Write my essay on ACCT601: Auditing and Assurance Services Semester 2, 2018 Assessment 2: Group Assignment Assessment…

ACCT601: Auditing and Assurance ServicesSemester 2, 2018Assessment 2: Group AssignmentAssessment weight : 20%Due : 13 May 2018 by 23.59Word limit: : 2500 words±10%The group assignment aims to:1. Give students an understanding of real life auditing issues2. Help students understand the link between theory and practice; and3. Foster students’ research, team-working, critical analysis and written communication skills.Students will form teams of up to four members. You should give careful consideration to the selection of members comprising the group. By the end of week 3, all groups must be formed, and groups should provide the names of members to the lecturer-incharge by Monday 2 April 2018. It is very important for all members to take an active part in completing the assignment and make an equal contribution. Students must notify the Lecturer-in-Charge in a timely manner and provide substantiating documentation of any problems in relation to group work. Each student should also complete the “Peer Evaluation of Team Members” sheet and hand it in to the lecturerin-charge.You are required to write a business report addressing the questions below:1. Evaluate the social responsibility of HIH by identifying where they failed.2. Identify weaknesses of HIH’s internal controls and suggest ways for improvement.3. Provide an assessment of the audit committee of HIH, the stance of the auditors regarding the audit committee, and comment on their role in the fallout of the company.4. Describe the major deficiencies of the audit and discuss if auditors could prevent the demise of HIH.Your report should include an introduction, conclusion, appropriate headings, and diagrams or graphs where appropriate. Your report should contain an introduction followed by answers to questions and a conclusion. Grading will be based on critical analysis of the issue, evidence of wide reading on topic, coherence in the development of arguments, use of appropriate evidence, and clarity of expressions. You are expected to cite at least five (5) acceptable sources. If you are not clear what constitutes an acceptable source, please consult the Lecturer-In-Charge.Grading criteria for Assessment #2Questions MaxpointIntroduction1Identify weaknesses of HIH’s internal controls and suggest ways for improvement. 4Provide an assessment of the audit committee of HIH, the stance of the auditors regarding the audit committee, and comment on their role in the fallout of the company. 4Describe the major deficiencies of the audit and discuss if auditors could prevent the demise of HIH. 4Conclusion1Format and presentation (referencing, tidiness, grammar, spelling, spacing, paragraphing, page formatting, etc.) 2Total 20Assignments will be graded by 28 May 2018, and grades will be posted on LEO.Submission guidelinesSubmission is via Turnitin only.Assignments must be submitted with an ACU cover sheet and should:Use an assignment cover sheet signed by all students.Be typed using one-and-a half (1.5) spacing left justified.Use Ariel or Times New Roman font size 12.Display a one inch margin on all sides.Appropriately cite original work, author(s) etc. Citation and referencing must conform to Harvard format both in the body of the paper and its attached reference section.Students should retain both hard and electronic copies of all work submitted forLate submission of assignmentsDue dates will be strictly adhered to. However, in the case of exceptional circumstances, students may apply for extensions in the following manner.In accordance with the ACU Assessment Procedures (para 3):You may seek extension of submission date for an assessment task prior to the due date by submitting the Application for Extension of time for an Assignment (EX) form. https://www.acu.edu.au/__data/assets/pdf_file/0011/126668/EX__Application_for_Ext_of_Time_for_Submission_of_Assessment.pdfYou may seek up to five working days after the relevant due date by submitting the Special Consideration form. https://www.acu.edu.au/__data/assets/pdf_file/0010/48493/SC_Application_for_Spe cial_Consideration_20170615.pdfAssessment tasks submitted after the due or extended date will incur, for each whole or part of a calendar day that the work is overdue, a 5% penalty of the maximum marks available for that assessment task up to a maximum of 15%. Assessment tasks received more than three calendar days after the due or extended date will not be allocated a mark.Links for further reading about HIHHIH Insurance Group Collapse (Parliament of Australia)https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentar y_Library/Publications_Archive/archive/hihinsuranceThe rise and fall of HIH Insurance Grouphttps://treasury.gov.au/publication/economic-roundup-issue-1-2015/economicroundup-issue-1/the-hih-claims-support-scheme/2-the-rise-and-fall-of-hih-insurancegroup/The HIH collapse: a catalyst for costly reform file:///C:/Users/bt/AppData/Local/Microsoft/Windows/INetCache/IE/83Q7UY07/fulltext .pdfCase studies on the HIH Insurance Group file:///C:/Users/bt/AppData/Local/Microsoft/Windows/INetCache/IE/N1RDSLAA/0610 04_BGN-0_hih_background_note.pdfThe HIH Report and Clerp 9 http://www.findlaw.com.au/articles/1450/the-hih-report-and-clerp-9.aspxAdams, M. A. (2005). Australian corporate governance: lessons from HIH Insurance. -One Law for All?-: 60th Annual ALTA Conference, The University of Waikato, Hamilton, New Zealand 5-8 July 2005.Buchanan, B. (2003). Beware of the ides of March: The demise of HIH insurance, Finance Faculty Publications, University of Georgia. https://scholarship.richmond.edu/cgi/viewcontent.cgi?referer=https://www.google.co m.au/&httpsredir=1&article=1016&context=finance-faculty-publicationsLeung, P. & Cooper, B.J. (2005). The Mad Hatter’s corporate tea party, Managing Auditing Journal, 18 (6/7), 505-516.Mirshekary, S., Yaftian, A, M & Cross, D. (2005). Australian corporate collapse: Thecase of HIH Insurance. Journal of Financial Services Marketing, 9 (3). pp. 249-258 PEER EVALUATION OF TEAM MEMBERSEach student should complete this from with respect to other students in the syndicate and hand it in to the lecturer-in-charge.Name (write full name) Meetings Quality and quantity Cooperation and team work Follow through Total scoreMeetings:1 Rarely attended meetings and when attending arrived late or left early2 Attended some group meetings, arrived late or left early on occasion3 Attended most group meetings, arrived on time, stayed for length of time scheduled4 Attended all meetings, arrived on time, stayed longer than the scheduled meeting timeQuality and quantity of output1 Contributed very little, if at all, to the paper2 Ideas were weak, and input limited, performed only work assigned3 Provided useful input most of the time and was helpful in getting tasks accomplished4 Always provided valuable input into the project and facilitated discussionsCooperation and team effort1 Created problems and was disruptive2 Went along with whatever the rest of the group decided3 Sometimes led the group, provided support for other team members on occasion4 Led the group in establishing a cooperative team environmentFollow through1 Rarely completed assignments, work completed was often not useful2 Required some prompting to complete assignments on time, several changes required3 Completed work on time with some changes required4 Completed assigned work on time and error free