Auditing and Assurance Services

Auditing and Assurance Services. Auditing and Assurance Services. Auditing and Assurance Services : Case Study Assignment

 

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This assignment consists of two (2) separate components, a group based component and an individual
component.
The first component (group case study assignment) is based on Medibank Private Limited (Medibank) (ASX: MPL)
and its controlled entities and consists of a written report to be completed in groups. Groups of five (5) are to be
formed within your seminars. Only one submission per group is to be made by the due date and time i.e. you
should nominate one member to submit.

 

The objective of the group case study component is to develop your communications skills and to test your ability
to integrate skills learnt in this unit of study, i.e. to analyse a real company from the auditor’s perspective. The
successful completion of this case study requires extensive research on Medibank’s internal and external
environments, operations, strategies and an analysis of the 2015 annual report. It is expected that the 2015
annual report will become available in late September/early October 2015. Until its release, you should refer to
other sources (e.g. media reports, industry reports, previous year/s’ annual report, etc.). You are expected to
demonstrate ability to synthesise relevant background financial and non‐financial information and apply analytical
skills to this information to critically evaluate potential significant audit risks in relation to Medibank.

 

The second component is an individual reflection report. Each student must make an independent (individual)
submission electronically by the due date and time.

 

The objective of the individual reflection component is to develop your capacity for reflective practice in instilling
an orientation to lifelong learning, and to facilitate the transfer of knowledge and skills from the course into the
professional workplace.

 

PART 1 (GROUP WRITTEN SUBMISSION – 30 MARKS WORTH 15% OF THE TOTAL ASSESSMENT)

 

For the purposes of the group case study assignment, assume that you are a member of the team responsible for
the Medibank audit engagement. You have been assigned to gather relevant background information and prepare
audit workpapers in relation to the following specified planning issues.

 

1. Prepare a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for Medibank. 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. Discuss the potential impact of your analysis on the
Medibank audit.
(6 marks)

 

2. Provide four (4) specific laws/regulations from different categories (other than general corporate law,
accounting standards, taxation, and ASX listing requirements) that would be applicable to Medibank.
(2 marks)

 

3. Identify one (1) account you consider to be susceptible to misappropriation and one (1) account
susceptible to fraudulent financial reporting within Medibank and explain why.
(3 marks)

 

4. Assess the potential level of the reliance that could be placed on the overall control environment of
Medibank. Justify your decision with specific reference to Medibank’s corporate governance statement
and any other relevant source/s.
(3 marks)

 

5. Briefly justify a planning materiality base and percentage (%) that could be applied to Medibank.
Calculate the $ planning materiality level using the base and percentage determined above.
(3.5 marks)

 

6. From your risk analysis, identify three (3) accounts to be at significant risk for Medibank. For
each of the accounts you identify:
(10.5 marks)

 

a) Outline why the account is at significant risk (1 mark) and

b) Provide the key assertion at risk (0.5 mark) and

c) Provide one (1) relevant substantive audit procedure to address the assertion at risk identified in

b) above. (1 mark)

d) Provide one (1) relevant practical control that would mitigate the risk in relation to the assertion
at risk identified in b) above. (1 mark)

 

7. 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.
(2 marks)

 

 

 

PART 2 (INDIVIDUAL REFLECTION REPORT – 5 MARKS WORTH 5% OF THE TOTAL ASSESSMENT)

 

Each student will be expected to submit an individual report reflecting on the conduct and completion of the
group case study assignment and their individual learning. The individual reflection report is to be submitted
electronically on iLearn by 5pm on Monday 19 October (Week 11). The reflection report should not exceed 500
words (excluding references, if applicable).

 

The individual reflection report will be assessed based on the depth of reasoned reflection as well as the structure
and organisation of the report. A grading rubric for the individual reflection report will be made available as a
separate document on iLearn.

 

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Auditing and Assurance Services : Case Study Assignment

Auditing and Assurance Services

Auditing and Assurance Services

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