Students
ACCG811 – Advanced Auditing and Assurance Services
2013 – S2 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Fiona Foster
Contact via fiona.foster@mq.edu.au
E4A Level 2
Via email (also preferred contact method)
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| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
ACCG611 or admission to MCorpGvnce prior to 2013 or admission to MCom or MIntBus or MEc or MActPrac prior to 2011
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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 is an advanced unit in auditing and assurance services which examines the process of auditing and the concepts which underlay the practice. Although the focus of attention is on audits of financial reports undertaken in compliance with the Corporations Act 2001 (Cth), reference is also made to other forms of audit and assurance. The unit is intended to provide an overview of the audit process as it exists in Australia, and is consistent with International Auditing Standards. The unit is both practical and theoretical, with students required to apply their knowledge to discussing cases developed from practice.
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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:
- an understanding of the overall audit function and the reasons for an audit
- familiarisation with the professional, legal, ethical and regulatory framework within which audits and other audit related and assurance engagements are carried out
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
- an understanding of current developments in audit practice
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| Assessed Coursework | 5% | Reviewed in 5 seminars |
| Class Test 1 | 5% | Week 4 Seminar |
| Class Test 2 | 20% | Week 7 Seminar |
| Case Study | 20% | Week 10 Seminar |
| Final Examination | 50% | University Examination Period |
Assessed Coursework
Due: Reviewed in 5 seminars
Weighting: 5%
Independent work on seminar assigned questions is fundamental to satisfying the learning objectives of this unit. You are not expected to always have the right answers from your independent work but you are expected to make a significant attempt to complete all seminar questions before each seminar. It is expected that, in addition to attendance at the weekly seminars, you will need to spend 2 – 4 hours per week on readings and seminar questions in preparation for the next class.
Submission Must be submitted in your designated seminar
Extension No extensions will be granted
Penalties Incomplete work on any set questions will result in reduced or zero marks awarded
On successful completion you will be able to:
- an understanding of the overall audit function and the reasons for an audit
- familiarisation with the professional, legal, ethical and regulatory framework within which audits and other audit related and assurance engagements are carried out
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
- an understanding of current developments in audit practice
Class Test 1
Due: Week 4 Seminar
Weighting: 5%
The aim of the 15 minute class test is to provide you with on-going feedback relating to your understanding and learning progress within the course up to and including week 3. No materials, dictionaries or calculators will be permitted in the test.
Submission Must be undertaken and submitted in your designated seminar
Extension No extensions will be granted ie there will be no supplemenatry tests
Penalties Students who do not sit the class test in the designated seminar will be awarded a mark of zero (0) for the test, except for cases in which an application for special consideration is made and approved. In these cases, the weighting will be transferred to the final examination accordingly.
On successful completion you will be able to:
- an understanding of the overall audit function and the reasons for an audit
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
Class Test 2
Due: Week 7 Seminar
Weighting: 20%
The aim of the 1 hour class test is to provide you with on-going feedback relating to your understanding and learning progress within the course. It is designed to test your knowledge of the topics covered in the course to date. The focus will be to test your ability to critically analyse and evaluate information provided and to perform the auditing processes and techniques taught within a specific audit client issue context. NO materials, dictionaries or calculators will be permitted in the test. Further information on the format, style of questions and content focus of the test will be provided in the seminar in Week 7.
Submission Must be undertaken and submitted in your designated seminar
Extension No extensions will be granted ie there will be no supplementary test.
Penalties Students who do not sit the class test in their designated seminar will be awarded a mark of zero (0) for the test, except for cases in which an application for special consideration is made and approved. In these cases, the weighting will be transferred to the final examination accordingly.
On successful completion you will be able to:
- an understanding of the overall audit function and the reasons for an audit
- familiarisation with the professional, legal, ethical and regulatory framework within which audits and other audit related and assurance engagements are carried out
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
Case Study
Due: Week 10 Seminar
Weighting: 20%
The aim of the group case study and presentation is to test students’ ability to integrate skills learnt in Auditing and Assurance Services to analyse a real Australian company from the auditor’s perspective and within the framework of auditing standards. Students within a group are expected to undertake both independent and collaborative research, study and discussion for the assignment. The group environment provides the opportunity for students to interact and communicate with each other as is done in practice.
