ACCT 3014 Auditing and Assurance
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Unit Code ACCT3014
Unit Title Auditing and
Assurance
Semester 2, 2013
Pre-requisite Units: ACCT3011 or ACCT3001
Assumed Knowledge and/or
Skills: You are assumed to understand the key principles and rules of specified
accounting standards and be able to apply them in the context of business
scenarios. Students are expected to comprehend the form and content of
published financial statements and be able to explain their function.
Consultation Hours:
Please go to Blackboard for details of all staff and their consultation times.
Class Day(s): Lectures
are held on Tuesdays 11:00-13:00 in Pharmacy Lecture Theatre Room N342. Please
go to Blackboard for Tutorial class times and locations
Required Text / Resources: Modern Auditing and Assurance Services, 5th Edition by Philomena Leung, Paul Coram, Barry J. Cooper, Peter Richardson, May 2012: Wiley.
This Guide to Unit Learning Content and Assessment MUST be read in conjunction with the Business School Student Administration Manual for information about all processes
(sydney.edu.au/business/currentstudents/student_information/student_administration_manu
al) and the Business
School unit of study common policy and implementation information that apply to
every unit of study offered by the Business School
(http://sydney.edu.au/business/currentstudents/policy).
In determining applications and appeals relating to these matters it will be
assumed that every student has taken the time to familiarise themselves with
these key policies and procedures.
1 BUSINESS SCHOOL
1. Unit of study information This unit of study 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 Corporation Act 2001, reference is also made to other forms of audit and assurance. The course is intended to provide an overview of the audit process within the context of Australian Auditing Standards. The course is both practical and theoretical, with students required to apply their knowledge to case studies developed from practice.
2. Program learning outcomes
1. Accounting Knowledge:
Our Bachelors programs develop each graduate to be adept in identifying and
understanding major commercial trends both locally and globally leading to
students who are able to demonstrate an understanding of the key concepts,
trends or challenges in accounting and reporting in a range contexts.
2. Critical Thinking:
Our Bachelors programs develop each graduate to be a critical thinker and
discerning decision maker leading to students who are able to solve business
problems by identifying and critically evaluating implications of management
decisions, accounting systems and /or processes to achieve them.
3. Business Analysis and Problem-Solving: Our
Bachelors programs develop each graduate to be a capable business analyst and
problem-solver leading to students who are able to analyse and diagnose
business problems and provide relevant accounting information useful to assist
decision making, improve processes and/or exploit advanced information and
communications technologies.
4. Communication: Our Bachelors programs
develop each graduate to be an effective and professional business communicator
leading to students who are able to communicate effectively, both orally and in
writing, using a range of modes of communication including business reports and
presentations and including the ability to negotiate and persuade in a business
context.
5. Team Working: Our
Bachelors programs develop each graduate to be an effective team member in a
variety of business contexts leading to studentswho are able to collaborate
effectively with others in a professional business manner as both members and
leaders of teams, and in relation to client interactions.
6. Ethical and Social Responsibility: Our
Bachelors programs develop each graduate to be an ethically- and
socially-responsible professional leading to students who are able to
demonstrate an understanding of pertinent moral, ethical and corporate social
responsibility considerations and the potential impacts (positive and negative)
that accounting and reporting can have on a range of stakeholder groups.
further you will find out:
acct 209 financial accounting B
3. Unit learning
objectives
This course is aims to:
1) develop students’ understanding of the
audit function and the reasons for an audit,
2) familiarise students with the professional,
legal, ethical, commercial and regulatory framework within which audits and
other audit related and assurance engagements are carried out,
3) 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, and
4) familiarise students
with current issues and developments in audit practice.
