Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Coordinator
Rebecca Bachmann
Contact via Email
Room 343, Level 3, 4 Eastern Road
Refer to iLearn
Unit Moderator
James Hazelton
Contact via Email
Room 326, Level 3, 4 Eastern Road
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Credit points |
Credit points
10
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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
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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 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 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 an application for Special Consideration 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.
Name | Weighting | Hurdle | Due |
---|---|---|---|
Final Examination | 55% | No | During formal examination period |
Case study assignment | 20% | No | 23.55pm 07/05/2023 |
Online mid-session test | 25% | No | 03/04/2023 |
Assessment Type 1: Examination
Indicative Time on Task 2: 35 hours
Due: During formal examination period
Weighting: 55%
A two-hour examination will be held during the University Examination period.
Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 23 hours
Due: 23.55pm 07/05/2023
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%).
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 25 hours
Due: 03/04/2023
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
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.
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 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://www.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. (2020) Auditing: A practical approach, 4th 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:
Reference | Topic | Week Commencing | |
1 | Introduction | 20 Feb | |
2 |
Planning the audit Understanding the entity and risk assessment 1 Audit strategy |
27 Feb | |
3 |
Understanding the entity and risk assessment 2 Considering the risk of fraud Other risk considerations Materiality |
6 Mar | |
4 |
Financial report assertions Internal controls Tests of controls 1 |
13 Mar | |
5 |
Tests of controls 2 Substantive tests Audit procedures in response to assessed risks |
20 Mar | |
6 |
Analytical procedures Audit evidence Audit documentation Audit sampling Using the work of others |
27 Mar | |
7 |
Mid-Semester Test [MID-SEMESTER BREAK FOLLOWS] |
3 Apr | |
8 |
IT systems: Internal controls and tests of controls |
24 Apr | |
9 |
IT systems: Substantive testing E-commerce environment and audit implications Data analytics CASE STUDY ASSIGNMENT Part 1: Group Report (11.55 PM SUNDAY 7 MAY) CASE STUDY ASSIGNMENT Part 2: Video presentation (11.55 PM SUNDAY 7 MAY) |
1 May | |
10 |
Completing the audit Subsequent events Going concern Audit reporting |
8 May | |
11 |
Professional ethics and auditor independence Auditor liability Audit quality |
15 May | |
12 |
Corporate governance, audit committees Internal auditing Other assurance services Public sector auditing and assurance |
22 May | |
13 | Course review and revision | 29 May |
*Students MUST make themselves available between 6 - 9pm on Monday 3 April to take the mid-semester test. Further details on the actual mid-semester test and timing of the test 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.
To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.
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 globalmba.support@mq.edu.au
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.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
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.
Macquarie University offers a range of Student Support Services including:
Got a question? Ask us via AskMQ, or contact Service Connect.
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.
Date | Description |
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09/02/2023 | No changes made. |
01/02/2023 | Clarification of submission time for unit assessments. |
Unit information based on version 2023.03 of the Handbook