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SCHOOL OF ACCOUNTING




ACCT 3708/18
Auditing and Assurance Services


Group assignment details

The assignment is to be based on Fairfax Media Limited (ASX code FXJ) and is to be
submitted at the commencement of your tutorial in Week 11, as per the Course Outline.

The aim of the group assignment is to test students' ability to integrate skills learnt in
Auditing and Assurance Services to analyse a real company from the auditor's perspective
and within the framework of auditing standards. The successful completion of this
assignment requires extensive research on Fairfax Media's internal and external
environments, operations, strategies and an analysis of the annual report including financial
information.

Students are expected to demonstrate their ability to critically evaluate various pieces of
information and apply analytical skills to critically evaluate potential audit risks.

An important aspect of the assignment will be to demonstrate your ability to present a
written report in a professional manner.


Required

You are a part of the team responsible for planning the Fairfax Media audit engagement for
2012. You have been assigned to gather relevant background information and prepare a
report for a meeting with your audit partner and audit managers. Your report must address
the following issues.

1.
In relation to Fairfax Media, provide a description of the following:
* What are the principal sources of Fairfax Media's revenue?
* What does Fairfax Media produce and how does it do so?
* What are its markets and who does it compete with?
* Which particular regulations affect its operations?

* [4 marks]

ACCT3708 Auditing and Assurance Services

1

THE UNIVERSITY OF NEW SOUTH WALES
SCHOOL OF ACCOUNTING




2.
A commonly used tool to assist in conducting strategic analysis decomposes the
client's business environment into the following four spheres of influence -
Political
Economic
Social
Technical
Prepare a PEST analysis detailing the kinds of factors that may influence the
business of Fairfax Media.
[4 marks]

3.
For the most significant business segment, determine and explain five key audit
risks which would impact on the audit of Fairfax Media. (Include the account
and assertion most affected by the risks identified).
[5 marks]

4.
Fairfax Media have embarked upon significant changes to their business model
to provide an on-line platform. This is in response to the much anticipated
demise of 'traditional media' such as newspapers and magazines. Describe some
of these changes and the impact these changes will have upon your audit plan.

[3 marks]

5.
Your assignment should be presented in a format as if it were to be presented to
a meeting of senior auditors at your accounting firm. It should be succinct, and
use of tables is encouraged.
[4 marks]

Length

Maximum 10 pages (font size 12, 11/2 line spacing, Times New Roman).

Margins on all sides at 2.5 cm minimum.

The ten page length includes the body of the assignment, footnotes and any appendices. It
excludes the cover sheet, title page, executive summary (optional), and list of references.


Additional Information

1. This assignment is to be completed in groups of 4 or 5 students. All students in a group
must be from the same tutorial.
2. You are required to submit a one page Assignment Status Report at the beginning of
Tutorial 9. There are no marks for doing this but failure to submit or below standard
submissions will incur a penalty of 5 marks for the assignment.


ACCT3708 Auditing and Assurance Services

2

Submission Details

1. A hardcopy of the assignment is to be submitted to your tutor at the beginning of the tutorial
in week 11. Any assignments received after this time will be considered late and subject to the
penalty described in the course outline. Last minute printing difficulties, computer failure or
transportation problems will not constitute an adequate excuse for lateness.

2. Please keep a copy of your work.

3. Each assignment must use an assignment cover sheet and all students must sign the declaration
on the front of the cover sheet. A copy of this cover sheet is available on Blackboard. No
marks will be awarded to any student who does not sign the cover sheet.


4. Each assignment must have a title page, in addition to the cover sheet. The title page should
clearly indicate the names of your team members and their student numbers, your tutor's name
and the time and location of your tutorial. Failure to do so will incur a 5 mark penalty.

5. All assignments must be typed. Footnotes should be reserved for points of clarification. Marks
may be deducted for inappropriate use of footnotes and appendices.

6. Please note, elaborate binding and plastic covers are not necessary and will not result in
extra marks. Assignments that are not stapled or otherwise bound together may not be
accepted.

7. Late submissions will incur a 3 mark penalty for every day of late submission (including
weekends) unless permission is obtained from the lecturer-in-charge.


ACCT3708 Auditing and Assurance Services

3

GROUP ASSIGNMENT WORK PLAN


By : Tutorial
Activity
Deliverable
3
Finalise groups of 4 or 5.
Hand in completed `Assignment
Group Allocation Form' to your
tutor during Tutorial 3
5
Problem scoping, gather relevant

background information on the
assigned company, major competitors,
industry factors, etc. including detailed
analysis of the assigned company
latest annual report. Prepare detailed
timetable and member responsibilities
to ensure timely completion.
9
Assignment near completed. Identify
Hand in one page status report
areas for further work and adjust
during Tutorial 9
timetable/responsibility allocation to
ensure timely and high quality
delivery.
11
Completion of all Assignment
Hand in assignment at the
requirements.
beginning of Tutorial 11.



ACCT3708 Auditing and Assurance Services

4

Document Outline

  • GROUP ASSIGNMENT WORK PLAN

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