ACCTING 7009 - Auditing & Assurance Services (M)
North Terrace Campus - Semester 2 - 2020
General Course Information
Course Code ACCTING 7009 Course Auditing & Assurance Services (M) Coordinating Unit Business School Term Semester 2 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 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 Coordinator: Dr Philip Saj
The full timetable of all activities for this course can be accessed from Course Planner.
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
Required ResourcesRequired Resources
There is one prescribed book for this subject:
Title: Auditing and Assurance Services in Australia (Seventh Edition).
Authors: Gay G. and Simnett R.
Date of Publication: 2018
Recommended ResourcesOther resources in the Barr Smith Library
Australian Financial Review
Business Review Weekly
Acuity (Journal of the Institute of Chartered Accountants in Australia and New Zealand)
In The Black (Journal of CPA Australia)
The business sections of daily newspapers
www.cpaaustralia.com.au ( CPA Australia)
https://www.charteredaccountantsanz.com/ (Institute of Chartered Accountants in Australia and New Zealand)
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)
Online LearningOnline Learning
This course uses Canvas extensively. The following material will be posted prior to and during the semester:
Echo 360 recordings of lectures
Handouts of lecture slides
Weekly lecture and tutorial outlines (which, include tutorial questions)
Links to useful websites
Model answers to weekly questions
Learning & Teaching Activities
Learning & Teaching ModesThe prime delivery mode is through one lecture and one tutorial per week. Lectures are of one hour fifty minutes duration. Lectures are recorded, and are posted on Canvas.
Tutorial classes of fifty minutes duration and commence in week two. Tutorials are an essential component of this course. Membership of tutorial classes is to be finalised by the end of the second week of semester. Students wishing to swap between tutorial classes after this time are required to present their case to the Lecturer-in-Charge, but should be aware that such a request may not be approved. Students are strongly advised to attend all tutorials.
Students are expected to come to tutorials well prepared to discuss a set of Tutorial Questions that are provided in the weekly Lecture and Tutroial Outline. 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.
Answers to Tutorial Questions will be provided at the end of each teaching week through MyUni. Answers to Tutorial Questions are not marked.
Each week students are also required to complete six Weekly Questions, which are also provided in the weekly Lecture and Tutorial Outline
Answers to the Weekly Questions from weeks 3 to 10 will be marked and the marks will be counted towards the overall mark for the semester. (Please see the information on assessment below).
Model answers and the marking guide for the Weekly Questions questions will be posted to MyUni at the end of the week.
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 SummaryThe following topics are covered in this course.
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 assurance and auditing; an overview of the auditing process.
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: Fundamental audit concepts.
Week 6: Client acceptance. Planning the audit: knowledge of the business and evaluating business risk.
Week 7: Planning the audit: Assessing specific business risks and materiality; and Understanding and assessing internal control.
Week 8: Tests of controls, and substantive tests.
Week 9: Completing the Audit. The Auditor’s reporting obligations.
Week 10: The professional and regulatory environment: Ethics.
Week 11: The professional and regulatory environment: Legal issues affecting auditors.
Week 12: Contemporary Issues in Auditing.
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.
ITEM Due Date Weighting Learning Outcomes Weekly Questions from weeks 3,4,5 and 6 The following Monday at 9.00am 10% 1 Weekly Questions from weeks 7,8,9 and 10 The following Monday at 9.00am 10% 1 Assignment Tuesday Week 9 at 9.00am 20% 1,2,3,4 and 6 Online Exam Exam Period 60% 1, 2, 3, 4, 5 and 6
Assessment DetailExplanation of each assessable item is as follows:
Weekly Questions from Weeks 3, 4, 5 and 6: 10%
Each week, students are required to answer six questions from the Lecture and Tutorial Outline for the week. From weeks 3 to 6, answers to the Weekly Questions are to be submitted through the Quizzes function of MyUni by 9.00am on the following Monday. For example, answers to the six Weekly Questions from the Lecture and Tutorial Outline for Week 3 (week beginning Monday August 10th) are due at 9.00 am on the Monday of Week 4. Answers to the questions for each week will be marked out of 10. The marks for weeks 3, 4, 5 and 6 will be averaged to yield a mark out of 10 that will be included in the overall marks for the course.
Model answers and the marking guide for each week's questions will be posted to MyUni at the end of the week.
Weekly Questions from Weeks 7, 8, 9 and 10: 10%
From weeks 7 to 10, answers to the Weekly Questions are to be submitted through the Quizzes function of MyUni by 9.00am on the following Monday*. Answers to the questions for each week will be marked out of 10. The marks for weeks 7,8,9 and 10 will be averaged to yield a mark out of 10 that will be included in the overall marks for the course.
Model answers and the marking guide for each week's questions will be posted to MyUni at the end of the week.
* There is a Public Holiday on Monday October 5th. For that week, the answers to the Weekly Questions will be due at 9.00am on Tuesday Week 9.
Assignment: 20% . The assignment requirements will be available in Week 1.
Final Exam 60%
A 3-hour exam will be held during the semester 2 exam period. The exam is open book.
To pass this course, students must achieve an overall grade of 50% and also achieve at least 50% in the final exam. Students who fail to meet both criteria will be awarded a mark of no more than 49.
None of the assessment in this course is redeemable. Failure to complete any assessment item in accordance with the requirements will result in forfeiture of the marks allocated to that assessment item.
Extensions to the due date for assessable items will only be given in exceptional circumstances.
SubmissionAnswers to weekly questions are to be submitted through the Quizzes Function on MyUni
The assignment is to be submitted through turnitin
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.
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.
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