Details regarding the nature of the case study and presentation, its requirements and marking criteria will be made available on iLearn early in the semester.
Submission Must be submitted with an accompanying presentation in your designated seminar.
Extension No extensions will be granted
Penalties Written group case studies not received at this time will result in a penalty of 20% of the total awarded marks per day late. Zero marks will be awarded to any individual student within a group that does not undertake an oral presentation in the designated seminar.
On successful completion you will be able to:
- an understanding of the overall audit function and the reasons for an audit
- familiarisation with the professional, legal, ethical and regulatory framework within which audits and other audit related and assurance engagements are carried out
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
- an understanding of current developments in audit practice
Final Examination
Due: University Examination Period
Weighting: 50%
A final examination is included as an assessment task for this unit to provide assurance that:
1. the product belongs to the student and
2. the student has attained the knowledge and skills tested in the exam.
A 2 hour final examination for this unit will be held during the University Examination period (11th - 29th November). The exam will cover all material from weeks 1 to 13, although emphasis will be given to those areas not previously examined. You will be given further information regarding the final exam during the final seminar of the semester.
The final exam of ACCG 811 is designed to test you against the learning objectives of the unit. Dictionaries and calculators are not permitted in the final exam. Students are also prohibited from bringing any pre-prepared notes or other examples of their writing into the final exam.
Students must pass the final exam to receive a passing grade in the unit.
You are expected to present yourself for examination at the time and place designated in the University Examination Timetable. The timetable will be available in Draft form approximately eight weeks before the commencement of the examinations and in Final form approximately four weeks before the commencement of the examinations.
The only exception to not sitting an examination at the designated time is because of documented illness or unavoidable disruption. In these circumstances you may wish to consider applying for Special Consideration. The University’s policy on special consideration process is available at http://www.mq.edu.au/policy/docs/special_consideration/policy.html
If a Supplementary Examination is granted as a result of the Special Consideration process the examination will be scheduled after the conclusion of the official examination period. The supplementary exam period is 10 - 13 December 2013.
The Macquarie university examination policy details the principles and conduct of examinations at the University. The policy is available at: http://www.mq.edu.au/policy/docs/examination/policy.htm
On successful completion you will be able to:
- an understanding of the overall audit function and the reasons for an audit
- familiarisation with the professional, legal, ethical and regulatory framework within which audits and other audit related and assurance engagements are carried out
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
- an understanding of current developments in audit practice
Delivery and Resources
Contacting staff
E-mail is the primary form of communication. Please send emails from your university email account. Consultation will be conducted via email and/or at the end of each seminar by your seminar leader. In special circumstances, an appointment may be made for consultation. Students experiencing significant difficulties with any topic in the unit must seek assistance immediately.
CLASSES
ACCG 811 requires that students attend a weekly seminar of three hours duration. A short break of 10-15 minutes will usually be taken during the seminar.
Students must attend the following seminar each week:
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Day |
Time |
Room |
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Friday |
9am – 12pm |
W5C 310 |
The timetable for classes can be found on the University website at http://www.timetables.mq.edu.au/
This unit involves one three-hour seminar per week. It should be emphasised that attendance at the seminar 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.
The seminar is divided into two parts.
The first part of each seminar will comprise a lecture which aims to cover the key concepts of the unit material set for that week. These lectures will be critical to the coverage and understanding of the unit content. Although the auditing and assurance course is broken down into a number of segments, students should recognise that each segment / lecture forms part of the audit process. The second part of the seminar is designed to complement the lecture program by working through the practical seminar questions 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.
Please note that solutions to the weekly seminar assigned questions will not be made available to students. 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. If further assistance with assigned seminar questions is required then you are encouraged to see the lecturer during consultation.
REQUIRED AND RECOMMENDED TEXTS AND/OR MATERIALS
In order to complete the seminar work and prepare for the examinations in this unit, you will need to possess a copy of the following textbooks:
1. Peter Roebuck and Dr Nonna Martinov-Bennie “Case Studies in Auditing and Assurance” Lexis Nexis, 5th Edition, 2010.
2. Gay G, and R. Simnett “Auditing and Assurance Services in Australia”, McGraw- Hill, 5th edition, 2012.
Recommended References:
Australian Society of CPA’s or the Institute of Chartered Accountants, Auditing Handbook Vol. 2 of the Accounting and Auditing Handbook, Prentice-Hall, 2013.