Students in this unit are expected to upon
completion develop and demonstrate the following learning outcomes in order to
apply these outcomes to assurance engagements in audit:
Demonstrate an understanding of the key concepts, processes, challenges in audit practice Understand and identify the risks of misstatement, both financial and non-financial facing in the evaluation of business risks that have direct implications for the audit of the organisation’s financial statements Analyse and diagnose business risk problems and be able to link them to financial statement assertions and indicate what procedures should be performed by the Auditor in terms of evidence evaluation Communicate effectively, both orally and in writing, using a range of modes of communication including business reports, audit procedures and including the ability to negotiate and persuade in a business context Collaborate effectively with others in a professional business manner as both members and leaders of teams, and in relation to client interactions Students should be able to demonstrate and explain the conceptual principles of the Code of Ethics for Professional Accountants
Demonstrate an understanding of the key concepts, processes, challenges in audit practice Understand and identify the risks of misstatement, both financial and non-financial facing in the evaluation of business risks that have direct implications for the audit of the organisation’s financial statements Analyse and diagnose business risk problems and be able to link them to financial statement assertions and indicate what procedures should be performed by the Auditor in terms of evidence evaluation Communicate effectively, both orally and in writing, using a range of modes of communication including business reports, audit procedures and including the ability to negotiate and persuade in a business context Collaborate effectively with others in a professional business manner as both members and leaders of teams, and in relation to client interactions Students should be able to demonstrate and explain the conceptual principles of the Code of Ethics for Professional Accountants
4. Assessment
Assessment Name Program Learning Work Type Outcomes Assessed 1, 2, 3, 4 3, 4, 5, 6 1, 2, 3, 4 Length 1,800 or equivalent 2,000 or equivalent 3,000 Weight Due Date 30% 20% 50% 14-Sep-2013 14-Oct-2013 Closing Date 14-Sep-2013 21-Oct-2013
Mid Semester Examination Individual Group Assignment Final Examination Academic Honesty Group Individual
Final Exam Period Final Exam Period Week 4
Assessment Mid Semester Examination is Compulsory. This means you must undertake the assessment. If you do not undertake the assessment you will receive zero for this assessment. Assessment Group Assignment is Compulsory. This means you must undertake the assessment. If you do not undertake the assessment you will receive zero for this assessment. Assessment Final Examination is Mandatory. This means you must undertake the assessment and achieve a mark above 40%. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit is above 50%, will be given a Fail (F) grade for this unit. As a result a student's academic transcript will show F and the actual mark achieved if between 0-49 and F and a capped moderated mark of 49 for all other marks. ** Students must complete the Academic Honesty module in Blackboard with a mark above 80% by the final day of exam, or an Absent Fail (AF) grade will be given for the entire unit. Students can complete the module multiple times until this grade is achieved. Students who completed the module with a score of 80% or above in any previous semesters do not need to do it again. *** The due date for an assessment is the last day on which you can submit the assessment without penalty. If you submit the assessment after that date, you will receive a late penalty, unless excused by special consideration, special arrangement or disability services adjustment. The closing date is the last day on which an assessment will be accepted for marking. A task occurs over a number of weeks, e.g. class presentations, due and closing date are both the first occasion of the task.
✔ Conditions of Assessment The Business School has standard
conditions governing assessments such as late penalties, word length and so on.
Please go to the Business School policy and implementation information at
Assessment details
Mid Semester Examination
Task Description The Mid-Semester examination will be held on Saturday 14th September 2013 1:00pm to 2:30pm (1.5 hours duration) at the Teachers College Hall. Please see Blackboard for further details. The examination is closed book and calculators are not permitted. A Practice Mid Semester Exam will be administered in the Week 7 Lecture to provide students with feedback to enhance their performance for the Mid Semester. Further details will be placed on Blackboard in Week 5. The Mid-Semester will cover material covered in Weeks 1-6 inclusive. Assessment Criteria Conforming with instructions (e.g. word length, font, other instructions) Clarity of expression (including grammar, spelling, referencing) Presentation, communication & structure Use of literature/ Knowledge of theory Analysis / critical reasoning / evaluation Problem solving / synthesis or evaluation / reflection Other Information Further details on the format, style and exam content focus will be provided in the Lecture Week 5 and details will be posted on Blackboard. Students will also be provided with a mini-practice exam to complete in the Week 7 lecture, in which they will be provided with guidance to the solutions.
Group Assignment
Task Description The Group assignment based on a Case Study is due Monday 14th October 2013 by 5pm and must be submitted electronically via Blackboard in Turnitin on a group submission basis (one submission per group). TheGroup Assignment is worth 20% of your total grade. The Case Study requirements together with the specific assessment criteria and mark allocation will be available on Blackboard by Week 4 in the Assessment Folder. Please ensure that you refer to these prior to starting on the group assignment and that your group submission addresses all of the required criteria. The Group Assignment will require that students form Groups of 3/4 by Week 4 from their allocated tutorial time. Students will form Groups of 3 or 4 only, consistent with the number of students enrolled in each tutorial group. Students are to commence group formation in tutorials in week 2. The Group Assignment Requirements and Criteria will be based around a Case Study type question utilising students' theoretical auditing and business knowledge gained throughout the course and then applying this knowledge to a real-life case study.
Students must submit in writing in tutorials Week 4, the names of the students in their group. Any student not in a group by Week 4 will be allocated to a group by the Tutor in charge of their tutorial. The Tutor’s determination of such allocation is final. Students may only join a group with other students in their timetabled tutorial. No cross tutorial groups can be formed.
Student Contribution Statement Each submitted written Group Assignment report must include a 1 page Member Contribution Statement. A template for students to use will be uploaded on Blackboard by Week 3 in addition to Group Assignment Requirements and Specific Criteria. The Member Contribution Statement must not exceed 1 A4 page and must provide all the information required in the template. The template shall not be altered or amended in any way and a penalty of 10% shall be applied to any Group Assignment submission that fails to have the Member Contribution Statement fullycompleted and submitted online by the same time and due date of the Group Assignment Report. Q
Assessment Criteria Conforming with instructions (e.g. word length, font, other instructions) Clarity of expression (including grammar, spelling, referencing) Presentation, communication & structure Use of literature/ Knowledge of theory Analysis / critical reasoning / evaluation Problem solving / synthesis or evaluation / reflection Other Information No group assignments will be accepted after 5pm, Monday 14th October 2013 (closing date for the assignment). After this closing date, assessments cannot be accepted for marking, and assignments submitted beyond this date will receive zero marks. The penalty for late submission of the group assignment shall be 10% per day or part thereof. The effective day and date of submission shall be in accordance with the submission date recoded by the TURNITIN system. All students of the group will be subject to the late penalty equally.
