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Homework answers / question archive / HI6026 Executive Compensation, Independence and Covid-19 Impact on auditing Assignment Specifications Required Task: Part A: (25 marks) Listed companies are required to make certain disclosures in their annual reports about the compensation paid to their top executives

HI6026 Executive Compensation, Independence and Covid-19 Impact on auditing Assignment Specifications Required Task: Part A: (25 marks) Listed companies are required to make certain disclosures in their annual reports about the compensation paid to their top executives

Management

HI6026 Executive Compensation, Independence and Covid-19 Impact on auditing

Assignment Specifications

Required Task:

Part A: (25 marks)

Listed companies are required to make certain disclosures in their annual reports about the compensation paid to their top executives. One reason for this is to help interested stakeholders assess the performance of executives. It also helps executives and companies set appropriate compensation levels, based on what other companies in the same industry and/or of the same size are paying their executives. These disclosures are audited.

 

Required

 

Obtain the annual reports of 10 listed Australian companies in the same industry from the Year 2020. (Hint: See www.asx.com.au for a list of companies on the ASX, industry membership and links to company websites where you can download annual reports.) Extract the information on executive remuneration and describe the data using graphs and tables. Write a report addressing the following questions (justify your responses by referring to the data where appropriate).

 

  1. How are the executives paid (cash, bonuses etc.)?
  2. Discuss details about executive qualification, experiences and independence. 
  3. Which companies’ executives are paid the most and what is the range of pay?
  4. Which companies’ executives’ pay is most linked to the company’s profit and/or share price performance? (Explain any assumptions you have to make.)
  5. Overall, what do you conclude about how Australian company executives are paid and how clearly the compensation data is reported?

 

Part B: (10 marks)

 

Explain Auditing in times of social distancing: the effect of COVID-19 on auditing quality proposed by Australian Securities and Investment Commission (ASIC) in the following situations:

 

 

  1. What should be the focus areas for auditors under COVID-19 conditions?
  2. Should audit fees be reduced when reviewing other cost saving initiatives?
  3. Should an auditor delay their opinion until a limitation or uncertainty is resolved?
  4. What should be influence of COVID-19 and going concern assessment?

 

 

The assignment structure must be as follows:

 

1. Holmes Institute Assignment Cover Sheet – Full Name, Student No., Contribution.

  1. Executive Summary
  1. The Executive summary should be concise and not involve too much detail.
  2. It should make commentary on the main points only and follow the sequence of the report.
  3. Write the Executive Summary after the report is completed, and once you have an overview of the whole text.
  1. The Executive Summary appears on the first page of the report.
  2. Contents Page – This needs to show a logical listing of all the sub-headings of the report’s contents. Note this is excluded from the total word count.
  3. Introduction – A short paragraph which includes background, scope and the main points raised in order of importance. There should be a brief conclusion statement at the end of the Introduction.
  4. Main Body Paragraphs with numbered sub-headings – Detailed information which elaborates on the main points raised in the Introduction. Each paragraph should begin with a clear topic sentence, then supporting

 

sentences with facts and evidence obtained from research and finish with a concluding sentence at the end.

  1. Conclusion – A logical and coherent evaluation based on a thorough and an objective assessment of the research performed.
  2. Appendices – Include any additional explanatory information which is supplementary and/ or graphical to help communicate the main ideas made in the report. Refer to the appendices in the main body paragraphs, as and where appropriate. (Note this is excluded from the total word count.

Group submission Guideline: 

 

To ensure that all students participate equitably in the group assignment and that students are responsible for the academic integrity of all components of the assignment. You need to complete the following Group Assignment Task Allocation table, relevant evidence (authenticity of your assignment) which identifies which student/students are responsible for the various sections of the assignment.

 

Assignment Section

Student/Students

 

 

 

 

 

 

This table needs to be completed and submitted with the assignment as it is a compulsory component required before any grading is undertaken. Students that are registered in a solo group are not required to fill this table.

 

Both assessment items must be submitted on Blackboard. The written assignment must be in a report format and submitted through safe-assign prior to final submission. The originality percentage should be as low as possible. The written submission must be double-checked, edited and rephrased if the originality percentage and plagiarism risk is noted as high, as per safe-assign.

 

 

Marking Criteria

 

Group Assignment Marking Criteria

Weighting

Executive Summary

2%

Introduction and Main Body of the Report

35%

Overall Presentation (Report presentation, Correct referencing, consistency)

3%

Total Weight

40%

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