Students

ACCG904 – CPA - Assurance Services and Auditing

2014 – MQC S1 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Daisy Chen
daisy.chen@mqc.edu.au
Contact via daisy.chen@mqc.edu.au
Credit points Credit points
4
Prerequisites Prerequisites
ACCG926 or ACCG855 or admission to MAdvProfAcc
Corequisites Corequisites
Co-badged status Co-badged status
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.

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% 18 March 2014
2. Class Test 2 40% 22 April 2014
3. Class Participation 20% Weekly
4. Final Examination 30% CPA Examination period

1. Class Test 1

Due: 18 March 2014
Weighting: 10%

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

2. Class Test 2

Due: 22 April 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. 

Monday 9:30am- 12:30pm

Dates: Commencing 10 February 2014

 

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

 

Lecture Date

 

Topic and Readings from CPA Material

 

10 February

Module 1 Assurance Services Framework

17 February

Module 1 Cont Assurance Engagements: Ethics and Quality Control

24 February

Module 2 General Audit Principles and Auditor Responsibilities

3 March

Module 2 Cont General Audit Principles and Auditor Responsibilities 

10 March

Module 3 Understanding the Entity: Risk Assessment

17 March

Class Test

Module 4 Auditors Response to Assessed Risks

24 March 

Module 5 Audit Conclusions and Reporting Requirements

Module 6 Undertaking the Audit Case study

31March

Module 7 The Auditor's Responsibility Relating to Fraud

7 April

Module 8 Auditor’s responsibility to Consider the Going Concern Assumption

14 April

Module 9 Performance Engagements

Module 10 Other Assurance Services and Internal Audit

21 April 

In Class Test. During this class the solution to the test will be discussed.

28 April 

 CPA Examinations Commence 

 

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/

Grades

Macquarie University uses the following grades in coursework units of study:

 

·         HD - High Distinction

·         D - Distinction

·         CR - Credit

·         P - Pass

·         F – Fail

 

Grade descriptors and other information concerning grading are contained in the Macquarie

University Grading Policy which is available at:

 

http://www.mq.edu.au/policy/docs/grading/policy.html

 

For further information, please refer to page 71 of the 2013 Calendar of Governance, Legislation and Rules- Postgraduate Rules at

 

http://universitycouncil.mq.edu.au/pdfs/2013-Postgraduate_rules.pdf

 

Grade Appeals and Final Examination Script Viewing

 

If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to the following website which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes a valid grounds for appeal before appealing your grade.

 

http://www.city.mq.edu.au/reviews-appeals.html

 

Special Consideration Policy

 

The University is committed to equity and fairness in all aspects of its learning and teaching. In stating this commitment, the University recognises that there may be circumstances where a student is prevented by unavoidable disruption from performing in accordance with their ability. A special consideration policy exists to support students who experience serious and unavoidable disruption such that they do not reach their usual demonstrated performance level. The policy is available at: http://www.mq.edu.au/policy/docs/special_consideration/policy.html

 

The University defines serious and unavoidable disruption to studies as resulting from an event or set of circumstances that:

  • could not have reasonably been anticipated, avoided or guarded against by the student; and
  • was beyond the student's control; and
  • caused substantial disruption to the student's capacity for effective study and/or the completion of required work; and
  • substantially interfered with the otherwise satisfactory fulfilment of unit or course requirements; and
  • was of at least three (3) consecutive days duration within a study period and/or prevented completion of the final examination.

A Special Consideration application is deemed to be valid if all the following criteria have been satisfied:

·         The Special Consideration application is completed by the student and submitted online through www.ask.mq.edu.au within five (5) working days after the due date of the associated assessment task / final examination.

·         The application contains supporting evidence to demonstrate the severity of the circumstance(s) and that substantial disruption has been caused to the student’s capacity for effective study. (The University will not follow up on outstanding evidence, nor contact any person or body on behalf of the student. The application will be considered as submitted.)

·         The original supporting documentation has been sighted by MQC reception staff within five (5) working days after the due date of the associated assessment task.

·         Where the particular circumstances are medical in nature, a Professional Authority Form including the health professional’s Medicare Provider Number is included. (If a Professional Authority Form cannot be obtained, an original medical certificate indicating the severity (serious / not serious) and impact of the circumstances must be included with the application.)

·         Where the particular circumstances are non-medical in nature, appropriate supporting evidence indicating the severity (serious / not serious) and impact of the circumstances is included with the application.