Final Examination
Task Description The 2-hour Final examination will be held during the University Examination period with the date, time, and location to be advised by the University’s Examinations Centre. The examination will contain questions with the focus on Weeks 8 to 13, although this may require background knowledge and skills from weeks 1-6. Further details on the format, style and exam content focus will be provided in the Lecture Week 12 and details will be posted on Blackboard. Students will also be provided with a mini-practice exam to complete as preparation for the Week 13 Tutorial. The mini-Final practice exam will be posted on Blackboard in Week 12 and solutions will be discussed in the Week 13 tutorials
Assessment Criteria Conforming with instructions (e.g. word length, font, other instructions) Clarity of expression (including grammar, spelling, referencing) Presentation, communication &
structure Use of
literature/ Knowledge of theory Analysis / critical reasoning / evaluation
Problem solving /
synthesis or evaluation / reflection Other Information
Further details on Final Exam Content and format will be provided in Week 12 lecture and details will also be posted on Blackboard.
5. Other suggested resources for students
All lectures and seminars are recorded and
will be available within Blackboard for student use. Please note the Business
School does not own the system and cannot guarantee that the system will
operate or that every class will be recorded. Students should ensure they
attend and participate in all classes. All lectures and seminars are recorded
and will be available within Blackboard for student use. Please note the
Business School does not own the system and cannot guarantee that the system
will operate or that every class will be recorded. Students should ensure they
attend and participate in all classes. Recommended Resources: Chartered
Accountants Auditing & Assurance Handbook 2013 by ICAA (The Institute of
Chartered Accountants in Australia), ISBN 978-0-7303-0419-7, January 2013:
Wiley OR CPA Auditing, Assurance and Ethics Handbook 2012-02-05 by CPA
Australia, ISBN 781442558090, January 2013: Pearson Students are also advised
that the Australian Auditing Standards (ASAs) can also be located directly from
the AuASB website:
http://www.auasb.gov.au/Standards-and-Guidance/Australian-Auditing-Standards-in-Clarity-format.aspx
Students should also keep up to date with current developments in auditing
through business publications such as theAustralian Financial Review. It is a
great idea for students to become student members of both the CPA and Institute
of Chartered Accountants as both offer great student resources. Lectures in
ACCT3014 are two hours in length and are critical to the coverage and
understanding of the UoS content. Lectures are used to set the scene and
Lecture Discussion Questions set out in the week by week preparation guide are
located in the UoS section of Blackboard. Presentation powerpoints are
available on Blackboard in the Resources folder. Tutorials (from week 2 to week
13) are of one hour duration and are designed to complement the lecture
program. Students are expected to complete all relevant reading and prepare
tutorial questions on an individual basis prior to attending the tutorial.
6. Feedback and improvements made in response to feedback
The Business School
seeks feedback from students and staff in order to continually improve and
innovate all units offered. For information on previously collected feedback
and innovation made in response to feedback, please see assignment4finance
blog.
7. Unit schedule
Week/ Topic 1 29 Jul
2013 2 5 Aug 2013 3 12 Aug 2013 4 19 Aug 2013 5 26 Aug 2013 6 2 Sep 2013
Materials (e.g. readings) As advised by Blackboard As advised by Blackboard As
advised by Blackboard As advised by Blackboard As advised by Blackboard
Lecture/Seminar/Problem Based Learning Session The Auditing and Assurance
Environment The Professional Auditor Tutorial/Lab/Workshop As advised by
Blackboard Assessments Due
As advised by Blackboard
Planning the Audit
As advised by Blackboard Academic Honesty Module
Audit Risk Assessment
As advised by Blackboard
Audit Testing Methodology
As advised by Blackboard Mid Semester Practice Exam will be administed in the Week 7 Lecture Mid Semester Exam held in Week 7 Saturday 14th September 2013 Details as per Blackboard
As advised by Blackboard
Audit Testing Methodology
As advised by Blackboard
7 9 Sep 2013 8 16 Sep 2013 9 23 Sep 2013
As advised by Blackboard
Mid Semester Content Review
As advised by Blackboard
As advised by Blackboard As advised by Blackboard
Audit Evidence and Designing Procedures Audit Evidence Sales and Receivables
As advised by Blackboard
As advised by Blackboard
Common week 30 Sep to 6 Oct 10 7 Oct 2013 11 14 Oct 2013 12 21 Oct 2013 13 28 Oct 2013 Mid Semester Exam Review and Feedback to Students Group Assignment Due as advised by Blackboard
As advised by Blackboard
Audit Evidence As advised by Blackboard Purchases, Payables and Payroll Audit Evidence Inventories and Plant and Equipment Completing the Audit
As advised by Blackboard As advised by Blackboard As advised by Blackboard
As advised by Blackboard
As advised by Blackboard
Course Review
As advised by Blackboard
following chapters are:
ACCT 2522 Management Accounting 1
ACCT 1511: Accounting and Financial Management 1B
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