Subject OutlineACC568 – AuditingTable of ContentsSubject Summary …………………………………………………………………………………………………….2Subject Coordinator …………………………………………………………………………………………………2Subject Coordinator ……………………………………………………………………………………..2Email …………………………………………………………………………………………………………..2Phone ………………………………………………………………………………………………………….2Consultation procedures ………………………………………………………………………………2Subject Overview……………………………………………………………………………………………………..2Abstract……………………………………………………………………………………………………….3Learning outcomes……………………………………………………………………………………….3Subject content ……………………………………………………………………………………………3Academic Progress Requirements………………………………………………………………….3Assumed knowledge …………………………………………………………………………………….3Subject Schedule & Delivery ……………………………………………………………………………………..3Prescribed text……………………………………………………………………………………………..4Class/tutorial times and location …………………………………………………………………..4Schedule ……………………………………………………………………………………………………..4Learning materials………………………………………………………………………………………..7Learning, teaching and support strategies ……………………………………………………..7Recommended student time commitment …………………………………………………….9Assessment and Exam Items ……………………………………………………………………………………10Essential requirements to pass this subject…………………………………………………..10Items …………………………………………………………………………………………………………10Case A (ethics and the legal environment) ………………………………………..10Case B (risk, planning, controls and testing) ……………………………………..17Final Exam ……………………………………………………………………………………..27Assessment and Exam Information ………………………………………………………………………….33Academic Integrity ……………………………………………………………………………………..33Referencing………………………………………………………………………………………………..33How to submit your Assessment and Exam items………………………………………….33Postal Assessment – submission process…………………………………………..34Hand delivered Assessment – submission process …………………………….35Alternative Assessment – submission process……………………………………35Interact2 – Online exam submission process ……………………………………..35Extensions………………………………………………………………………………………………….35How to apply for special consideration…………………………………………………………36Penalties for late submission……………………………………………………………………….36Resubmission …………………………………………………………………………………………….37Feedback processes ……………………………………………………………………………………37Assessment return………………………………………………………………………………………37Student Feedback & Learning Analytics ……………………………………………………………………37Evaluation of subjects …………………………………………………………………………………37Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 1 of 39Changes and actions based on student feedback ………………………………………….37Learning analytics ………………………………………………………………………………………38Services & Support …………………………………………………………………………………………………38Develop your study skills …………………………………………………………………………….38Library Services ………………………………………………………………………………………….38Policies & Regulations …………………………………………………………………………………………….38Subject Outline as a reference document……………………………………………………..38Subject SummaryACC568 – AuditingSession 1 2021Faculty of Business, Justice and Behavioural SciencesSchool of Accounting and FinanceInternal ModeCredit Points 8Welcome to a new session of study at Charles Sturt University. Please refer to the University’sAcknowledgement of Country (http://student.csu.edu.au/study/acknowledgement-ofcountry).Subject CoordinatorSubject Coordinator Dr Sajjad KhanEmail skhan@studygroup.comPhone 03 9935 7927Consultation proceduresLecturer: Dr Sajjad KhanEmail : SKhan@studygroup.comThe best way to contact me is via email if you have any questions concerning the contents andteaching of this subject. However, you should consider if your question is already addressedelsewhere (e.g. Subject outline, Announcements and iLearn within Interact2 site) and if youare contacting the most appropriate person.Email Etiquette: In order to receive responses to your email on time ensure that you addressthe issue meeting the basic requirements of professional communication. You shouldinclude your ID number, full name, subject code and type of query in the header/subject toenable me to read and identify who has sent the email. This will also avoid your email beingtreated as SPAM.Subject OverviewCharles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 2 of 39AbstractThis subject adopts a risk-based approach to auditing and assurance services, exploring thepractice and theory of auditing as it applies to Australia within a global environment. Theconcept of risk management is emphasised as it permeates all functions of management,audit and corporate governance.Learning outcomesUpon successful completion of this subject, students should:• be able to explain and critically evaluate influences on audit and assurance