Students
ACCG945 – Advanced Audit and Assurance
2019 – S1 Evening
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit convenor & lecturer
Mark Abraham
Contact via email
room 223 Building 4ER
Mondays 12:00 - 13:00
Moderator
Dominic Soh
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| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
ACCG925
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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 best practice in the audit and assurance of an organisation’s financial information. Focusing on the legal and regulatory environment, including money laundering, professional and ethical considerations, a Code of Ethics and professional liability will be discussed. Practice management, including quality control, the acceptance and retention of professional engagements, the audit of financial statements, including planning, evidence and review are integral parts of the audit and assurance task and will be examined in this unit. The unit also considers other audit and assurance tasks, including the quality of projected financial information and the reporting of that information. Most importantly, students will consider current issues and developments relating to the provision of audit related and assurance services.
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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:
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Identify and formulate the work required to meet the objectives of non-audit assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance services
Assessment Tasks
| Name | Weighting | Hurdle | Due |
|---|---|---|---|
| Assessed coursework | 10% | No | Throughout |
| Class test 1 | 15% | No | 12 April 2019 |
| Class test 2 | 20% | No | 17 May 2019 |
| Final Exam | 55% | No | To be advised |
Assessed coursework
Due: Throughout
Weighting: 10%
Homework exercises form a critical part in the study process, as they serve to reinforce concepts that are covered in lectures or online. Students often failed a unit when they had not followed a consistently disciplined approach over the session. To this end, students will be required to attend seminars with their homework. The lecturer will check that these are satisfactorily attempted.
The lecturer will collect homework or seminar exercises on five (5) random occasions, without prior notice.
Collected exercises will be worth 10%, with each submission counting for 2%.
Type of Collaboration: Individual Submission: Written homework is to be submitted online prior to the beginning of a class. Submission of seminar exercises will be at the end of the class. Late Submission:Extensions and penalties
No extensions will be granted. Students who do not make a homework submission will receive a zero mark except for cases in which an application for Special Consideration is made and approved. Penalties apply to submission of non original work or work that bears close resemblance to response guides from the textbook publisher.
Criteria and standards
Marks will be given on the basis of original effort and are awarded for evidence that corrections are made.
On successful completion you will be able to:
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Identify and formulate the work required to meet the objectives of non-audit assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance services
Class test 1
Due: 12 April 2019
Weighting: 15%
Extensions and penalties
No extensions will be granted. Students who do not sit the class test will be awarded a mark of zero for the task except for cases in which an application for Special Consideration is made and approved. A supplementary test will be held at a later date. Students are advised that once a determination is made on their application for Special Consideration, they may not withdraw their application and must submit themselves to partake in the supplementary test.
As per the Special Consideration Procedure, students are also advised that the time and date deadline or format of the supplementary test as a result of a Special Consideration application is not negotiable and students must make themselves available to take the supplementary test. Failure to meet this requirement will result in a zero mark being awarded. No further supplementary test will be provided.
Criteria and standards
Marks will be given on the appropriate application of knowledge and skills to short answer and case based questions.
On successful completion you will be able to:
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
Class test 2
Due: 17 May 2019
Weighting: 20%
Submission of the written test is to be made to the lecturer at the end of the test.
Length: 90 minutes Late Submission:Extensions and penalties
No extensions will be granted. Students who do not sit the class test will be awarded a mark of zero for the task except for cases in which an application for Special Consideration is made and approved. A supplementary test will be held at a later date. Students are advised that once a determination is made on their application for Special Consideration, they may not withdraw their application and must submit themselves to partake in the supplementary test.
As per the Special Consideration Procedure, students are also advised that the time and date deadline or format of the supplementary test as a result of a Special Consideration application is not negotiable and students must make themselves available to take the supplementary test. Failure to meet this requirement will result in a zero mark being awarded. No further supplementary test will be provided.
Criteria and standards
Marks will be given on the appropriate application of knowledge and skills to short answer and case based questions.
On successful completion you will be able to:
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Identify and formulate the work required to meet the objectives of non-audit assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance services
Final Exam
Due: To be advised
Weighting: 55%
The only exception to 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 Special Consideration Policy is available at
https://students.mq.edu.au/study/my-study-program/special-consideration
On successful completion you will be able to:
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Identify and formulate the work required to meet the objectives of non-audit assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance services
Delivery and Resources
| Required Text: |
Required Text Book You are required to purchase the P7 Advanced Audit and Assurance Study Text, Exam kit and Pocket notes from Kaplan Publishing. |
| Unit Web Page: |
Access to iLearn |
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Unit Schedule
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Topic |
Material |
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Week 1 - March 1 |
Intro to course and style of ACCA paper Ch 1, Ch 3 |
Sample exam given Text and Exam Kit |
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Week 2 - March 8 |
Ch 2, Ch 4, Ch 5 |
Text and Exam Kit |
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Week 3 - March 15 |
Ch 6, Ch 7 |
Text and Exam Kit |
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Week 4 - March 22 |
Ch 20 |
Text and Exam Kit |
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Week 5 - March 29 |
Ch 8, Ch 9 |
Text and Exam Kit |
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Week 6 - April 5 |
Ch 10, Ch 11 |
Text and Exam Kit |
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Week 7 - April 12 |
Class test 1 Ch 12, Ch 13 |
Text and Exam Kit |
| April 19 |
Break |
Text and Exam Kit |
| April 26 |
Break |
Text and Exam Kit |
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Week 8 - May 3 |
Ch 14, Ch 15 |
Text and Exam Kit |
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Week 9 - May 10 |
Chs 16, Ch 17 |
Text and Exam Kit |
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Week 10 - May 17 |
Class test 2 Ch 18 |
Text and Exam Kit |
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Week 11 - May 24 |
Chapter 20 |
Text and Exam Kit |
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Week 12 - May 31 |
Revision |
Text and Exam Kit |
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Week 13 - June 7 |
Revision |
Text and Exam Kit |
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:
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Grade Appeal Policy
- Complaint Management Procedure for Students and Members of the Public
- Special Consideration Policy (Note: The Special Consideration Policy is effective from 4 December 2017 and replaces the Disruption to Studies Policy.)
Undergraduate 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/study/getting-started/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 improve your marks and take control of your study.
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
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
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.
Graduate Capabilities
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 outcomes
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Identify and formulate the work required to meet the objectives of non-audit assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance services
Assessment tasks
- Assessed coursework
- Class test 1
- Class test 2
- Final Exam
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
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Identify and formulate the work required to meet the objectives of non-audit assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance services
Assessment tasks
- Assessed coursework
- Class test 1
- Class test 2
- Final Exam
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
- Recognise the legal and regulatory environment and its impact on audit and assurance practice and understand the current issues and developments relating to the provision of audit related and assurance services
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and non audit assignments and apply the International Standards on Auditing
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Identify and formulate the work required to meet the objectives of non-audit assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance services
Assessment tasks
- Assessed coursework
- Class test 1
- Class test 2
- Final Exam
Research and Practice, Global and Sustainability
This unit addresses global and sustainability issues and the relevant implications arising from the materials, assessment, academic discussion and debate in classes/seminars.Throughout the unit additional references and materials are provided to facilitate research.