Students

ACCG7025 – Auditing and Assurance Services

2021 – Session 1, Special circumstances

Notice

As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group activities on campus, and most will keep an online version available to those students unable to return or those who choose to continue their studies online.

To check the availability of face-to-face and online 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.

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Coordinator
Medhat Endrawes
Contact via accg3040@mq.edu.au
4ER, 319
TBA
Unit Moderator
Dominic Canestrari-Soh
Contact via accg3040@mq.edu.au
4ER, 324
NA
Teaching administrator
Charmaine D'Souza
Contact via accg3040@mq.edu.au
4ER, 350A
NA
Credit points Credit points
10
Prerequisites Prerequisites
Admission to MRes
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

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.

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:

  • ULO1: Describe and apply the requirements for audits within the context of the current audit legislation, ethical and regulatory frameworks.
  • ULO3: Evaluate audit evidence and select and justify the appropriate audit opinion.
  • ULO2: Perform appropriate risk analysis, internal control assessment and design sufficient and appropriate audit procedures specific to case-based scenarios.
  • ULO4: Examine and analyse current development in audit quality research.
  • ULO5: Develop capacity for effective collaboration and communication.

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 accg8125@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
Online mid-session test 15% No Wednesday 21 April 2021 (Week 7)
Case study assignment 20% No 4pm Mon 10 May (Week 10)
Research critique 10% No 4pm Mon 10 May (Week 10)
Online Final Exam 55% No University examination period

Online mid-session test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: Wednesday 21 April 2021 (Week 7)
Weighting: 15%

 

Online mid-session test. The purpose of the mid-session test is to provide timely feedback to students on their progress during the couse and to encourage students to actively engage with the material cover in the unit

 


On successful completion you will be able to:
  • Describe and apply the requirements for audits within the context of the current audit legislation, ethical and regulatory frameworks.
  • Perform appropriate risk analysis, internal control assessment and design sufficient and appropriate audit procedures specific to case-based scenarios.

Case study assignment

Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 23 hours
Due: 4pm Mon 10 May (Week 10)
Weighting: 20%

 

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%).

 


On successful completion you will be able to:
  • Describe and apply the requirements for audits within the context of the current audit legislation, ethical and regulatory frameworks.
  • Evaluate audit evidence and select and justify the appropriate audit opinion.
  • Perform appropriate risk analysis, internal control assessment and design sufficient and appropriate audit procedures specific to case-based scenarios.
  • Develop capacity for effective collaboration and communication.

Research critique

Assessment Type 1: Report
Indicative Time on Task 2: 10 hours
Due: 4pm Mon 10 May (Week 10)
Weighting: 10%

 

Students are required to work in groups to analysis and critique research articles related to audit quality. Students will submit their responses via a group report in a specified work paper format provided (worth 5%) and an individual short presentation (worth 5%).

 


On successful completion you will be able to:
  • Examine and analyse current development in audit quality research.

Online Final Exam

Assessment Type 1: Examination
Indicative Time on Task 2: 35 hours
Due: University examination period
Weighting: 55%

 

A two-hour online examination (open book) will be held during the University Examination period.

 


On successful completion you will be able to:
  • Describe and apply the requirements for audits within the context of the current audit legislation, ethical and regulatory frameworks.
  • Evaluate audit evidence and select and justify the appropriate audit opinion.
  • Perform appropriate risk analysis, internal control assessment and design sufficient and appropriate audit procedures specific to case-based scenarios.
  • Examine and analyse current development in audit quality research.

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

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.

The timetable for classes can be found on the University web site at: http://www.timetables.mq.e du.au/

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 accg8125@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:

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

 

Wk

Topics

Week Commencing

 

1

Introduction to auditing and assurance services

22 Feb

 

2

Planning the audit

Audit documentation Materiality

1 Mar

 

3

Understanding the entity and risk assessment

Considering the risk of fraud

Other risk considerations

8 Mar

4

Financial report assertions Internal controls

Tests of controls

15 Mar

 

5

Audit evidence Substantive tests

Audit procedures in response to assessed risks

Audit strategy

22 Mar

 

6

Analytical procedures Audit sampling

Using the work of others

29 Mar

 

 

MID-SEMESTER BREAK (5 Apr – 16 Apr)

 

 

7*

MID-SEMESTER TEST (21 Apr)*

19 Apr

 

8

IT systems: Internal controls and tests of controls

26 Apr

 

9

IT systems: Substantive testing

 

E-commerce environment and audit implications Data analytics

 

3 May

 

10

Completing the audit Subsequent events

Going concern

Audit reporting

 

CASE STUDY ASSIGNMENT Part 1: Group Report (4PM MONDAY 10 May)

CASE STUDY ASSIGNMENT Part 2: Video presentation (4PM MONDAY 10 May)

Research critique (4PM MONDAY 10 May)

10 May

 

11

Professional ethics and auditor independence Auditor liability

Audit quality

 

17 May

 

12

Corporate governance, audit committees Internal auditing

Other assurance services

Public sector auditing and assurance

24 May

 

13

Course review and revision

31 May

 

           

*There are no seminars in Week 7. Students MUST make themselves available between 3 - 7pm on Wednesday 21 April to take the mid-semester test. Details on the actual mid- semester test and timing of the test on 21 April will be available on iLearn by Week 5.

Policies and Procedures

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.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

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.