servicesincluding: Australian and international professional standards, statutory and commonlaws, regulatory bodies, and public expectations within a global market;• be able to evaluate the expanding scope of assurance services and providers in today’sinternational business environment;• be able to demonstrate risk management methodologies and the role of internalcontrols in an audit context;• be able to design an audit plan and select and apply appropriate audit procedures fora financial statement audit; and• be able to exercise critical and reflective judgement and appreciate the value ofethical practice.Subject contentInformation regarding the subject’s content is outlined above in the Schedule.Academic Progress RequirementsThe Assessment Policy (https://policy.csu.edu.au/document/viewcurrent.php?id=301&version=11) (https://policy.csu.edu.au/document/viewcurrent.php?id=301&version=11)sets out the criteria for monitoring academic progress in allcoursework degrees. Passing more than 50% of subjects in each session of study and passingkey subjects (https://student.csu.edu.au/my-course/my-subjects-and-results/key-subjects) onthe first attempt are both indicators of satisfactory academic progress through your course.The University will contact and offer support to students who do not meet academic progressrequirements. There are three stages of academic progress: Stage 1 involves optional support,Stage 2 requires your engagement with the support offered and Stage 3 is where you will beconsidered for exclusion from your course.Assumed knowledgeAssumed knowledge is equivalent to that which would be gained through completion ofACC514.Subject Schedule & DeliveryCharles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 3 of 39Prescribed textFind information about the textbooks required for your subjects on the Current Students(https://www.csu.edu.au/current-students/learning-resources/information-planning/textbooks) site. Check the Library (https://library.csu.edu.au/) to find out if your text is aneBook.Textbook:Gay, G. E., & Simnett, R. (2018). Auditing and assurance services in Australia (7th ed). Roseville:McGraw Hill.ORGay, G. E., & Simnett, R. (2018). Auditing and assurance services in Australia (7th ed). Roseville:McGraw Hill. eBookThe textbook for this subject is available as an eBook from the CSU Library. This eBook accesshas a limited number of simultaneous users. To ensure the text is accessible to as many peopleas possible please follow the instructions in this short eBook etiquette video: https://youtu.be/o7mIprFUN6EThe downloadable form of this eBook can be purchased fromhttp://www.mheducation.com.au/9781760421809-aus-ebook-for-auditing-assuranceservices-in-australia-6th-edition-revisedHandbook:Chartered Accountants Australia and New Zealand (2017, 2018, 2019 or 2020). AuditingAssurance and Ethics Handbook. Brisbane: John Wiley & Sons Australia.The handbook can be taken into your final examination but the only marking allowed on thetext is highlighting, underlining and or tagging. Brief captions allowed on the tags only. Pleasetake care not to mark your text carelessly or you will be unable to use it in the finalexamination.Class/tutorial times and locationYour timetable can be found at https://mytimetable.csu.edu.au/odd/studentFurther information is available via the Student Portal Class Timetable(http://student.csu.edu.au/study/study-essentials/timetable) page.If you are studying at a Study Centre or other partner institution, your class timetableinformation will be provided by your institution.Schedule SessionWeekWeekCommencingTopicsReadings and assignments Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 4 of 39 11 MarchTopic 1 Audit function – anoverviewG & S Chapter 1.28 MarchTopic 2 Governance andEthicsTopic 3 Legal EnvironmentG & S Chapter 3.G & S Chapter 2.PH: Monday 08th March 2021(Labour Day)315 MarchTopic 4 Elements of theFinancial Report AuditG & S Chapter 4.Case Study A (15%), dueWednesday 17 March 2021.422 MarchTopic 5 Business Risk andAudit PlanningG & S Chapter 5.Census date 26 March.529 MarchTopic 5 continuedG & S Chapter 6.PH: Friday 02nd April 2021 (GoodFriday)65 AprilTopic 6 Internal ControlG & S Chapter 7.PH: Monday 05th April 20201 (Easter Monday)7/812 and 19AprilMid-session breakPH: Sunday 25 April 2021 (AnzacDay)926 AprilTopic 7 Audit Testing andSamplingG & S Chapter 8 & Chapter 10 pp.457 – 471.103 MayTopic 7 continuedG & S Chapter 9.1110 MayTopic 8 Completing theAuditG & S Chapter 11.1217 MayTopic 9 ReportingObligationsG & S Chapter 12.Case Study B (25%), dueWednesday 