ACCTING 7009 - Auditing & Assurance Services (M)

North Terrace Campus - Semester 1 - 2017

The course examines the principles and practices of internal and external auditing. Topics: auditing as a component of recurrent and strategic activities, risk assessment, internal control, systems evaluation, forensic accountability, and contemporary audit issues and challenges.

  • General Course Information
    Course Details
    Course Code ACCTING 7009
    Course Auditing & Assurance Services (M)
    Coordinating Unit Business School
    Term Semester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites ACCTING 7020
    Corequisites COMMERCE 7021
    Course Description The course examines the principles and practices of internal and external auditing. Topics: auditing as a component of recurrent and strategic activities, risk assessment, internal control, systems evaluation, forensic accountability, and contemporary audit issues and challenges.
    Course Staff

    Course Coordinator: Associate Professor Pamela Kent

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    Tutorials commence in the second week of lectures.
  • Learning Outcomes
    Course Learning Outcomes

    On successful completion of this course, students will be able to:

    1. Explain the role of management in the preparation of financial reports.
    2. Apply fundamental audit concepts.
    3. Identify and evaluate material business risks in accordance with Auditing Standards.
    4. Identify and test internal control procedures.
    5. Identify research on significant auditing issues and current developments in auditing theory and practice.
    6. Explain the role of auditing in society.
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1,2,3,4,5
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    1,2,3,5,6
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    1,2,3,4,5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1,2,4,5
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • Able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    3,5,6
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    3,5,6
  • Learning Resources
    Required Resources
    Title: Modern Auditing and Assurance Services in Australia (6th Edition).
    Authors: Leung, P., Coram, P. Cooper, B. and Richardson, P.
    Date of Publication: 2015
    Publisher: John Wiley and Sons Australia, Ltd

    Handbook
    Title: Auditing and Assurance and Ethics Handbook 2017 Australia
    Date of Publication: January 2017
    Publisher: Institute of Chartered Accountants in Australia / Wiley
    ISBN: 978-0-7303-2873-5


    Recommended Resources
    Other resources in the Barr Smith Library
    Australian Financial Review
    Business Review Weekly
    Charter (Journal of the Institute of Chartered Accountants in Australia)
    In The Black (Journal of CPA Australia)
    The business sections of daily newspapers

    Web sites
    www.cpaaustralia.com.au ( CPA Australia - Some public information, more for CPA Australia Passport members)
    www.icaa.org.au (Institute of Chartered Accountants in Australia -some public information, more for CASS members)
    www.pearson.com.au (Companion site to the textbook)
    www.aasb.org.au (Australian Accounting Standards Board)
    www.auasb.gov.au ( Auditing and Assurance Standards Board)
    www.frc.gov.au (Financial Reporting Council)
    www.asic.gov.au (Australian Securities and Investments Commission)

    See also websites of other professional organisations, public companies, accounting firms and government
    Online Learning
    This course uses MyUni extensively. The following material will be posted prior to and during the semester:
    • MyMedia recordings of lectures;
    • Lecture slides;
    • Links to useful websites;
    • Tutorial answers;
    • Announcements
  • Learning & Teaching Activities
    Learning & Teaching Modes
    The prime delivery mode is through one lecture and one tutorial per week. Lectures are of one hour and fifty minutes duration. Lectures are recorded, and recordings are posted on MyUni as soon as they are available, which is generally within one hour. The recording of lectures is offered as a back-up only. Students are strongly advised to attend all lectures.

    Tutorial classes of one hour duration commence in the second week of the semester. Tutorials are an important component of this course. Membership of tutorial classes is to be finalised by the end of the second week of semester. 

    Students are required to complete the assigned questions each week and be prepared to discuss workshop questions and exercises in the tutorials. Solutions to weekly questions will be provided.

    The communication skills developed in tutorials by regularly participating in discussions are considered to be most important by the School, and are highly regarded by employers and professional bodies.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The University expects full-time students to devote a total of 48 hours per week to their studies. This means that for this course students are expected to commit approximately nine hours of private study, that is, study outside classes. Students in this course are expected to attend all lectures and tutorials through the term.
    Learning Activities Summary
    The following topics are covered in this course. 

    Introduction to auditing & corporate governance
    Ethics, independence & audit quality
    Overview of the audit of financial statements
    Client evaluation & audit planning
    Audit risk assessment
    Audit evidence & tests of controls
    Designing audit procedures
    Audit sampling
    Completing the audit
    The audit report
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    Assessment Due Date       Weighting % Related Learning Outcomes
    Mid semester Test Week 6 35% 1, 3, 6
    Final Exam Exam Period 65% 1,2,4,5,6

    Assessment Detail
    ASSESSMENT REQUIREMENTS To pass this course, students must achieve an overall grade of 50%. Students may take into the final exam a copy of the 2017 Auditing Assurance and Ethics Handbook (Institute of Chartered Accountants edition). This handbook may have highlighting or underlining but there shall be no writing or any other forms of communication.  Handbooks may be covered with clear plastic only. No other material may be used. Handbooks will be inspected by invigilators during the exam for compliance with the above. Calculators will be allowed into the final exam.
    Submission
    The mid semester test will be conducted in lecture time in week 6.
    The final exam will be completed in the scheduled examination period.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
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