Assessment Details and Submission Guidelines Course Name: MPA Unit Code: Unit Title: Auditing Assessment Type: AssignmentTrimester 1, 2017 Assessment Title: Woolworths Ltd Weight: 20 percent Total Marks: 25 marks Word limit 2000 words Release Date: 1 May 2017 Due Date: Week 11. Monday 5 PM. Submission Guidelines: • This assignment should be completed in groups of four. • All work must be submitted via Turnitin by the due date along with a completed Assignment Cover Page. • The assignment must be in Ms Word format,1.5 spacing, 11-pt Calibri (Body) font and 2 cm margins on all four sides of your page with appropriate section headings. • Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using APA referencing style. Assignment Cover Sheet Student ID Number/s: Student Surname/s: Given name/s: Course: School: Unit code: Unit title: Due date: Date submitted: Campus: Lecturer: Tutor: All work must be submitted via Turnitin by the due date. If an extension of time to submit work is required, a Special Consideration Application must be submitted. Further information is available at: Academic Misconduct Academic Misconduct is a serious offence. Depending on the seriousness of the case, penalties can vary from a written warning or zero marks to exclusion from the course or rescinding the degree. Students should make themselves familiar with the full policy and procedure.For further information please refer to the Academic Integrity Section in your Unit Description. Student Declaration I/We declare that:  the work contained in this assignment is my/our own work/group work, except where acknowledgement of sources is made;  certify that this assessment has not been submitted previously for academic credit in this or any other course;  I/we have read the MIT’s Plagiarism and Academic Misconduct Policy Procedure, and I/we understand the consequences of engaging in plagiarism;  a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request; I/we have not plagiarised the work of others or participated in unauthorised collaboration when preparing this assignment. Student Signature: Date: Group member 1: Group member 2: Group member 3: Group member 4: Marking Rubric Part 1 (10 Marks) Part 2 (12 Marks) Part 3 (3 Marks) Met requirements to an excellent level (80 to 100%) Met requirements to a very good level (70 to 79%) Met requirements to a good level (60 to 69%) Met requirements to a satisfactory level (50 to 59%) Did not met requirements (0 to 49%) TOTAL GRAND TOTAL (out of 25) Assignment Instructions For the purposes of this Group Assignment, assume that you are a member of the audit team responsible for the Woolworths Ltd financial report audit engagement. You have been assigned to gather relevant background information and prepare audit workpapers in relation to the following specified planning issues. 1. a) Prepare a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for Woolworths. In conducting this analysis your research should include, but not be limited to, the nature of revenue sources, conduct of operations, market conditions and competition, etc. b) Fully discuss the potential impact of your analysis on the Woolworths audit. 10 marks 2. From your risk analysis (Part 1), identify three (3) specific account balances(not account classifications) that you consider at significant risk of material misstatement for Woolworths Ltd. For each of the account balances you identify: a) Explain why the account balance is at significant risk of material misstatement b) Explain the key assertion at risk of not being valid. c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above and d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertionat risk as identified in b) above. 12 marks Provide your answer to Part 2 in the following table format. Specific account balance (i) (ii) (iii (a) Explain why the account balance is at significant risk of material misstatement. (b) Explain the key assertion at risk of not being valid. (c) Detail one (1) relevant substantive audit procedure to address the assertion at risk as identified in b) above. (d) Detail one (1) relevant practical internal control that would mitigate the risk in relation to the assertion at risk as identified in b) above. 3. Presentation; Your assignment should be presented in a format as if it were to be presented to the full audit team. A key aspect in your group’s choice of format/layout should be to ensure you impart your key messages effectively. It should be succinct, and use of tables, graphs and other types of presentation formats/layout is encouraged. The report should also be coherent and so consistency is expected throughout (e.g., formatting, language style, and linkages between the questions). Note that groups who split up the tasks and work independently are likely to have more difficulty accomplishing this objective compared to groups who work on each of the parts collaboratively. A merely typed assignment will not earn any marks for this requirement. 3 marks