19 May 2021.1324 MayTopic 10 Expanding Role forAuditorsG & S Chapter 13.1331 MayRevision147 JuneExam Week 11514 JuneExam Week 2PH: Monday 14 June 2021(Queen’s Birthday) Please see below Additional/Replacement Class Requirements for this session: ClassesCharles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 5 of 39running on the following Public Holidays should have a replacement class:• Monday 08th March 2021 (Labour Day)• Friday 02nd April 2021 (Good Friday)• Monday 05th April 20201 ( Easter Monday)• Sunday 25 April 2021 (Anzac Day)This study schedule has been devised to assist in your planning during the session and isintended as a guide only.Attendance is required at all scheduled lectures and tutorials.Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 6 of 39Learning materialsDetails of learning materials that support your success in this subject can be found in theInteract2 Subject Site.Learning, teaching and support strategiesThe study guide and/or subject materials for this subject have been written specifically toguide you through the sections (and questions) of the prescribed text book relevant to eachtopic. Your access and activity in Interact 2 will be used to measure your engagement in thesubject. In particular, your access to the subject outline and the resources will be monitored,and if you do not access these Interact 2 tools within the first week you will receive either aphone call or an email from me to discuss your engagement in the subject.You should check the Interact 2 site regularly for postings, announcements, subjectinformation and other resources that will assist your studies or additional information andresources vital to your success in the subject.It will enhance your learning to read the textbook chapters and the reading/s each weekbefore you come to class. The readings can be found in the Additional Resources folder onInteract 2. There may also be other case studies and material posted. I will pop anannouncement up regarding these. These should also be read before class. Classes will takethe form of a lecture-workshop so it will be important to be on time for class.Studying your topics:Your modules have been created to help you progress through the topics – please completethe readings (i.e. text book chapters and readings) that are in your Topic modules on a regularbasis to remain current in the content.Interactions with each other and with your lecturer:Studying at university does not mean studying alone. Take advantage of collective wisdomand bring your ideas to class for discussion. Furthermore, this subject has industry basedassessments to help you apply your studies in a practical sense.Library Services:The CSU Library website provides access to online material and print, using Primo Search tofind online journal articles, eBooks, hardcopy books from CSU Library (see Library Manager forInterlibrary Loan Requests), company & government reports, eJournals, dissertations, theses,newspapers including Business & Financial newspapers in Factiva (See Business & IT JournalDatabases), and other reference resources (eg. Australian Bureau of Statistics, Australianstandards, online encyclopaedias & dictionaries to be read on the computer). You will also findlibrary guides, Subject Reserve for any readings eg. ITC100, ACC100, etc., and online assistanceto help you use the Library’s resources such as Ask a Librarian – Live Chat and Ask a Librarian –Web Form.You can find Library Services on both the SGA library online catalogue:http://primo.unilinc.edu.au/primo_library/libweb/action/search.do?vid=SGACharles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 7 of 39The SGA library online catalogue allows students to Sign In, My Account shows student’scurrent library record including all books on loan, Renew your borrowed books online beforethe due date, also Search and Request all books in the SGA library, even if unavailable due tohigh demand from students. Students can Request books when all books are on loan to otherstudents. When the requested book is returned to the SGA library, the student who requestedthe book receives an email immediately to pick up the book from the SGA library. View yourlibrary record online 24/7 at the above web link for SGA library.And also CSU Library online:http://student.csu.edu.au/library – CSU Library Services including Primo Search & SubjectReserve online with 24/7 access, online and video tutorials in research skills, finding journalarticles for assignments, topic analysis, download Endnote referencing program and manyother online library