·         The student was performing satisfactorily in the unit up to the date of the unavoidable disruption. (If a student’s work in the unit was previously unsatisfactory, subsequent unavoidable disruption will not overcome the fact that the earlier work was unsatisfactory).

Unacceptable grounds for Special Consideration

 

The University has determined that some circumstances are not acceptable grounds for claiming Special Consideration. These grounds include, but are not limited, to:

  • routine demands of employment
  • routine family problems such as tension with or between parents, spouses, and other people closely involved with the student
  • difficulties adjusting to university life, to the self-discipline needed to study effectively, and the demands of academic work
  • stress or anxiety associated with examinations, required assignments or any aspect of academic work
  • routine need for financial support
  • routine demands of sport, clubs and social or extra-curricular activities.

 

Acute Problems

The University defines acute problems as those involving fewer than three (3) consecutive days within a study period. In these cases, students should not apply for special consideration via ask.mq.edu.au, but contact their Unit Convenor within 5 working days of the assessment due date so that a local solution may be discussed, except where the disruption affects completion of a final examination. (If a final examination is affected, the student should submit a special consideration application via ask.mq.edu.au.)

Prior Conditions Conditions existing prior to commencing a unit of study are not grounds for Special Consideration, except in the event of unavoidable deterioration of the condition. The student is responsible for managing their workload in light of any known or anticipated problems. Students with a pre-existing disability/ chronic health condition may contact the Disability Service for information on available support.

In submitting a request for Special Consideration, the student is acknowledging that they may be required to undertake additional work and agreeing to hold themselves available so that they can complete any extra work as required. The time and date, deadline or format of any required extra assessable work as a result of an application for Special Consideration is not negotiable.

 

Attendance

 

All Students are required to attend at least 80% of the scheduled course contact hours each Session.  Additionally MQC monitors the course progress of international students to ensure that the student complies with the conditions of their visa relating to attendance.

This minimum level of attendance includes all lectures and tutorials. Tutorial attendance will be recorded weekly.  If any scheduled class falls on a public holiday this will be rescheduled as advised by your Lecturer. Attendance at any mid-Session or in-class test is compulsory unless otherwise stated.

 

Unavoidable non-attendance due to illness or circumstances beyond your control must be supported by appropriate documentation to be considered for a supplementary test.  Other non-attendance will obtain zero for the test. You should refer to the section below on Special Consideration for more details about this.

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

Student Support

Students who require assistance are encouraged to contact the Student Services Manager at Macquarie City Campus. Please see reception to book an appointment.

Macquarie University provides a range of Academic Student Support Services. Details of these services can be accessed at http://students.mq.edu.au/support/

At any time students (or groups of students) can book our Student Advising rooms on Level 6 by emailing info@city.mq.edu.au with a day and time and nominated contact person. There are additional student study spaces available on Level 1.

Macquarie University Campus Wellbeing also has a presence on the City Campus each week. If you would like to make an appointment, please email info@city.mq.edu.au or visit their website at: http://www.campuslife.mq.edu.au/campuswellbeing

StudyWISE provides:

·         Online learning resources and academic skills workshops http://www.mq.edu.au/learning_skills

 

·         Personal assistance with your learning & study related questions

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.

IT Help

 

If you wish to receive IT help, we would be glad to assist you at http://informatics.mq.edu.au/help/ or call 02 9850-4357.

 

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 and it outlines what can be done.

 

Students must use their Macquarie University email addresses to communicate with staff as it is University policy that the University issued email account is used for official University communication.

 

Students are expected to act responsibly when utilising Macquarie City Campus IT facilities. The following regulations apply to the use of computing facilities and online services:

 

·         Accessing inappropriate web sites or downloading inappropriate material is not permitted.

·         Material that is not related to coursework for approved unit is deemed inappropriate.

·         Downloading copyright material without permission from the copyright owner is illegal, and strictly prohibited. Students detected undertaking such activities will face disciplinary action, which may result in criminal proceedings.

 

Non-compliance with these conditions may result in disciplinary action without further notice.

 

If you would like to borrow headphones for use in the Macquarie City Campus computer labs (210, 307, 311, 608) at any point, please ask at Level 2 Reception. You will be required to provide your MQC Student ID card.  This will be held as a deposit while using the equipment.

 

For assistance in the computer labs, please see a Lab Demonstrator (usually they can be found in Lab 311, otherwise ask at Level 2 Reception).

 

 

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.