|Unit convenor and teaching staff||
Unit convenor and teaching staff
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(ACCG611 or ACCG6011 or ACCG8121 or ACCG8126) and admission to GradDipForAccg or MAccg or MAccLead or MAccg(Adv) or MForAccgFinCri or MProfAcc or MProfAccgLead
This unit examines the process of auditing and the concepts which are required in 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. 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.
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. Should you have questions about Turnitin or experience issues submitting through the system, you must inform unit staff by emailing us at email@example.com. 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.
|Case study assignment||20%||No||12 October 2021|
|Online mid-session test||25%||No||7 September 2021|
|Online final examination||55%||No||S2 Exam Period|
Students are required to work in groups on this case study assessment. Each group will be presented with a case study and required to apply their knowledge of audit processes and procedures to their case. Students will submit their responses via a group report (worth 10%) and a short video presentation (worth 10%).
The purpose of the mid-session test is to provide timely feedback to students on their progress during the course and to encourage students to actively engage with the material cover in the unit
A two-hour online examination (open book) will be held during the University Examination period.
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
Students are required to attend three hours of teaching per week. It should be emphasised that attendance at the seminars 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 questions guide for the semester will be available before the session starts. Weekly seminar slides will also be available before the session starts.
Each week's seminar includes a presentation by the seminar leader. The presentation aims to cover the key concepts of the unit material set for that week and is critical to the coverage and understanding of the unit content. The presentation will be complemented 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.
Although each seminar focuses on different aspect of the audit process, the students are expected to understand the overall audit process and integrate different aspects covered over the session.
Please note that solutions to the weekly seminar assigned questions will not be made available to students or recorded during the seminars. 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.
Changes to student timetables may only be made through eStudent. Students wishing to change their allocated seminar should log onto 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 firstname.lastname@example.org.
Student enrolments must be finalised by the end of Week 1. No further changes may be made after this date.
Required and Recommended Texts
The required texts for the Unit are as follows:
Martinov-Bennie, N., Soh, D & Frohbus, K (2017) Auditing and Assurance: A Case Studies Approach, 7th Edition, LexisNexis Butterworths, Sydney, Australia.
This text is available in both hardcopy and eBook. And
Gay, G. and Simnett, R. (2017) Auditing & Assurance Services in Australia, 7th Edition, McGraw- Hill Education (Australia) Pty Ltd, Sydney, NSW.
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://ww w.auasb.gov.au (ASAs, ASQC, ASRS, and AGS) and http//www.apesb.org.au (APES).
The following texts are recommended as additional references if required:
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.
Moroney, R., Campbell, F. and Hamilton, J. (2017) Auditing: A practical approach, 3rd 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, seminar (lecture) recordings, reading and homework guide, assessment details and notices from the ACCG8125 iLearn site, as well as to complete and make submissions for the assessment tasks in this Unit.
The iLearn site for 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.
Unit Schedule is as follows:
Planning the audit
Audit documentation Materiality
Understanding the entity and risk assessment
Considering the risk of fraud
Other risk considerations
Financial report assertions Internal controls
Tests of controls
Audit evidence Substantive tests
Audit procedures in response to assessed risks
Analytical procedures Audit sampling
Using the work of others
Mid-Semester Test (7 September)
[MID-SEMESTER BREAK FOLLOWS]
|8||IT systems: Internal controls and tests of controls||27 Sep|
IT systems: Substantive testing
E-commerce environment and audit implications Data analytics
Completing the audit Subsequent events
CASE STUDY ASSIGNMENT Part 1: Group Report (3PM TUESDAY 12 Oct)
CASE STUDY ASSIGNMENT Part 2: Video presentation (3PM TUESDAY 12 Oct)
Professional ethics and auditor independence Auditor liability
Corporate governance, audit committees Internal auditing
Other assurance services
Public sector auditing and assurance
|13||Course review and revision||2 Nov|
*There are no seminars in Week 7. Students MUST make themselves available between 3 - 6pm on Tuesday 7 September to take the mid-semester test. Details on the actual mid-semester test and timing of the test on 7 September will be available on iLearn by Week 5.
Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/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 email@example.com
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 firstname.lastname@example.org
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.
|17/08/2021||Note the date of the Mid-Session Test must be 7 September 2021, not 21 September 2021, due to the mid-session break occurring after the week commencing 6 September 2021.|
|30/07/2021||Dear Rahat and Team, Please note that the current UG is formatted incorrectly (the table disappeared when last processed for some reason) and some minor typos have been corrected. All is aligned with what was discussed with students at the first class. Best regards, JP|
Unit information based on version 2021.04 of the Handbook