Students
ACCG904 – CPA - Assurance Services and Auditing
2014 – S2 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Renee Radich
Contact via renee.radich@mq.edu.au
3-5pm Wednesday. The preferred initial contact is via email.
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| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
ACCG926 or ACCG855 or admission to MAdvProfAcc
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
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| Unit description |
Unit description
This unit provides extended formal academic support for full-time students concurrently enrolled in the Assurance Services and Auditing unit of the CPA program. The overall objective of this segment is to provide a body of knowledge to help students appreciate the nature and diversity of auditing and assurance services. It presents an overview of the auditing process and examines the objectives of the audit and the environment within which an auditor operates.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- Apply the assurance framework in financial report audit,review and assurance engagements
- Describe the professional, legislative and regulatory requirements for audit, review and assurance engagements
- Analyse and illustrate the complete audit process
- Apply relevant standards to the assessment of fraud and going concern in financial statement audits
- Understand the implications of new assurance services for professional competencies and independence.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| 1. Class Test 1 | 10% | Week of 1 September 2014 |
| 2. Class Test 2 | 40% | Week of 13 October 2014 |
| 3. Class Participation | 20% | Weekly |
| 4. Final Examination | 30% | CPA Examination period |
1. Class Test 1
Due: Week of 1 September 2014
Weighting: 10%
Submission
The test will be conducted online and submitted directly to the lecturer
Extension
No extensions will be granted ie there will be no supplementary tests
Penalties
Students who do not sit the class test(s) at the designated time will be awarded a mark of zero (0) for the task, except in cases in which an application for special consideration is made AND approved.
On successful completion you will be able to:
- Apply the assurance framework in financial report audit,review and assurance engagements
- Describe the professional, legislative and regulatory requirements for audit, review and assurance engagements
- Analyse and illustrate the complete audit process
2. Class Test 2
Due: Week of 13 October 2014
Weighting: 40%
Submission The test will be conducted during class time and submitted directly to the lecturer
Extension No extensions will be granted ie there will be no supplementary tests
Penalties Students who do not sit the class test(s) in their designated class will be awarded a mark of zero (0) for the task, except in cases in which an application for special consideration is made AND approved.
On successful completion you will be able to:
- Apply the assurance framework in financial report audit,review and assurance engagements
- Describe the professional, legislative and regulatory requirements for audit, review and assurance engagements
- Analyse and illustrate the complete audit process
- Apply relevant standards to the assessment of fraud and going concern in financial statement audits
- Understand the implications of new assurance services for professional competencies and independence.
3. Class Participation
Due: Weekly
Weighting: 20%
Submission The participation will be conducted during class time and assessed directly by the lecturer
Extension N/A
Penalties N/A
On successful completion you will be able to:
- Apply the assurance framework in financial report audit,review and assurance engagements
- Describe the professional, legislative and regulatory requirements for audit, review and assurance engagements
- Analyse and illustrate the complete audit process
- Apply relevant standards to the assessment of fraud and going concern in financial statement audits
- Understand the implications of new assurance services for professional competencies and independence.
4. Final Examination
Due: CPA Examination period
Weighting: 30%
Submission/ Extension /Penalties The examination will be held under the rules and conditions of CPA Australia
You will need to obtain at least a PASS assessment in the CPA external examination. Note that if you do NOT pass the CPA Australia exam then you cannot attain a pass in this unit in this session.
On successful completion you will be able to:
- Apply the assurance framework in financial report audit,review and assurance engagements
- Describe the professional, legislative and regulatory requirements for audit, review and assurance engagements
- Analyse and illustrate the complete audit process
- Apply relevant standards to the assessment of fraud and going concern in financial statement audits
- Understand the implications of new assurance services for professional competencies and independence.
Delivery and Resources
Classes
Classes will meet for a 3 hour seminar each week.
Friday 1pm-4pm
Dates: Week Commencing 4 August 2014
The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/
Required and Recommended Texts and/or Materials
All students should have the following:
CPA Program: CPA 101 Assurance Services and Auditing, 2014.
