BUACC3741 Assessment Task 2 - Auditing

Assignment

Task:

It would be a good idea that before your first meeting, each team members reads “Myer
Holdings Limited 2020 Annual Report” (Available on Moodle) so that you are able to present
your point view about the assessment task for Part A. It is recommended that each group
member is allocated a question, you should then allocate a different group member to
provide feedback on the answers given for each question. (This is a suggestion only. Students
can allocate the work differently and please keep in mind that every member in your team
MUST participate and answer questions as well as provide feedback to others).
Please use “Action Plan Template Form” (Available on Moodle) to record details of your
group meetings such as who attended for each meeting, set deadlines that group members
agree to have their questions and feedback completed, etc. Every time you meet you should
document the meeting somehow, so you can go back and look at this when you write your
team evaluation. Please provide a copy to each team member to ensure they all agree on
what was said.

This assignment has TWO parts.

Part A: Group Assignment Task

Myer Holdings Limited 2020 annual report is provided in a separate file.
Based on the 2020 Annual Report for Myer Holdings Limited, prepare a planning
memorandum for the audit partner which includes the following:
Required:

Required:
1. Identify Four major business risks of Myer Holdings Limited and provide a detailed
explanation of why each factor is identified as a risk to the business.

2. Results of analytical procedures. It is recommended that you prepare a horizonal
analysis, vertical analysis, and prepare key ratios. (Examples of analytical procedure
analysis are available on Moodle). Identify and explain which changes in the Horizonal
analysis, vertical analysis, and ratio analysis would trigger further investigation in the
audit for Myer. (Note: Need to include your workings in the Appendix).

3. Identify Fourinherent risks that you identify from business risk and analytical procedures
in points 1 and 2. (Note: Business risks are not the same as inherent risks).

4. Identify a key account and a key related auditor’s assertion at risk of material
misstatement based on the inherent risk you identify in point 3. (Note: Identify a key
account and a key assertion for each of the four inherent risks identified in point 3).

5. Calculate planning materially in a dollar ($) amount. You must include a breakdown of
your calculation and a justification of your choice of base, the percentage used and your
assessment of detection risk. Assume the company’s control risk is high.

6. Determine a number of methods the company can implement to overcome the high
control risk. Assume the company’s control risk is high.

Part B: Task to be completed individually

All group members are required to complete and submit a peer review individually. You will
be assessed on the response you give in this section so simply giving a “yes the team worked
well together” or “no it did not work well” is not enough. This will involve evaluating and
describing your own learning experience in this assignment.
Required:
This part of the assessment requires you to critique your own performance and how you
worked in the team. You will be assessed under THREE areas: team communication, team
commitment and constructive teamwork. When developing your evaluation, please include
some of the questions below but please note it is not limited to these questions.
1. Team Communication:
• What kind of communication did you use to contact the group? How often did you
communicate with the group? You must provide evidence of this (e.g., emails, phone
records or room bookings for meetings).
• When communicating to your group did you communicate effectively? Did you have
any troubles understanding what other group members thought were important
issues?
• Did your group members engage in useful discussion about the assessment and
collaborate with each other? Or did you feel you were the only one making discussion.
2. Team Commitment:
• When did the group first form?
• When did the group have its first meeting?
• Was I supportive of my group and did I behave in a professional manner?
• Did you turn up to meetings and were you on time and prepared? Keep a record of
who turned up to meetings and what was discussed as this can form part of your
evidence
• Did you complete your work as per the action plan? If not, did you tell the group you
needed longer?
• Did your group members conduct themselves in a professional manner?
• Did your group have any problems or issues that you helped to resolve?
• What role did you play, were you the team leader?
3. Constructive Teamwork:
• Did your group’s members provide useful feedback to each other in a timely manner?
If yes attach evidence of this.
• What was the level of work provided to the group, did it need multiple revisions?
• Did you feel you all worked well as a team or did each group member go off on their
own?
• If you did provide feedback to the group, did they take this into consideration or did
you feel they just answer the question regardless of what you said?
• How did your actions help the group in completing the tasks on time?

Important Note for Part B:
It is important to understand that if you DO NOT provide evidence to support what you are
claiming, your mark in this part will be ZERO.
In order to undertake this task, you need to keep evidence of this as you work on the
assignment. This could be in the form of emails, copies of feedback provided in Part A, images,
or audio content.
In order to get you started you are required at your first meeting to record the details using
the Action Plan Template Form and this must be submitted as an evidence. This will help you
remember what was decided and which team members said what. At every meeting, you or

your team member should record this information. You may also like to fill in the self-
evaluation template and submit this as evidence. This is available in the assessment folder. If

you provide feedback to your team members include a copy of the feedback and the date it
was given etc.
If you have conflict in the group record why there was conflict, did another group member
not agree with your point of view, and how it was resolved. If your team members take a long
time to reply to emails, keep evidence of this. Any evidence you provide can be included in
the Appendix. By having the evidence, you will be able to reflect back on it and critique your
own performance. It Is important that you submit the evidence. Copies of group email
communications is a great form of evidence as you will be assessed on your team
communication, team commitment, and feedback provided to your team members. Please
attach this evidence to your submission. The evidence is not counted as part of the word
count for this section.