services to help you successfully complete your assignments for all CSUcourses. (http://trove.nla.gov.au/)http://trove.nla.gov.au/ – Powerful search engine from National Library of Australia to accessmany different online resources on any subject from one search.Contact Details for renewing loans, locating books and other information:Melbourne Library mellibrary@studygroup.com (mailto:mellibrary@studygroup.com)Library Help:http://student.csu.edu.au/library/help-contacts Friendly and quick assistance is available. Askfor help finding information and navigating the library’s extensive eResources.Online Tutorialshttp://student.csu.edu.au/library/study-research/training-tutorials-videosLearn how to:• use Primo Search to find eReserve material and journal articles• search journal databases and web resources for information for your assessments• identify appropriate sources of information and peer reviewed material, and evaluateresources.Bookmark your Subject Library Resource GuideSubject Library Guides are a great way to get started with research. Each online guide istailored to a specific area of study, including Accounting, Business & Information Technologyoutlining how to research in your area and where to look for information.http://libguides.csu.edu.au/Academic Learning Support Assistance:Visit the learning support website for advice about assignment preparation, academic readingand note-taking, referencing, and preparing for exams at: http://student.csu.edu.au/study(http://student.csu.edu.au/study%E2%80%8B)You may also contact:For appointments, please send an email CSUstudysupportmc@studygroup.com(mailto:CSUstudysupportmc@studygroup.com)Queries regarding the content of this subject should be directed to your subject lecturerCharles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 8 of 39Recommended student time commitmentEach week you should spend around 10 – 12 hours studying this subject – obviously someweeks may require more time than others depending on how you work – but the following is aguide for your information. Reading the text and other readings3.5 hoursPreparation of answers to topic review questions3.0 hoursAttendance in online classes3.0 hourPreparation of assessment items2.5 hours Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 9 of 39Assessment and Exam ItemsEssential requirements to pass this subjectYou must obtain at least 50% in both the examination and the total mark in order to pass thissubject. You must pass the exam to pass the subject.To be eligible for the grade AA or AE you must have submitted all assessment items in thesubject, including the final exam. If you choose not to complete an assessment item or do notsit the final exam then you will not be granted an AA or an AE grade.Items Item No.TitleValueDue Date*Return Date**1Case A (ethics and the legal environment)15%17-Mar-202109-Apr-20212Case B (risk, planning, controls and testing)25%19-May-202110-Jun-20213Final Exam60%To be advised– * Due date is the last date for assessment items to be received at the University** Applies only to assessment items submitted by the due dateAssessment item 1 – Case A (ethics and the legal environment)Value: 15%Due Date: 17-Mar-2021Return Date: 09-Apr-2021Length: 1,500 wordsGroup Assessment: NoSubmission method options: Alternative submission methodTASKBackgroundYou are the audit manager of JDM, an accounting firm with offices in the Sydney metropolitanarea. JDM is a middle tier auditing firm specialising in the audit of firms in the manufacturingand property development industries. During May 2020 you met with the audit senior of JDM,Tyrone Vickery, to discuss a number of findings and issues Tyrone has identified relating toseveral of JDM’s clients.Lightning LtdOne of JDM’s biggest clients is Lightning Ltd. Lightning is involved in the propertydevelopment industry and until last year had been very profitable, however the economicdownturn has started having a financial impact. Tyrone tells you he has just had the final auditmeeting with the CEO of Lightning, Ben. At this meeting there were discussions about themain findings and the adjustments which need to be made to the accounts. Tyrone says oneCharles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 10 of 39major issue with the audit is lingering doubts over Lightning’s status as a going concern.Lightning has been close to violating it’s loan contracts which require it to maintain a currentratio of 1.7:1. Tyrone says the issue has caused him many sleepless nights of late – he says thepeople who run Lightning are likable, and