Note: The standards can be downloaded from the following site http://www.auasb.gov.au
The required texts can be purchased from the CO-OP Bookshop on campus. These texts are also available in the Macquarie Library.
TECHNOLOGY USED AND REQUIRED
In order to prepare your weekly assignments, research assignment and oral presentation for the class, you are strongly encouraged to use Microsoft Word and/or Microsoft Powerpoint.
You will also be required to access the Internet in order to conduct research and Macquarie University’s learning management system (refer to the detail contained below in Unit Web Page).
UNIT WEB PAGE
A web site for ACCG 811 has been created on Macquarie’s learning management system (iLearn). This site provides students with a facility to download certain course materials. The unit outline, weekly seminar questions and applicable lecture slides for each seminar are available for download, as well as other course documents. The lecture slides will be referred to during the lectures in ACCG 811 and they should form the basis of chapter summaries that students can use for exam revision. Students should bring their copy of the slides to seminars and add notes to them during the lectures as appropriate.
The web site is http://ilearn.mq.edu.auand students should use their Macquarie Login ID and password to access the site. If students have problems with their username and password, they need to contact the IT helpdesk, http://www.library.mq.edu.au/help/
Unit Schedule
SEMINAR SUMMARY
Week Date Seminar Topic
1 August 2 Course Overview / Introduction to the Audit Function
2 August 9 Understanding the Entity and Assessing Risk
3 August 16 Internal Control Evaluation and the role of Mitigating Controls
4 August 23 Analytical Procedures and Risk Assessment. CLASS TEST 1
5 August 30 Audit Evidence - Assertions
6 September 6 Audit Evidence - Audit Procedures
7 September 13 CLASS TEST 2.
September 20 Recess - private study
September 27 Recess – private study
8 October 4 Auditors’ Response to Risks and Assessment of Materiality
9 October 11 Using the Work of Others/Performance Auditing
10 October 18 ASSIGNMENT SUBMISSION & PRESENTATION
11 October 25 Auditing in an IT environment – Internal Control & CAATS
12 November 1 Completing the Audit Process & Audit Reporting
13 November 8 Legal Liability & Ethics / Final Exam discussion
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://www.mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://www.mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://www.mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://www.mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Special Consideration Policy http://www.mq.edu.au/policy/docs/special_consideration/policy.html
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Support
Macquarie University provides a range of Academic Student Support Services. Details of these services can be accessed at: http://students.mq.edu.au/support/
UniWISE provides:
- Online learning resources and academic skills workshops http://www.students.mq.edu.au/support/learning_skills/
- Personal assistance with your learning & study related questions.
- The Learning Help Desk is located in the Library foyer (level 2).
- Online and on-campus orientation events run by Mentors@Macquarie.
Student Services and 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.
Student Enquiries
Details of these services can be accessed at http://www.student.mq.edu.au/ses/.
IT Help
If you wish to receive IT help, we would be glad to assist you at http://informatics.mq.edu.au/help/.
When using the university's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students and it outlines what can be done.
Graduate Capabilities
PG - Discipline Knowledge and Skills
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Learning outcomes
- an understanding of the overall audit function and the reasons for an audit
- familiarisation with the professional, legal, ethical and regulatory framework within which audits and other audit related and assurance engagements are carried out
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
- an understanding of current developments in audit practice
Assessment tasks
- Assessed Coursework
- Class Test 1
- Class Test 2
- Case Study
- Final Examination
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcomes
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
- an understanding of current developments in audit practice
Assessment tasks
- Case Study
- Final Examination
PG - Capable of Professional and Personal Judgment and Initiative
Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
Learning outcome
- an ability to examine the audit process and the techniques used by auditors including business risk analysis, internal controls assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting
Assessment tasks
- Assessed Coursework
- Class Test 1
- Class Test 2
- Case Study
- Final Examination