Notice
As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group learning activities on campus for the second half-year, while keeping an online version available for those students unable to return or those who choose to continue their studies online.
To check the availability of face to face activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.
Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor and Lecturer
Dominic Soh
Contact via accg3040@mq.edu.au
4ER, Room 354
See Consultation Schedule on iLearn
Unit Teaching Administrator
Claudia Chau
Contact via accg3040@mq.edu.au
4ER, 320F
N/A
Unit Moderator
Nonna Martinov-Bennie
Contact via accg3040@mq.edu.au
4ER, Room 337
N/A
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
130cp at 1000 level or above including (ACCG308 or ACCG3008) and (ACCG250 or ACCG2050)
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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 examines the theory and practice of auditing and assurance services. The unit focuses on the external audit of corporate financial reports while also considering a broader range of financial and non-financial assurance services. Students will develop a comprehensive understanding of the audit process and the professional auditing environment. Students will also be exposed to ethical requirements, corporate governance and other current issues in auditing and assurance, including data analytics. The unit is applied in nature and will require students to work through learning resources and assessment tasks based on contemporary Auditing Standards and real-world auditing case studies. |
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:
Submission of assessment tasks
All applicable text based assessments must be submitted through Turnitin. It is the student’s responsibility to ensure that work is submitted correctly prior to the due date. No hard copies of assessments will be accepted and only Turnitin records will be taken as records of submission.
Multiple submissions may be possible in some units via Turnitin prior to the final due date and time of an assessment task and originality reports may be made available to students to view and check their work. All identified matching text will be reconsidered carefully. Students should note that the system will not immediately produce the similarity score on a second or subsequent submission - it takes approximately 24 hours for the report to be generated. This may be after the due date so students should plan any resubmissions carefully. Please refer to instructions on how to submit your assignment through Turnitin and access similarity reports and feedback provided by teaching staff and available here. Should you have questions about Turnitin or experience issues submitting through the system, you must inform unit staff by emailing us at accg3040@mq.edu.au. If the issue is technical in nature may also lodge OneHelp Ticket, refer to the IT help page.
It is the responsibility of the student to retain a copy of any work submitted. Students must produce these documents upon request. Copies should be retained until the end of the grade appeal period each term. In the event that a student is asked to produce another copy of work submitted and is unable to do so, they may be awarded zero (0) for that particular assessment task.
Late submissions (for the Case Study assignment) must also be made through Turnitin. No extensions will be granted. There will be a deduction of 10% 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 incurs a 20% penalty). Late submissions will not be accepted after solutions have been discussed and/or made available. This penalty does not apply for cases in which an application for Special Consideration is made and approved. Note: applications for Special Consideration Policy must be made within five (5) business days of the due date and time.
Name | Weighting | Hurdle | Due |
---|---|---|---|
Mid-semester test | 20% | No | Thursday 10 September 2020 (Week 7) |
Case Study | 20% | No | Monday 12 October 2020 (Week 10) |
Online Final Examination | 60% | No | University examination period |
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 20 hours
Due: Thursday 10 September 2020 (Week 7)
Weighting: 20%
A mid-semester test will be held to give students practice on a summative assessment task and to provide feedback on their progress midway through the session.
Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 25 hours
Due: Monday 12 October 2020 (Week 10)
Weighting: 20%
Students will apply their knowledge of audit processes and procedures developed in the unit to a case study. Students will complete this assessment and submit their responses as part of a group and individually.
Assessment Type 1: Examination
Indicative Time on Task 2: 45 hours
Due: University examination period
Weighting: 60%
A 2-hour online final examination for this unit will be held during the University Examination Period. Students are expected to access the exam online at the time designated in the University examination timetable.
1 If you need help with your assignment, please contact:
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
Unit delivery and learning resources
Students are required to attend a weekly lecture and tutorial (commencing from Week 1). There are also online learning resources that students are required to engage with to complement the weekly lecture and tutorial.
Lectures and tutorials are interactive and are designed to facilitate further discussion of concepts covered in online learning resources and their application to practical cases.
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 tutorial should log onto to eStudent and enrol in a tutorial where there is a vacancy. Any question of an administrative nature in relation to tutorial allocations should be addressed to accg3040@mq.edu.au. Student enrolments must be finalised by the end of Week 1. No further changes may be made after Week 1.
