Students

ACCG3040 – Auditing and Assurance Services

2021 – Session 2, Special circumstances

Session 2 Learning and Teaching Update

The decision has been made to conduct study online for the remainder of Session 2 for all units WITHOUT mandatory on-campus learning activities. Exams for Session 2 will also be online where possible to do so.

This is due to the extension of the lockdown orders and to provide certainty around arrangements for the remainder of Session 2. We hope to return to campus beyond Session 2 as soon as it is safe and appropriate to do so.

Some classes/teaching activities cannot be moved online and must be taught on campus. You should already know if you are in one of these classes/teaching activities and your unit convenor will provide you with more information via iLearn. If you want to confirm, see the list of units with mandatory on-campus classes/teaching activities.

Visit the MQ COVID-19 information page for more detail.

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
James Hazelton
Contact via accg3040@mq.edu.au
4ER, Room 326
See Consultation Schedule on iLearn
Unit Lecturer
Fiona Foster
Contact via accg3040@mq.edu.au
N/A
See Consultation Schedule on iLearn
Unit Teaching Administrator
Claudia Chau
Contact via accg3040@mq.edu.au
4ER, 320F
N/A
Credit points Credit points
10
Prerequisites Prerequisites
130cp at 1000 level or above including (ACCG308 or ACCG3008) and (ACCG250 or ACCG2050)
Corequisites Corequisites
Co-badged status Co-badged status
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.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://students.mq.edu.au/important-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Explain the purpose of external and internal audit and assurance services and the various types of audit and assurance services within the Australian and international regulatory, professional and ethical frameworks and environment
  • ULO2: Analyse case-based scenarios by identifying and evaluating risk factors and their implications for audit planning and evidence gathering activities
  • ULO3: Design audit strategies within the context of appropriate, sufficient and relevant evidence, and design appropriate audit procedures (including tests of controls and substantive tests) in response to specific risks
  • ULO4: Apply professional judgement and decision making in evaluating audit evidence, the treatment of subsequent events, and in formulating audit opinions
  • ULO5: Develop knowledge and skills in data analytics
  • ULO6: Demonstrate the capacity for effective collaboration with others and in communicating findings

General Assessment Information

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.

Assessment Tasks

Name Weighting Hurdle Due
Mid-semester test 20% No 11am-1pm, Thursday 9th September
Case Study 20% No 9am, Tuesday 5th October
Online Final Examination 60% No Examination period

Mid-semester test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 20 hours
Due: 11am-1pm, Thursday 9th September
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.

 


On successful completion you will be able to:
  • Explain the purpose of external and internal audit and assurance services and the various types of audit and assurance services within the Australian and international regulatory, professional and ethical frameworks and environment
  • Design audit strategies within the context of appropriate, sufficient and relevant evidence, and design appropriate audit procedures (including tests of controls and substantive tests) in response to specific risks

Case Study

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 25 hours
Due: 9am, Tuesday 5th October
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.

 


On successful completion you will be able to:
  • Analyse case-based scenarios by identifying and evaluating risk factors and their implications for audit planning and evidence gathering activities
  • Design audit strategies within the context of appropriate, sufficient and relevant evidence, and design appropriate audit procedures (including tests of controls and substantive tests) in response to specific risks
  • Apply professional judgement and decision making in evaluating audit evidence, the treatment of subsequent events, and in formulating audit opinions
  • Develop knowledge and skills in data analytics
  • Demonstrate the capacity for effective collaboration with others and in communicating findings

Online Final Examination

Assessment Type 1: Examination
Indicative Time on Task 2: 45 hours
Due: 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.

 


On successful completion you will be able to:
  • Explain the purpose of external and internal audit and assurance services and the various types of audit and assurance services within the Australian and international regulatory, professional and ethical frameworks and environment
  • Analyse case-based scenarios by identifying and evaluating risk factors and their implications for audit planning and evidence gathering activities
  • Design audit strategies within the context of appropriate, sufficient and relevant evidence, and design appropriate audit procedures (including tests of controls and substantive tests) in response to specific risks
  • Apply professional judgement and decision making in evaluating audit evidence, the treatment of subsequent events, and in formulating audit opinions

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Learning Skills Unit for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

Unit delivery and learning resources

Students are required to attend a weekly lecture and tutorial (lectures commence in Week 1, tutorials commence from Week 2). 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 Booktopia 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 2021, 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. (2020) Auditing: A practical approach, 4th 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.

Unit Schedule

Wk

Topics

Week Commencing

1

Course overview

Introduction to auditing and assurance services

26 Jul

2

Planning the audit

Audit documentation

Materiality

2 Aug

3

Understanding the entity and risk assessment

Considering the risk of fraud

Other risk considerations

9 Aug

4

Financial report assertions

Internal controls

Tests of controls

16 Aug

5

Audit evidence

Substantive tests

Audit procedures in response to assessed risks

Audit strategy

23 Aug
6

Analytical procedures

Audit sampling

Using the work of others

Governance and the auditor

Audit committees

Internal auditing

30 Aug
7

MID-SEMESTER TEST (9 September)*

 
 

MID-SESSION BREAK

 

8

IT systems and audit analytics (I)

20 Sept

9

IT systems and audit analytics (II)**

CASE STUDY SUBMISSION (5 October)

4 Oct

10

Auditors' legal liability

Professional ethics and auditor independence

Audit quality

 

11 Oct
11

Completing the audit

Subsequent events

Going concern

Audit reporting

18 Oct

12

Other assurance services

Public sector auditing and assurance

Current issues

25 Oct

13

Course review and revision

1 Nov

* There are no timetabled classes (lectures or tutorials) in Week 7. Students MUST make themselves available between 11am - 1pm on Thursday 9 September to take the mid-semester test. Details on the mid-semester test will be available on iLearn by Week 4.

** Note that Monday 4th October is a Public Holiday. Refer to iLearn for alternative arrangements for scheduled classes.

Policies and Procedures

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).

Student Code of Conduct

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

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

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 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. 

Student Enquiry Service

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

Equity 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.

IT Help

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.

Changes from Previous Offering

In addition to minor refinements to unit content to reflect updated materials throughout, new for 2021 is:

- An introduction to Big Data, together with analysis practices illustrated via Microsoft Excel techniques, covered in Week 8 and 9;

- Updates to reflect the new ethics standard APES 110 (2018) in Week 10; and

- Coverage of recent debates in relation to the regulation of the audit industry, including the report of the Parliamentary Joint Committee on Corporations and Financial Services (2020) Regulation of Auditing in Australia in Week 12.