All auditing standards can be accessed via the website www.auasb.gov.au
Other References
Students will be required to use library resources to research beyond these materials in undertaking research necessary to complete their tasks. The CPA 101 course materials have a reference list at the end of each module containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.
Technology Used and Required
Students are expected to have:
Proficiency in Word, Excel and PowerPoint
Knowledge of Macquarie University’s on line system –for downloading lecture materials, etc
Knowledge of the library research databases – for accessing additional research material.
Unit Web Page
Course material is available on the learning management system
The web page for this unit can be found at:
http://mq.edu.au/iLearn/index.htm
Teaching and Learning Activities
The normal format for each 3 hour seminar class will be as follows:
(a) brief lecture / interactive discussion
(b) review of pre-assigned practice questions
a) Brief lecture / interactive discussion – each week, the lecturer will lead discussion covering the key points of the relevant module. The format and approach for this session will vary but may include a question and answer session where students will be asked to participate. This will require students to have pre-read the module material.
b) Preparation and review of practice questions – in some weeks, students will be expected to complete, and contribute to discussion concerning, various practice questions. The amount of time spent on these questions and the seminar in which they are completed will be at the discretion of the lecturer and will depend upon the time available each week after reviewing the CPA module material
It should be noted that, as evidenced by the format outlined above, the purpose of the 3-hour seminar is NOT solely to review the CPA module material. In fact, a portion of each seminar will be on the application of the material to case studies and practice questions. Students will be significantly disadvantaged if they expect to use the seminar to examine the CPA module material for the first time. It is expected that students read and comprehended the module material before the seminar.
A week-by-week list of the topics to be covered is in provided in the unit schedule.
Unit Schedule
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Lecture week beginning
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Topic
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4 August |
Module 1, Assurance Services Framework
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11 August |
Module 2, General audit principles and auditor responsibilities
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18 August |
Module 3, Understanding the entity & Assessing risk
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25 August |
Module 4, Response to Risks
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1 September |
Class Test 1: Revision (modules 1 to 4)
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8 September |
Module 5, Reporting Requirements
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15 September
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Modules 7, Fraud
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22 September |
Module 8, Going Concern
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29 September |
Module 9, Performance Engagements
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6 October |
Module 10, Other Assurance Services, Internal Audit
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13 October |
Class Test 2; Revision (modules 4 5, 7, 8, 9 and 10 - Feedback on Class Test 2)
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20 October |
CPA examination period commences
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Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
PG - Discipline Knowledge and Skills
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Learning outcomes
- Apply the assurance framework in financial report audit,review and assurance engagements
- Describe the professional, legislative and regulatory requirements for audit, review and assurance engagements
- Analyse and illustrate the complete audit process
- Apply relevant standards to the assessment of fraud and going concern in financial statement audits
Assessment tasks
- 1. Class Test 1
- 2. Class Test 2
- 3. Class Participation
- 4. Final Examination
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcomes
- Apply the assurance framework in financial report audit,review and assurance engagements
- Analyse and illustrate the complete audit process
- Apply relevant standards to the assessment of fraud and going concern in financial statement audits
- Understand the implications of new assurance services for professional competencies and independence.
Assessment tasks
- 1. Class Test 1
- 2. Class Test 2
- 3. Class Participation
- 4. Final Examination
PG - Capable of Professional and Personal Judgment and Initiative
Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
Learning outcomes
- Analyse and illustrate the complete audit process
- Apply relevant standards to the assessment of fraud and going concern in financial statement audits
- Understand the implications of new assurance services for professional competencies and independence.
Assessment tasks
- 1. Class Test 1
- 2. Class Test 2
- 3. Class Participation
- 4. Final Examination
Research and Practice
This unit gives you opportunities to conduct your own research and gives you practice in applying research findings in your assessment tasks. Students will be required to use library resources to research beyond these materials in undertaking research necessary to complete their tasks. The CPA 101 course materials have a reference list at the end of each module containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.