Required and Recommended Texts and/or Materials
The required texts for the unit, which are available from the Co-op Bookshop are as follows:
Martinov-Bennie, N., Soh, D. and Frohbus, K. (2017) Auditing and Assurance: A Case Studies Approach, 7th Edition, LexisNexis Butterworths, Sydney, Australia.
Gay, G. and Simnett, R. (2018) Auditing and Assurance Services in Australia + Connect, 7th edition, McGraw-Hill, Sydney, Australia.
Additional required readings will also be made available on iLearn.
Students are also expected 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). These are also contained in the Chartered Accountants Australia and New Zealand Auditing Handbook that is available for purchase as follows:
Chartered Accountants Australia and New Zealand (2020) Auditing, Assurance and Ethics Handbook 2020, John Wiley & Sons Australia Ltd, Brisbane, Australia.
The following texts/resources are recommended as useful references:
Leung, P., Coram, P., Cooper, B. and Richardson, P. (2018) Auditing And Assurance, 1st Edition, John Wiley & Sons Australia Ltd, Brisbane, Australia.
Moroney, R., Campbell, F. and Hamilton, J. (2017) Auditing: A practical approach, 3rd Edition, John Wiley & Sons Australia Ltd, Brisbane, Australia.
Arens, A., Best, P., Shailer, G., Fielder, B., Elder, R. and Beasley, M. (2017) Auditing, Assurance Services and Ethics in Australia, 10th Edition, Pearson, Sydney, Australia.
Technology Used and Required
Students will need access to a personal computer and the internet to review and complete online learning activities, including videos, slide decks, podcasts, additional readings, assessment details and notices from the ACCG3040 iLearn site, as well as to complete and make submissions for the assessment tasks in this Unit.
Further information on any specific technology requirements will be made available on the unit iLearn site.
The unit iLearn 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.
What is required to complete this unit satisfactorily
In addition to the requirements outlined in the Unit Assessment Guide available on iLearn, students are required to achieve an overall pass for the unit to achieve a passing grade in this unit, students are expected to be independent learners who assume personal responsibility for their learning and take a pro‐active approach to addressing any deficiencies in their understanding of the course material through independent research and inquiry and consultations with peers and instructors as appropriate. A detailed learning approach is provided in the Unit Weekly Guide available on iLearn.
Wk |
Topics |
Week Commencing |
1 |
Course overview Introduction to auditing and assurance services |
27 Jul |
2 |
Planning the audit Audit documentation Materiality |
3 Aug |
3 |
Understanding the entity and risk assessment Considering the risk of fraud Other risk considerations |
10 Aug |
4 |
Financial report assertions Internal controls Tests of controls |
17 Aug |
5 |
Audit evidence Substantive tests Audit procedures in response to assessed risks Audit strategy |
24 Aug |
6 |
Analytical procedures Audit sampling Using the work of others Governance and the auditor Audit committees Internal auditing |
31 Aug |
7† |
MID-SEMESTER TEST (10 Sep)* |
|
MID-SESSION BREAK | ||
8 |
IT systems and audit analytics (I) |
28 Sep |
9 |
IT systems and audit analytics (II) |
5 Oct |
10 |
Auditors' legal liability Professional ethics and auditor independence Audit quality CASE STUDY SUBMISSION |
12 Oct |
11 |
Completing the audit Subsequent events Going concern Audit reporting |
19 Oct |
12 |
Other assurance services Public sector auditing and assurance Current issues |
26 Oct |
13 |
Course review and revision |
2 Nov |
* There are no timetabled classes (lectures or tutorials) in Week 7. Students MUST make themselves available between 11am - 1pm on Thursday 10 September to take the mid-semester test. Details on the mid-semester test will be available on iLearn by Week 4.
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 or if you are a Global MBA student contact globalmba.support@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 help you improve your marks and take control of your study.
The Library provides online and face to face support to help you find and use relevant information resources.
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
If you are a Global MBA student contact globalmba.support@mq.edu.au
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
Refinements to unit content and assessment to accommodate online delivery of the unit.