MAA705 – Trimester 2 2022 Assessment Task 2
Report – Individual
Due date and time: Friday, 9th September 2022, by 8:00 pm (AEST)
Percentage of final grade: 20%
Word count: 1500 words (without reference list)
Description:
Part A: Planning memorandum
You are required to prepare a planning memorandum based on the FY2021 Annual Report for
Bega Cheese Limited (Bega) (https://www.begacheese.com.au/investors/annual-reports/). The
suggested outline of the planning memorandum is available on CloudDeakin.
The planning memorandum must include the following:
i. Define business risk. Identify three (3) major business risks of the company and an
explanation of why each factor identified is a risk to the business.
ii. Define inherent risk. Identify and explain three (3) inherent risks that you ascertain
from the business risks you identified (in part i).
iii. For each of the three (3) inherent risks (in part ii), identify one (1) key account and one
(1) key related assertion at risk of material misstatement.
iv. An assessment of the overall inherent risk including an explanation of the factors that
lead to this assessment.
Part B: Analysing trends in sales
In a fictitious scenario without COVID 19, you are the audit associate with the team auditing
Bega for FY2022. You learnt that Bega opened its first retail outlet at Melbourne Central
Shopping Centre at the start of the fiscal year, specifically the first weekend in July. The store
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focused on expanding Bega’s business to include a storefront that sells desserts based on the
products in Bega’s portfolio. The products include, among others, cheesecake mousse and
vegemite ice cream. These bite-sized cold treats also come with simple recipe cards that
encourage customers to try to make them at home. The store has been a hit with customers,
especially on the weekends when the shopping centre is full of people.
Your audit senior has asked you to perform an analysis of the sales data of the retail outlet as
part of the planning stage to identify unusual data points. As this is the first year of operation,
there is no data from prior years to compare to. In one of the planning meetings, one of the
managers suggested that the sales should closely align with the weather. Given that the retail
outlet sells cold desserts, the manager noted that the store should sell more desserts during
warmer days. Hence, your audit senior noted that you should plot a graph comparing daily
sales against daily temperature. Your client has provided you with daily sales data to aid your
analysis. The suggested outline of the sales trend is available on CloudDeakin.
Before you proceeded with the analysis of the sales data, you had a meeting with your audit
senior who suggested that you do the following:
i. Download the daily sales data from the client (on CloudDeakin).
ii. Download the daily temperature data in Melbourne from the Bureau of Meteorology’s
website (http://www.bom.gov.au/climate/data/), selecting the maximum temperature
from the Melbourne Olympic Park Bureau station (Station ID: 086338). Replace any
missing observations with the maximum temperature of the previous day.
iii. Merge the FY2022 retail outlet sales data with the maximum temperature data based
on the date.
iv. Graph the temperature and sales data using a scatter plot with the sales data on the y-
axis (vertical) and the temperature data on the x-axis (horizontal). (Note: You do not
need to include the data in the assignment submission, just provide the graph.)
v. Identify the unusual data points by drawing a box outline around them on the graph.
You can group the unusual data points by using different colour box outlines for each
group. (Note: You can identify the exact data point represented in the graph by hovering
your mouse over the dot in the graph to reveal the exact sales and temperature values.)
vi. The table below provides 10 data points. Complete the table by providing the dollar
amount of sales, potential explanations for the data points (eg. weekends) and whether
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you should investigate further after the planning stage as these unusual data points are
errors or have no potential explanations.
No. Date Sales ($) Comments
1. 1 Jul 2021
2. 7 Aug 2021
3. 1 Sep 2021
4. 22 Nov 2021
5. 25 Dec 2021
6. 26 Jan 2022
7. 3 Mar 2022
8. 20 Apr 2022
9. 14 May 2022
10. 12 Jun 2022
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Learning Outcomes:
This task allows you to demonstrate achievement towards the unit learning outcomes. The
ULOs are aligned with specific graduate learning outcomes – that is, the skills and knowledge
graduates are expected to have upon completion of their studies – and this assessment task is
an important tool in determining the achievement of those outcomes.
