ACCTING 3502 - Auditing
North Terrace Campus - Semester 2 - 2022
General Course Information
Course Code ACCTING 3502 Course Auditing Coordinating Unit Accounting Term Semester 2 Level Undergraduate Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Prerequisites ACCTING 2501 Assumed Knowledge 48 units of Program attempted and passed Course Description Audit comprises a fundamental component of the recurrent and strategic activities of nearly all professional occupations. While a small group of jobs focus exclusively on internal and external audit tasks, the majority of commerce graduates will utilise the principles and practices of risk assessment, internal control, systems evaluation and forensic accountability in their professional lives. This course thus aims to provide an introduction to the principles and practices of auditing. In this context, it will also outline and critically examine contemporary audit issues and challenges.
Course Coordinator: Dr Jin Ma
The full timetable of all activities for this course can be accessed from Course Planner.Tutorials commence in the second week of lectures
Course Learning Outcomes
On successful completion of this course, students will be able to:1) Articulate knowledge of fundamental audit concepts.
2) Apply critical thinking skills and solve auditing problems through the use of case studies.
3) Demonstrate the use of Auditing, Assurance Standards and the Code of Ethics for professional Accountants.
4) Explain the legal framework under which Australian company audits are conducted and apply the professions code of conduct.
5) Demonstrate the ability to undertake research on significant auditing issues and to keep up-to-date with developments in auditing theory and practice.
6) Outline 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)
Attribute 1: Deep discipline knowledge and intellectual breadth
Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.
Attribute 2: Creative and critical thinking, and problem solving
Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.
Attribute 3: Teamwork and communication skills
Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.
Attribute 4: Professionalism and leadership readiness
Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.
Attribute 5: Intercultural and ethical competency
Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.
Attribute 8: Self-awareness and emotional intelligence
Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.
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
Students may find the following sources helpful in attempting to master the course material. All books listed below can be borrowed from the library.
Title: Audit and Assurance (First Edition).
Authors:Leung, P., Coram, P., Cooper, B.J. and Richardson, P.
Date of Publication: 2019.
Title: Auditing and Assurance Services A systematic Approach (4th Edition)
Authors: W F Messier Jr, S M Glover, and D F Prawitt 2006.
McGraw Hill Irwin
Understanding the New Auditing Standards Related to Risk Assessment
American Institute of Certified Public Accountants 2006.
American Institute of Certified Public Accountants
Other 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)
www.apesb.org.au (Accounting professional and Ethical Standards Board)
Online LearningThis course uses Canvas extensively. The following material will be posted prior to and during the semester:
ïÂ§ Echo 360 recordings of lectures
ïÂ§ Handouts of lecture slides
ïÂ§ Assessment information
ïÂ§ Marks for in-course assessments
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 in total. Lectures are recorded, and are posted on Canvas.Â
Tutorial classes of fifty minutes duration and commence in week two.Â Â 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.Â 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 not be provided.
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. 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: Data in the audit
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
Week 8: Understanding the client's internal controls and testing internal controls
Week 9: Substantive tests and completing the audit (part 1)
Week 10: Completing the audit (part 2); and the auditor’s reporting obligations.
Week 11: The professional and regulatory environment (part a)
Week 12: The professional and regulatory environment (part 2) and 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.
Assessment Task Weighting Date Learning Outcome Mid Semester Test 30% Week 7 1,2, 3, 5 and 6 Exam 70% Exam Period 1,2,3,4,5 and 6 Total: 100%
Further information on assessment is provided under the tab titled, "Assessment Detail".
No information currently available.
SubmissionThe Mid Semester Test will be undertaken via the Quiz funtion in MyUni.
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.
- Academic Support with Maths
- Academic Support with writing and speaking skills
- Student Life Counselling Support - Personal counselling for issues affecting study
- International Student Support
- AUU Student Care - Advocacy, confidential counselling, welfare support and advice
- Students with a Disability - Alternative academic arrangements
- Reasonable Adjustments to Teaching & Assessment for Students with a Disability Policy
- LinkedIn Learning
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
- Academic Credit Arrangement Policy
- Academic Honesty Policy
- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs
- Copyright Compliance Policy
- Coursework Academic Programs Policy
- Elder Conservatorium of Music Noise Management Plan
- Intellectual Property Policy
- IT Acceptable Use and Security Policy
- Modified Arrangements for Coursework Assessment
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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.