Students

ACCG8125 – Auditing and Assurance Services

2023 – Session 2, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor and Lecturer
Jessica Zhang
jessica.zhang@mq.edu.au
Contact via via Email
Room 343, Level 3, 4 Eastern Road
See Consultation Schedule on iLearn
Unit Moderator
James Hazelton
james.hazelton@mq.edu.au
Contact via via Email
Room 326, Level 3, 4 Eastern Road
Credit points Credit points
10
Prerequisites Prerequisites
(ACCG611 or ACCG6011 or ACCG8121 or ACCG8126) and admission to GradDipForAccg or MAccg or MAccLead or MAccg(Adv) or MForAccgFinCri or MProfAcc or MProfAccgLead
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.
  • ULO2: Perform appropriate risk analysis and internal control assessment, and design sufficient and appropriate audit procedures specific to case-based scenarios.
  • ULO3: Identify and evaluate relevant audit evidence, including contradictory evidence, to inform judgments, make decisions, and reach well-reasoned conclusions.
  • ULO4: Research and critique current developments in audit practice, and articulate a justified view.
  • 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. 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 Assessment Submission Penalty  

Unless a Special Consideration request has been submitted and approved, a 5% penalty (of the total possible mark) will be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at 11.55pm. A 1-hour grace period is provided to students who experience a technical concern.  

For any late submissions of time-sensitive tasks, such as scheduled tests, exams, performance assessments, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration.

Assessment Tasks

Name Weighting Hurdle Due
Mid-session test 25% No 05/09/2023 2-5pm
Case study assignment 20% No 09/10/2023 11.55pm
Final Examination 55% No University final examination period

Mid-session test

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 25 hours
Due: 05/09/2023 2-5pm
Weighting: 25%

 

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

 
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 and 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: 09/10/2023 11.55pm
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.
  • Perform appropriate risk analysis and internal control assessment, and design sufficient and appropriate audit procedures specific to case-based scenarios.
  • Identify and evaluate relevant audit evidence, including contradictory evidence, to inform judgments, make decisions, and reach well-reasoned conclusions.
  • Research and critique current developments in audit practice, and articulate a justified view.
  • Develop capacity for effective collaboration and communication.

Final Examination

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

 

A two-hour examination 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.
  • Perform appropriate risk analysis and internal control assessment, and design sufficient and appropriate audit procedures specific to case-based scenarios.
  • Identify and evaluate relevant audit evidence, including contradictory evidence, to inform judgments, make decisions, and reach well-reasoned conclusions.
  • Research and critique current developments in audit practice, and articulate a justified view.

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 Writing Centre 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

Please go to iLearn for details of delivery.

Unit Schedule

Unit Schedule is as follows:  

Reference Topic Week Commencing
1 Introduction 24 Jul
2

Planning the audit

Understanding the entity and risk assessment 1

Audit strategy

 31  July
3

Understanding the entity and risk assessment 2

Considering the risk of fraud

Other risk considerations

Materiality

 7 Aug
4

Financial report assertions

Internal controls

Tests of controls 1

 14 Aug
5

Tests of controls 2

Substantive tests

Audit procedures in response to assessed risks

 21 Aug
6

Analytical procedures

Audit evidence

Audit documentation

Audit sampling

Using the work of others

 28 Aug
7

Mid-Semester Test

[MID-SEMESTER BREAK FOLLOWS]

 4 Sep
8

IT systems: Internal controls and tests of controls

 25 Sep
9

IT systems: Substantive testing

E-commerce environment and audit implications

Data analytics

 2 Oct
10

Completing the audit

Subsequent events

Going concern

Audit reporting

CASE STUDY ASSIGNMENT Part 1: Group Report (11.55 PM MONDAY 9 OCT)

CASE STUDY ASSIGNMENT Part 2: Video presentation (11.55 PM MONDAY 9 OCT)

 9 Oct
11

Professional ethics and auditor independence

Auditor liability

Audit quality

 16 Oct
12

Corporate governance, audit committees

Internal auditing

Other assurance services

Public sector auditing and assurance

 23 Oct
13 Course review and revision 30 Oct

      

*There are no seminars in Week 7. Students MUST make themselves available between 2 - 5pm on Tuesday 5 September to take the mid-semester test. Details on the actual mid-semester test and timing of the test on 5 September 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

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

The Writing Centre

The Writing Centre provides resources to develop your English language proficiency, academic writing, and communication skills.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via AskMQ, or contact Service Connect.

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.

Unit information based on version 2023.04 of the Handbook