HI6026 - Audit, Assurance and Compliance

Assignment Specifications

Required Task:

Part A: (25 marks)
Listed companies are required to make certain disclosures in their annual reports about the compensation
paid to their top executives. One reason for this is to help interested stakeholders assess the performance of
executives. It also helps executives and companies set appropriate compensation levels, based on what other
companies in the same industry and/or of the same size are paying their executives. These disclosures are
audited.

Required
Obtain the annual reports of 10 listed Australian companies in the same industry from the Year 2020. (Hint:
See www.asx.com.au for a list of companies on the ASX, industry membership and links to company websites
where you can download annual reports.) Extract the information on executive remuneration and describe
the data using graphs and tables. Write a report addressing the following questions (justify your responses by
referring to the data where appropriate).
1. How are the executives paid (cash, bonuses etc.)?
2. Discuss details about executive qualification, experiences and independence.
3. Which companies’ executives are paid the most and what is the range of pay?
4. Which companies’ executives’ pay is most linked to the company’s profit and/or share price performance?
(Explain any assumptions you have to make.)
5. Overall, what do you conclude about how Australian company executives are paid and how clearly the
compensation data is reported?

Part B: (10 marks)
Explain Auditing in times of social distancing: the effect of COVID-19 on auditing quality proposed by
Australian Securities and Investment Commission (ASIC) in the following situations:

1. What should be the focus areas for auditors under COVID-19 conditions?
2. Should audit fees be reduced when reviewing other cost saving initiatives?
3. Should an auditor delay their opinion until a limitation or uncertainty is resolved?
4. What should be influence of COVID-19 and going concern assessment?

The assignment structure must be asfollows:

1. HolmesInstitute Assignment Cover Sheet – Full Name, Student No., Contribution.
2. Executive Summary
a. The Executive summary should be concise and not involve too much detail.
b. It should make commentary on the main points only and follow the sequence of the report.
c. Write the Executive Summary after the report is completed, and once you have an overview of the
whole text.

3. The Executive Summary appears on the first page of the report.
4. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. Note
this is excluded from the total word count.
5. Introduction – A short paragraph which includes background, scope and the main points raised in order of
importance. There should be a brief conclusion statement at the end of the Introduction.
6. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the main pointsraised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting

sentences with facts and evidence obtained from research and finish with a concluding sentence at the
end.
7. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessment of the
research performed.
8. Appendices – Include any additional explanatory information which issupplementary and/ or graphicalto help communicate themain ideasmade in the report. Referto the appendicesin the main body paragraphs, as and where appropriate. (Note this is excluded from the total word count.

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