulationofAuditing/Terms_of_Reference https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/RegulationofAuditing/Terms_of_Reference https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/RegulationofAuditing/Submissions https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/Corporations_and_Financial_Services/RegulationofAuditing/Submissions Hints: (a) You can first briefly summarise the research articles and then discuss how the research supports or refutes the organisations’ submissions. (b) Relevant research articles can be sought from the academic journals (but are not limited to): The Accounting Review; Auditing: A Journal of Practice and Theory; Journal of Accounting Research; Journal of Accounting and Economics; Contemporary Accounting Research; International Journal of Auditing; Accounting and Finance. (6 marks, maximum 500 words) (4) Do you have any recommendations or suggestions for the Parliament on the matter of inquiry you selected? Provide an appropriate example in your discussions. Make sure you use your own words. (3 marks, maximum 200 words) Overall: Writing Style, Clarity & Structure (2 marks) Submission Guidelines The assignment must include appropriate referencing. Please ensure your work complies with the Monash Q Manual requirements for structure, presentation and referencing. Information sources and references should be stated clearly in-text and in the reference list. No restriction on your style. However, clear presentation and communication are expected. Words limit: 10% allowance exceeding maximum word limit for each question, not including reference. The PDF or Word document submission must be in 12 font-size, Times New Roman, 1.5 spacing, and 1-inch page margins. No cover sheet is required. Student name, ID and tutorial class should be indicated on top of every page. Your submission should be your (original) work and succinct. Any plagiarism or direct copy/paste from any materials will be severely penalised. Moodle (Turn-it-in) will not only compare your submission to those of your peers but also to the materials on which the assignment is directly based. Assignment Submission Please submit a softcopy (PDF only) via Moodle. Further details will be disclosed in the Moodle page. Submission Deadline 20 April 2020 (Monday), 4 pm. The penalty for late lodgement is 10% per business day late with no assignment to be accepted five business days after the due date. Individual Assignment Feedback Sheet Marking Rubric Question 1 0 pt 0.5 pt 1 pt 1.5 pt 2 pts Select one matter / describe why this matter is of concern No descriptions on the matter selected The descriptions tend to be superficial Matter selected are appropriately explained Question 2 Choose TWO submissions by organisations There is no submission selected or wrong submissions selected Two submissions are selected but no descriptions on the submissions Two submissions are selected and describe properly Extent of the depth of analysis/summary There is no summary or analysis The summary and analysis tends to be superficial, and wrong information is provided. There is some level of summary and analysis and some information provided is lack of accuracy. There is good level of summary and analysis and information provided is accurate There is thorough summary and analysis and information provided is accurate Question 3 0 pt 0.5 pt 1 pt (i) First research article Select related research academic journal articles No academic article is selected is or not from proper academic journals Academic journal article selected is not really appropriate in accordance to the matter selected Academic journal article selected is appropriate in accordance to the matter selected Summary of the research article There is no summary provided Summary provided tends to be very superficial and not relevant to the matter selected Summary provided is thorough and in-depth level of discussion Discuss whether research supports or refutes their responses. Discussions tend to be weak / arguments are unclear Good discussions overall / good arguments provided Very good discussions, which flow logically / arguments are clearly articulated (ii) Second research article Select related research academic journal articles No academic article is selected is or not from proper academic journals Academic journal article selected is not really appropriate in accordance to the matter selected Academic journal article selected is appropriate in accordance to the matter selected Summary of the research article There is no summary provided Summary provided tends to be very superficial and not relevant to the matter selected Summary provided is thorough and in-depth level of discussion Discuss whether research supports or refutes their responses. Discussions tend to be weak / arguments are unclear Good discussions overall / good arguments provided Very good discussions, which flow logically / arguments are clearly articulated Question 4 0 pt 0.5 pt 1 pt 1.5 pt 2 pts Extent of the depth of discussions of recommendations or suggestions There are no discussions of recommendations or suggestions The discussions of recommendations or suggestions tend to be superficial There is some level of discussions of recommendations or suggestions. There is good level of discussions of recommendations or suggestions There is thorough discussions of recommendations or suggestions Example is provided and supported by references There is no example provided Example is provided but lack of clarity and supported Example is provided and supported by explanations and references Overall Writing style/Clarity & Structure Mostly unclear, with no proper logical structure and many inaccuracies in written expressions. Lacks clarity overall. There are several errors and inaccuracies in written expression Clear overall, but structure could be improved. Written expression may be inconsistent and inaccurate in parts. Well-written, clear and well-structured. Very well-written, very clear and well- structured.