If you do not demonstrate achievement of the unit learning outcomes, you will not be successful
in this unit. It is good practice to familiarise yourself with the ULOs and GLOs as they provide
guidance on the knowledge, understanding and skills you’re expected to demonstrate upon
completion of the unit. In this way, they can be used to guide your study.
Unit Learning Outcomes (ULO) Graduate Learning Outcomes (GLO)
ULO 1: Explain and apply theories and GLO1: Discipline-specific knowledge and
regulations relating to financial and non- capabilities
financial audit and assurance services
ULO 3: Evaluate appropriate audit and GLO5: Problem-solving
assurance procedures and responses that
should be applied to different contemporary
business scenarios.
ULO 4: Use professional and ethical GLO8: Global citizenship
judgment in applying relevant legal and
professional pronouncements to all stages of
a given assurance engagement.
ULO 5: Communicate and justify GLO2: Communication
accounting and auditing ideas in contexts
involving both accountants and non-
accountants.
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Submission:
You are to submit your assignment in the individual Assignment Dropbox in the MAA705
CloudDeakin unit site on or before the due date.
When uploading your assignment, name your document using the following syntax: Last
name_First name_Deakin student ID number_Unit code.docx.
For example, ‘Jones_Barry_123456789_MAA705.docx’.
Submitting a hard copy of this assignment is not required.
You must keep a backup copy of every assignment you submit until the marked assignment
has been returned to you. In the unlikely event that one of your assignments is misplaced, you
will need to submit your backup copy.
Any work you submit may be checked by electronic or other means for the purposes of
detecting collusion and/or plagiarism.
When you submit an assignment through your CloudDeakin unit site, you will receive an email
to your Deakin email address confirming that it has been submitted. You should check that you
can see your assignment in the Submissions view of the Assignment Dropbox folder after
upload, and check for, and keep, the email receipt for the submission.
Marking and feedback:
The marking rubric for this task is at the end of the document.
It is always a useful exercise to familiarise yourself with the criteria before completing any
assessment task. Criteria act as a boundary around the task and help identify what assessors are
looking for specifically in your submission. The criteria are drawn from the unit’s learning
outcomes ensuring they align with appropriate graduate attribute/s.
Identifying the standard you aim to achieve is also a useful strategy for success and to that end,
familiarising yourself with the descriptor for that standard is highly recommended.
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Students who submit their work by the due date will receive their marks and feedback on
CloudDeakin 15 working days after the submission date.
Extensions:
Extensions will only be granted for exceptional and/or unavoidable circumstances outside the
student’s control.
Students seeking an extension for an assignment prior to the due date should apply directly to
the Unit Chair by completing the Assignment and Online Test Extension Application Form.
Requests for extensions will not be considered after 12 noon, the Wednesday before the
deadline.
Applications for special consideration after the due date must be submitted via StudentConnect.
Late submission:
The following marking penalties will apply if you submit an assessment task after the due date
without an approved extension: 5% will be deducted from available marks for each day up to
five days, and work that is submitted more than five days after the due date will not be marked
and will receive 0% for the task.
‘Day’ means working day for paper submissions and calendar day for electronic submissions.
The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable
to assess the task after the due date.
Calculation of the late penalty is as follows:
1 day late: submitted after Friday 11:59 pm and before Saturday 11:59 pm– 5% penalty.
2 days late: submitted after Saturday 11:59 pm and before Sunday 11:59 pm – 10% penalty.
3 days late: submitted after Sunday 11:59 pm and before Monday 11:59 pm – 15% penalty.
4 days late: submitted after Monday 11:59 pm and before Tuesday 11:59 pm – 20% penalty.
5 days late: submitted after Tuesday 11:59 pm and before Wednesday 11:59 pm – 25% penalty.
Dropbox closes the Wednesday after 11:59 pm AEST time.