he is aware of the negative impact that Lightning’sclosure would have on its stakeholders including its creditors and employees. Tyrone is alsoworried that Lightning’s violation of loan terms could have a negative impact on his owncareer prospects, with Lightning being such an important client.Tyrone says Lightning’s year-end is 30 June and that JDM carried out most of its work duringFebruary. At that time all of the projections looked fine, however recently Tyrone found outthat one of Lightning’s major customers, Autumn Ltd has been placed into administration. Atyear-end Autumn owed Lightning $2.3 million. Tyrone says that if this amount were to bewritten off Lightning would definitely be breaching its loan contracts. Tyrone says he askedBen whether any provision had been created in relation to the amount due from Autumn orwhether any updates to the projections originally audited in February had been made. Benadvised Tyrone that he didn’t think that was necessary and justified this by saying that theadministrator of Autumn believed that Autumn would be able to meet all of its outstandingdebts. Tyrone said he hoped this was true, but he advised Ben that he still needed to obtainassurances from the administrator directly. Tyrone tells you that Ben reacted to this angrily,asking why that would be necessary as he was happy to provide a letter validating theadministrators views. Tyrone says he advised Ben that he has to do his job, but that this madeBen even angrier, and Ben starting shouting, saying that “this is the first sign of trouble for ourcompany and JDM are willing to help the bank shut our doors. This will be a disaster for ourcreditors and our employees!” Tyrone tells you than upon concluding the meeting Ben said tohim that all Lightning was asking for was time – to be given a chance to trade out of thesituation – and that as far as he was concerned, the accounts would not be altered. Ben alsosaid that if Lighting were to collapse, he would let all their stakeholders know who caused theclosure of this business – the auditors.Cardinal LtdAfer discussing the audit of Lightning, Tyrone informs you of the latest developmentsregarding another of your clients, Cardinal Ltd, a company which provides warehousing anddistribution for chemicals used in the manufacture of household cleaning products. Tyronetells you that Cardinal was carrying a very high level of inventory in its audited balance sheetat the time a successful takeover offer was made by Spruce Ltd.Tyrone says that two months afer the takeover, it was discovered that the inventories held byCardinal were considerably over valued and that they did not in fact possess the quantity ofinventory claimed at the time of the audit. Tyrone also says that Spruce is filing court actionagainst JDM and that they have evidence supporting the following:• JDM did not attend all stocktakes at year-end. While JDM were present at stocktakesfor the Sydney based operations of the company, the inventory at the Sydneywarehouse was also found to have been overvalued by 27%.• While JDM correctly accounted for the quantity of the Sydney stock, they acceptedmanagements’ valuation, which did not take account of significant quantities ofchemicals which were in poor condition and were therefore not of merchantablequality.• 50% of the company’s inventory is purportedly held at the company’s facility inGoulburn and is it this inventory that Spruce is claiming does not exist.Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 11 of 39Tyrone says that Spruce are also claiming that JDM were subjected to considerable pressureby Cardinal’s management to complete the audit within one month of the balance date.Tyrone says that JDM has undertaken this audit for the past six years, that there was noevidence of any previous misstatements of the value of inventory and that Spruce is claimingthat they had relied on the audited financial statements in making their takeover offer. Tyronetells you that there is no evidence that anyone at JDM was aware of this intended use of theaccounts.Lid LtdLastly, Jack tells you about Alex Wilson, who set up his own IT business (Lid Ltd). Afer creatinga piece of sofware which experienced exponential sales growth, Alex decided to list Lid on theASX. Afer listing, the board of Lid has been reorganised several times and is now comprised ofAlex as CEO, CFO Angelo Utah; and three non-executive directors. Chris Newman (a lawyer);Nigel Foley (a wealthy industrialist) and Steven Morris, a Chartered Accountant and Chairmanof the Board, who has, as recently as 