ACCTING 7009 - Auditing & Assurance Services (M)

North Terrace Campus - Semester 2 - 2016

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.

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Course Details

Course Code	ACCTING 7009
Course	Auditing & Assurance Services (M)
Coordinating Unit	Adelaide Business School
Term	Semester 2
Level	Postgraduate Coursework
Location/s	North Terrace Campus
Units	3
Contact	Up to 4 hours per week
Available for Study Abroad and Exchange	Y
Prerequisites	ACCTING 7020
Corequisites	COMMERCE 7021
Assessment	Exam/assignments/tests/tutorial work as prescribed at first lecture

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.

Course Learning Outcomes

Knowledge and Understanding
This course introduces students to the field of auditing and assurance. It provides students with a sound understanding of fundamental auditing concepts and procedures, and the application of auditing standards. Consequently, the course provides a foundation for students who intend pursuing a specialised pathway in the auditing profession, as well as those who will pursue careers in accounting and other disciplines where principles of risk assessment, systems control and evaluation, and transaction testing are important. While the course focuses mainly on the practical application of an external financial audit that is regulated under Australian legislation, it also explores the wider audit and assurance framework; including the internal audit function, and some environmental auditing issues. In addition the course seeks to stimulate a critical appreciation of contemporary auditing and assurance issues.

Specific Learning Outcomes
On successful completion of this course students should be able to:
1) Demonstrate an understanding of fundamental audit concepts
2) Apply a range of audit procedures.
3) Apply auditing standards
4) Demonstrate an understanding of the legal context in which auditing occurs
5) Demonstrate an understanding of the importance of professional ethics and apply the profession's code of ethics
6) Undertake research on significant auditing issus
7) Apply critical thinking skills and solve auditing problems through the use of case studies
8) Understand how to stay abreast of developments in auditing theory and practice
9) Demonstrate an understanding of the role of audits in society
10) Work in a collegiate manner.

Communication Skills
The continuing development of good written, oral and inter-personal communication skills is widely recognised as important for commerce graduates. This course specifically seeks to develop students’ abilities to prepare and present succinct arguments, and to use appropriate academic referencing conventions.

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)	1,2,3,4,5,6,7,8,9
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	1,2,3,4,5,6,7,8,9
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	1,2,3,4,5,7,9,10
Career and leadership readiness technology savvy professional and, where relevant, fully accredited forward thinking and well informed tested and validated by work based experiences	1,2,8,9,10
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	2,3,4,6,8,9,10
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	4,5,9,10

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 2016 Australia
Date of Publication: January 2016
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;
- Handouts of lecture slides;
- Weekly lecture and tutorial outlines (which, include tutorial questions);
- Lecture exercises;
- Addional guidance notes;
- Newspaper articles;
- Readings;
- Assessment information;
- Links to useful websites;
- Short films;
- Selected tutorial answers;
- Announcements; and
- Marks for in-course assessments
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 week of Monday August 1st. Tutorials are an important component of this course. Students are strongly advised to attend all tutorials.

Students are required to complete the assigned tutorial questions each week and be prepared to discuss questions in the tutorials. Solutions to the 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. For a more detailed outline of what is covered each week, please see the document titled, " Overview of Topics", which can be found under "Lecture and Tutorial Outlines" on the MyUni site for this course.

Week 1: Introduction to auditing, and an overview of the auditing process. Understanding the role of management in the preparation of the financial report.
Week 2: Understanding the role of management in the preparation of financial reports. Fundamental audit concepts
Week 3: Fundamental audit concepts
Week 4: Fundamental audit concepts.
Week 5: Client acceptance. Planning the audit: knowledge of the business and evaluating business risk.

Week 6: Planning the audit: Assessing specific business risks and materiality; and Understanding and assessing internal control
Week 7: Tests of controls, including the application of sampling in tests of control.

Week 8: Substantive tests of transactions and balances, including the application of sampling;
Week 9: Completing the Audit. The Auditor’s reporting obligations
Week 10: The Auditor's reporting obligations. The professional and regulatory environment: Ethics
Week 11: The professional and regulatory environment Ethics and Legal issues affecting auditors.
Week 12: Other Assurance Services; and Contemporary Issues in Auditing
Revision Lecture

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

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

Assessment Summary

ASSESSABLE ITEMS
There are two exams in this course. The weighting ascribed to each is as follows:

Item	Due Date and Time	Weighting %	Related Learning Outcomes
Mid semester test	Week 6, 30th August	35%	Weeks 1-4
Final Exam	Semester 2 Exam Period	65%	Weeks 5-12

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 2016 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 including (but not limited to) notes, pictures, graphics, tabs, ciphers or the like whatsoever. Page corners cannot be folded. Handbooks may be covered with clear plastic only. No other material may be used. Handbooks will be inspected by examiners and invigilators during the exam for compliance with the above. If a copy of a Handbook is discovered which breaches these conditions then that copy will be confiscated and that student will be subject to examination misconduct provisions and sanctions.

Calculators will be allowed into the final exam.

Assessment Detail

No information currently available.

Submission

No information currently available.

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
This section contains links to relevant assessment-related policies and guidelines - all university policies.
Fraud Awareness

Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator