Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor
Medhat Endrawes
Contact via Email
E4A 214
To be advised during Week 1
Lecturer
Fiona Foster
Contact via Email
E4A Level 2
To be advised during Week 1
Lecturer
Garry Morris
Contact via Email
E4A Level 2
To be advised during Week 1
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
(ACCG611 or ACCG861) and (admission to MAcc(Prof) or MAcc(CPA) or MAcc(Prof)MCom or MCom)
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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 is a unit in auditing and assurance services which examines the process of auditing and the concepts which underlay the practice. Although the focus of attention is on audits of financial reports undertaken in compliance with the Corporations Act 2001, reference is also made to other forms of audit and assurance. The unit is intended to provide an overview of the audit process as it exists in Australia, and is consistent with International Auditing Standards. Students will be required to exercise judgement in order to identify and assess risks of material misstatement, to develop audit procedures that respond to those risks, and to form an opinion on the financial report based on the audit evidence obtained. The unit is both practical and theoretical, with students required to apply their knowledge to discussing cases developed from practice. Students will also be exposed to current research and contemporary issues in auditing and assurance.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
What is required to pass the Unit?
To achieve a passing grade for the unit students MUST:
(i) Obtain an overall passing mark AND (ii) Obtain a pass in the Final examination.
What are the expectations and workload?
Students are expected to spend 150 hours working on this unit. As a guide a student should spend these approximate amounts of time on each of the following activities:
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How are assessment tasks submitted?
The group assignment will be submitted online via the unit webpage. Feedback for each assessment task will be posted online within three weeks of the assessment submission date.
Are there other relevant policies and procedures?
Please refer to the Policies and procedures section below.
Name | Weighting | Due |
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Class participation | 10% | Weeks 3 to 12 |
Assessed Coursework | 15% | Week 3 to 12 |
Group Assignment | 25% | Week 8 - 28 September 2015 |
Final examination | 50% | University examination period |
Due: Weeks 3 to 12
Weighting: 10%
All students are required to participate, engage and take part in the weekly seminars.
Are there extensions and penalties for this extension task?
No extensions will be granted. Class participation can only be completed during seminar time periods in week 3 to week 12, This penalty does not apply for cases in which an application for Disruption to Studies is made and approved.
Students are required to participate in the class discussion (worth 10%). The purpose of the activitiy is to encourage students to actively engage with the material covered in the Unit and to provide students with timely feedback on their performance regularly throughout the session.
The marking criteria to be applied to class discussion will be provided in the Weekly Seminar Guide. Students should note, in particular, that zero (0) marks will be awarded if a student did not participate in the class discussion.
Students are advised to familiarise themselves with the University’s Disruption to Studies Policy available at: http://mq.edu.au/policy/docs/disruption_studies/ policy.html.
Due: Week 3 to 12
Weighting: 15%
Students are required to complete weekly activities consisting of analyzing research articles (worth 10%) and submit homework questions (5%). With respect to homework questions, only three (3) random collections of 2.5% each will be collected over the 10 weeks and best two (2) will be counted towards the coursework. Details on research articles and homework questions will be provided in the Weekly Seminar Guide . The purpose of the activities is to encourage students to actively engage with the material covered in the Unit and to provide students with timely feedback on their performance regularly throughout the session.
Research articles analyses are to be submitted in the relevant class.The marking criteria to be applied to research articles will be provided in the Weekly Seminar Guide. Students should note, in particular, that zero (0) marks will be awarded for non-submission or late submission.
Are there extensions and penalties for this extension task?
No extensions will be granted. Students who do not submit research articles analyses by the due date will receive a mark of zero (0),except in cases in which an application for Disruption to Studies is made and approved.
Students are advised to familiarise themselves with the University’s Disruption to Studies Policy available at: http://mq.edu.au/policy/docs/disruption_studies/ policy.html.
Due: Week 8 - 28 September 2015
Weighting: 25%
Students are required to complete a group assignment concerning current developments in audit and assurance practices. The group assignment topic and the marking rubic detailing the criteria and standards for grading will be made available within the research group assignment document on iLearn. The group assignment will be marked based on the appropriate application of research knowledge and skills to specific audit and assurance issues.
The group assignment is to be submitted using Turnitin on iLearn. The marking criteria will be provided on iLearn.
Are there extensions and penalties for this assessment task?
No extensions will be granted. Late tasks will be accepted up to 72 hours after the submission deadline. There will be a deduction of 20% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 40% penalty). This penalty does not apply for cases in which an application for Disruption to Studies is made and approved.
Students are advised to familiarise themselves with the University’s Disruption to Studies Policy available at: http://mq.edu.au/policy/docs/disruption_studies/ policy.html.
Due: University examination period
Weighting: 50%
A two hour examination covering the entire course. Details regarding the format will be made available during Week 13. In relation to the criteria and standards for grading, the final examination will be marked based on the appropriate application of knowledge and skills to short answer and case based questions. Students MUST pass the final examination to pass the unit.
What are the final examination conditions?
A two (2) hour closed book final examination will be held during the University Examination period. No dictionaries, books, or other materials or aids are permitted in the final examination.
If a Supplementary Examination is granted as a result of the Disruption to Studies process for the Final examination, the supplementary examination will be scheduled as per the determination of the Faculty. The Supplementary Examination will be of the similar format to the Final examination.
A student may withdraw their Disruption to Studies Notification up to the point where the determination of whether it is Serious and Unavoidable has been made. After this determination, the student may not withdraw the Disruption to Studies Notification and must submit themselves to partake in the Supplementary Examination.
Delivery
The unit requires three hours of face-to-face teaching per week in the form of a three hour seminar. It should be emphasized that attendance at the seminar is a necessary but not sufficient condition for adequate examination preparation.
Each week all students should study the relevant materials prescribed and attempt the assigned seminar questions PRIOR to attending the class, and participate in class discussions regarding the concepts and their application in practical cases. The weekly reading and homework guide for the semester will be available in week one. Lecture slides for the seminars will be also be available by week one.
With the exception of the first week the seminar is divided into two parts. The first part of each seminar will comprise a lecture which aims to cover the key concepts of the unit material set for that week. These lectures will be critical to the coverage and understanding of the unit content. Although the auditing and assurance course is broken down into a number of segments, students should recognise that each segment / lecture forms part of the audit process. The second part of the seminar is designed to complement the lecture program by working through the practical seminar questions and readings set for that week. When working through these questions it is expected that seminar participants will contribute to the discussion and raise particular issues or problems that they have had with the seminar questions. Remember that answers to these questions are not easily bracketed as “right” or “wrong” but are the product of a logical and well structured analysis.
Please note that solutions to the weekly seminar assigned questions will not be made available to students. Therefore it is imperative that students attend the weekly seminar in order to correct their work and to clarify any issues they may have in understanding the material assigned.
The timetable for classes can be found on the University web site at:
http://www.timetables.mq.edu.au/
Changes to student timetables may only be made through eStudent. Students wishing to change their allocated seminar should log onto to eStudent and enrol in a seminar where there is a vacancy. Any question of an administrative nature in relation to seminar allocations should be addressed to accg925@mq.edu.au.
Student enrolments must be finalised by the end of Week 1. No further changes may be made after this date.
Resources
Required and Recommended Texts
The required texts for the Unit are as follows:
Leung P., Coram, P., Cooper, B. and Richardson, P. (2014) Modern Auditing & Assurance Services, 6th Edition, John Wiley & Sons Australia Ltd, Brisbane, Australia.
(This text can be purchased from the Co-Op Bookshop or via Wiley Direct website, where students can purchase their copy of the text for as little as $50 for the E-Text and iStudy. The link to the Wiley Direct website is: http://www.wileydirect.com.au/buy/modern-auditing-assurance-services-6th-edition/ )
Martinov-Bennie, N., Roebuck, P. and Soh, D. (2014) Auditing and Assurance: A Case Studies Approach, 6th Edition, LexisNexis Butterworths, Sydney, Australia
(This text can be purchased from the Co-Op Bookshop)
Additional recommended readings will be made available on the Unit webpage. Students are also encouraged to read relevant standards and guidance which are available online at http://www.auasb.gov.au (ASAs, ASQC, ASRS, and AGS) and http//www.apesb.org.au (APES).
The following texts are recommended as additional references:
Gay, G. and Simnett, R. (2015) Auditing and Assurance Services in Australia, 6th edition, McGraw-Hill, Sydney, Australia.
Arens, A., Best, P., Shailer, G., Fielder, B., Elder, R. and Beasley, M. (2013) Auditing, Assurance Services and Ethics in Australia: An Integrated Approach, 9th Edition, Pearson, Sydney, Australia.
Moroney, R., Campbell, F. and Hamilton, J. (2013) Auditing: A practical approach, 2nd Edition, John Wiley & Sons Australia Ltd, Brisbane. Australia.
Technology Used and Required
Students will need access to a personal computer and the internet to obtain seminar slides, reading and homework guide, assessment details and notices from the ACCG925 iLearn site, as well as to complete and make submissions for the assessment tasks in this Unit.
The iLearn site this unit can be found at: http://iLearn.mq.edu.au
You are strongly encouraged to regularly visit the website to check for important announcements and use it as a resource to enhance your learning experience.
Week No. |
Begin Date |
Seminar Topic |
Events and Submissions |
1 |
Monday, 27 July 2015 |
Course overview AND Introduction to auditing and assurance services |
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2 |
Monday, 3 August 2015 |
Audit planning 1 |
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3 |
Monday, 10 August 2015 |
Audit planning 2 |
Group Assignment Finalise Group members |
4 |
Monday, 17 August 2015 |
Audit planning 3 |
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5 |
Monday, 24 August 2015 |
Collecting and evaluating evidence 1 |
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6 |
Monday, 31 August 2015 |
Collecting and evaluating evidence 2 |
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7 |
Monday, 7 September 2015 |
No classes this week to facilitate finalisation of the Group Assignment |
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Monday, 14 September 2015 |
Recess until 28 September |
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8 |
Monday, 28 September 2015 |
Collecting and evaluating evidence 3: IT systems |
Group Assignment due at 4pm today |
9 |
Monday, 5 October 2015 |
Completing the audit (includes subsequent events and audit reporting) |
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10 |
Monday, 12 October 2015 |
Professional ethics, independence and audit quality |
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11 |
Monday, 19 October 2015 |
The auditor’s legal liability |
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12 |
Monday, 26 October 2015 |
Public sector auditing/other assurance services |
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13 |
Monday, 2 November 2015 |
Current issues AND sample final exam |
Sample exam on iLearn |
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.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
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.
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:
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:
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:
To facilitate student competency with the material relevant to the discipline of the auditing and assurances discipline, the major changes from the offering in Semester 1, 2015 include:
Introduction of participation and research articles readings
This unit addresses global and sustainability issues as direct areas of study and as necessary implications arising from the materials, assessment and academic discussion and debate in seminars. We promote sustainability by developing ability in students to research and locate information within the auditing and assurance services discipline. We aim to provide students with an opportunity to obtain skills which will benefit them throughout their career.
The unit text book (Leung et al., 2014) has a reference list at the end of each chapter containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.
Date | Description |
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21/07/2015 | Added more task |