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Support:
The Division of Student Life (see link below) provides all students with editing assistance.
Students who wish to take advantage of this service must be organised and plan ahead and
contact the Division of Student Life in order to schedule a booking, well in advance of the due
date of this assignment. https://www.deakin.edu.au/students/studying
Referencing:
Any material used in this assignment that is not your original work must be acknowledged as
such and appropriately referenced. You can find information about plagiarism and other study
support resources at the following website:
https://www.deakin.edu.au/students/studying/study-support/referencing
Academic misconduct:
For information about academic misconduct, special consideration, extensions, and assessment
feedback, please refer to the document Your rights and responsibilities as a student in this Unit
in the first folder next to the Unit Guide in the Resources area of the CloudDeakin unit site.
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MAA705 T2 2021 Assessment Task 2 Rubric
Criteria Fail Fail Pass Credit Distinction High Distinction
1. Accuracy and depth of No knowledge of audit Knowledge of audit and Rudimentary knowledge Accurate knowledge of The report is detailed, The report is authoritative
knowledge of audit and and assurance services assurance services of the theory and the theory and regulation demonstrating deep and thorough,
assurance services (theory or regulation) is (theory and regulation) regulation of auditing and of audit and assurance knowledge of the theory demonstrating
regulation evident in the report. tends to be limited and/or assurance services of services of both a and regulation of audit sophisticated knowledge
inaccurate. either a financial or non- financial and non- and assurance services of of the theory and
ULO1/GLO1 (25%) financial nature is evident financial nature. both a financial and non- regulation of audit and
in the report. financial nature. assurance services of
both a financial and non-
financial nature.
2. Evaluation and No evaluation and Evaluation and problem Rudimentary evaluation The report demonstrates The report is detailed, The report demonstrates
problem-solving problem solving is solving tends to be and problem solving is accurate evaluation and demonstrating deep sophisticated evaluation
evident in the report. limited and/or inaccurate. evident in the report. problem solving. evaluation and problem and problem-solving
ULO3/GLO5 (25%) solving. skills.
2. Use professional and No professional and Professional and ethical Rudimentary professional The report demonstrates The report is detailed, The report demonstrates
ethical judgement ethical judgement is judgement tends to be and ethical judgement is professional and ethical demonstrating deep sophisticated professional
evident in the report. limited and/or inaccurate. evident in the report. judgement. professional and ethical and ethical judgement.
ULO4/GLO8 (25%) judgement.
3. Communication and Communication is not Editing and proofreading Conventions of written The report is logically Ideas are communicated Ideas are communicated
justification of appropriate for the have not been undertaken English are generally structured. Any errors in and justified clearly and clearly, concisely and
accounting and auditing audience: The formality sufficiently to ensure the adhered to. Careful spelling, grammar and concisely. Information authoritatively.
ideas of the language used is report is clear and proofreading has meant punctuation do not drawn on to support the Justifications are
inappropriate; inadequate accurately the elimination of most detract from the quality ideas is current, relevant insightful and supported
ULO5/GLO2 (30%) attention has been paid to communicated. The tone typographical and of the work. The and accurate. Harvard by wide reading from a
sentence structure and the of the report may be spelling errors. The work importance of referencing referencing conventions range of appropriate
conventions of written inappropriate for the is original and relevant and acknowledging are used correctly. The literature. Harvard
English; use of audience. Accounting and literature has informed others’ ideas is clearly structure, clarity and referencing conventions
discipline-specific auditing ideas are not the accounting and evident in the report. cohesion of the report are used correctly. The
terminology is not used clearly justified for auditing ideas which are Referencing conforms to demonstrates professional structure, clarity and
correctly; and meaning is contexts involving clearly justified. the Harvard style. The communication skills. cohesion of the report
not clearly accountants and non- justification of demonstrates highly
communicated. The ideas accountants. accounting and auditing professional
are not justified. ideas is cogent and based communication skills.
on relevant and current
literature.