1 year ago, worked as a senior employee of DFB, anAccounting/Business Advisory firm which provided extensive advisory/consultation services toAlex on the best ways to manage Lid Ltd through its expansion and listing on the ASX.RequiredQuestion 1 (6 marks)Advise Tyrone as to what he should do in response to the information he has providedregarding the audit of Lightning Ltd, making reference to the Code of Ethics for ProfessionalAccountants. Use the following American Accounting Association (AAA) Model template toguide your response. American Accounting Association ModelDecision-making process1. Determine the factsThe facts are …2. Define the ethical issues3. Identify the major principles, rules, and values4. Specify the alternatives5. Compare values and alternatives6. Assess the consequences7. Make your decision Question 2 (6 marks)Based on the information provided by Tyrone in relation to Cardinal Ltd, and making referenceto specific common law and/or auditing standards, prepare a report which addresses theCharles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 12 of 39following:• An outline of all the elements of the tort of negligence;• The case that Spruce Ltd could prepare in their efforts to sue JDM for negligence.• An assessment as to whether Spruce will be successful in their legal action• An explanation as to whether this assessment of success (as above) would change ifSpruce had written to JDM telling them that they intended to buy Cardinal and wererelying on the audited financial statements to assist them in making their decision.Question 3 (3 marks)Advise Tyrone of any breaches of the ASX’s ‘Corporate Governance Principles andRecommendations’ and what action (if any) will need to be taken by JDM.RATIONALESUBJECT LEARNING OUTCOMESThis assessment task will work towards assessing the following learning outcome/s:• be able to explain and critically evaluate influences on audit and assurance servicesincluding: Australian and international professional standards, statutory and commonlaws, regulatory bodies, and public expectations within a global market.• be able to exercise critical and reflective judgement and appreciate the value ofethical practice.GRADUATE LEARNING OUTCOMESThis task also contributes to the assessment of the following CSU Graduate LearningOutcome/s (https://student.csu.edu.au/study/glo):• Academic Literacy and Numeracy (Application) – CSU Graduates consider the context,purpose, and audience when gathering, interpreting, constructing, and presentinginformation.• Ethics (Application) – CSU Graduates form judgements and apply ethical decisionmaking and reasoning to identify creative solutions to ethical problems.Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 13 of 39MARKING CRITERIA AND STANDARDS CriteriaHigh DistinctionDistinctionCreditPassQuestion 1Use of critical andreflective judgment inethical practice in theapplication of theethical decision guide(6 marks).Complex, comprehensive,and detailed application ofthe ethical decision guidedemonstrates insightfulcritical and reflectivethinking.Logical, comprehensive,and accurate applicationof the ethical decisionguide demonstratescoherent critical andreflective thinking.Accurate application of theethical decision guidedemonstrates critical orreflective thinking.Accurate application of theethical decision guide.Question 2Identification andapplication of theinfluences of commonlaw and auditingstandards onnegligence issuesduring the auditprocess(6 marks).Comprehensive synthesisand application of thecommon law and auditingstandards most integral todeciding failure to exercisedue care and duty of care toa third party.Comprehensive synthesisand application of thecommon law and auditingstandards most integral todeciding failure to exercisedue care, and duty of careto a third party.Synthesis and applicationof the common law andauditing standardsimportant to decidingfailure to exercise duecare, and duty of care to athird party.Application of common lawor auditing standardsimportant to decidingfailure to exercise due careand duty of care to a thirdparty.Question 3 Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 14 of 39 Explanation andcriticalevaluation of theinfluence of Australianand internationalprofessionalstandards,public expectationsand regulatory bodieson audit andassurance services(3 marks).Comprehensive, focused,and concise synthesis andcritical evaluation of therelevant ASX CorporateGovernance Principles andRecommendations.Comprehensive andaccurate synthesis andcritical evaluation of therelevant ASX CorporateGovernance Principles andRecommendations.Critical evaluation of therelevant ASX CorporateGovernance Principles andRecommendations.Lists relevant ASXCorporate GovernancePrinciples andRecommendationsThese last two criteria relate to the whole of the case study. N.B. although these criteria are not given a separate mark, they will betaken into account when marking each of the previous three criteria.Professionalcommunication usinga business reportformat:* Arial 10pt or TNR 12pt font;* 1.5 or double linespacing;* space betweenparagraphs;* appropriateheadings;* professionallanguage.Focused, intelligible,accurate, and concisestatements are organisedinto a professionallystructured and formattedreport which engages thereader and justifies andclarifies an insightful criticalperspective.Focused, accurate, andintelligible statements areorganised into aprofessionally-structuredand formatted reportwhich clarifies a criticalperspective and facilitatesthe reader’sunderstanding.Accurate statements areorganised into a structuredand effectively-formattedreport which conveys acoherent perspective andfacilitates the reader’sunderstanding despiteminor spelling, grammar,paragraphing, orpunctuation errors.Statements are organisedinto a structured reportwhich communicates arelevant perspective to thereader despite somefrequent and/or intrusivespelling, grammar,punctuation, paragraphing,or formatting errors. Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 15 of 39 Appropriate resourcesand correct APA (6thor 7th ed.) referencingSeamlessly and articulatelyintegrated evidence fromfour or more credible,relevant sources. All workhas been referencedcorrectly as per APA (6th or7th ed.) requirements.Integrated evidence fromtwo or more credible,relevant sources. All workhas been referencedcorrectly as per APA (6th or7th ed.) requirements.Supported argument withevidence from one or morecredible, relevant sources.All work has beenreferenced within the bodyof the answer and in thereference list. Occasionalformatting errors and/oromissions of informationdo not comply with APA(6th or 7th ed.) but do notaffect transparency ortraceability of sourcematerial.Supported argument withevidence from the text.Others’ work is alwaysacknowledged. Frequentformatting errors and/oromissions of informationdo not comply with APA(6th or 7th ed.) but do notaffect transparency ortraceability of sourcematerial. Charles Sturt University Subject OutlineACC568 202130 SM IVersion 2 – Published 01 April 2021Page 16 of 39PRESENTATIONAssessment tasks should be submitted via Turnitin as a Microsof Word document. Do notsubmit as a PDF document.• The first page should contain your name, student number, subject code, word countand due date. Please use 12 point font and avoid the use of fancy templates withadded colour or graphics.• Lines should be double spaced.• The assessment tasks should be within +/- 10% of the word limit. The word count istaken from the first word to the last word and includes quotes. Quotes must compriseless than 10% of the total word count.• Proof-read your work so that it is free of spelling, grammar, and punctuation mistakes.Use language that is appropriate for academic and professional tasks. Ensure you userespectful and appropriate terminology. For assistance, see Learning Skills:http://www.csu.edu.au/division/studserv/learning• Your reference list should contain all source documents that you refer to, quote orparaphrase from. It must conform to the APA referencing style:http://student.csu.edu.au/__data/assets/pdf_file/0011/294977/APAReferencingSummary2013.pdfAssessment item 2 – Case B (risk, planning, controls and testing)Value: 25%Due Date: 19-May-2021Return Date: 10-Jun-2021Length: 2,500 wordsGroup Assessment: NoSubmission method options: Alternative submission methodTASKBackgroundYou are the audit manager of RFC, an accounting firm with offices located throughout regionalNSW and Victoria, including towns such as Bendigo, Albury, Wagga, Bathurst and Tamworth.RFC is a middle tier firm which provides audit and accounting services across a range ofindustries. During July 2021 you met with the audit senior of RFC, Wayne Campbell to discussseveral findings related to some of RFC’s clients.Knights LtdWayne tells you he is planning the 30 June 2021 Audit of Knights Ltd, a company that producesand exports timber products to South East Asian countries. Knights contracts timber cutters todeliver set tonnages of logs to its mill throughout the year. The timber is then transported toAsia on charter vessels, which make an average of one trip a month. Timber
