最新糖心Vlog

ACCTING 3502 - Auditing III

North Terrace Campus - Semester 2 - 2015

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.

  • General Course Information
    Course Details
    Course Code ACCTING 3502
    Course Auditing III
    Coordinating Unit Adelaide Business School
    Term Semester 2
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 4 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites ACCTING 2501
    Assumed Knowledge 48 units of program attempted and passed
    Assessment Exam/assignments/tests/tutorial work as prescribed at first lecture
    Course Staff

    Course Coordinator: Dr Philip Saj

    Course Timetable

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

  • Learning Outcomes
    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 最新糖心Vlogn 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 aiditng standards

    4) Demonstrate an understanding of the legal context within which auditing occurs

    5) Demonstrate an understanding of professional ethics and be able to apply the profession's code of ethics

    6) Undertake research on significant auditing issues

    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 auditing 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.

    最新糖心Vlog Graduate Attributes

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

    最新糖心Vlog Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. All
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 3, 5, 6, 7, and 10
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. all
    Skills of a high order in interpersonal understanding, teamwork and communication. 6,7 and 10
    A proficiency in the appropriate use of contemporary technologies. 2 and 8
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. All
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 4, 9 and 10
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 3, 8 and 9
  • Learning Resources
    Required Resources
    Students require the textbook, handbook and certain materials prepared by the Lecturer in Charge.

    Textbook

    Title: Auditing and Assurance Services  in 最新糖心Vlog (5th Edition).

    Authors: Gay, G.  and Simnett, R.

    Date of Publication: 2013

    Publisher: McGraw-Hill 最新糖心Vlog

    ISBN: 9780071013109

     
    Handbook

    Title: Auditing and Assurance and Ethics Handbook 2015 最新糖心Vlog

    Date of Publication: 2015

    Publisher: Institute of Chartered Accountants in 最新糖心Vlog / Wiley

    ISBN: 978-0-7303-2169-9


    Materials prepared by the Lecturer in Charge.


    The following materials will be posted to MyUni. It is the responsibility of each student to print a copy of the materials in advance of  lectures and tutorials at which they are required.

    Weekly Lecture and Tutorial Outline. Each week a lecture and Tutorial Outline is provided. This document contains a brief overview of the topics to be covered and how they relate to other topics dealt with in the course. They also contain the tutorial questions, and may also contain lecture exercises, definitions of key terms and illustrative examples.

    Lecture slide handouts. These should be printed three frames to an A4 page in order to leave enough room to make notes. 

    Guidance notes. Provide extensive guidance and illustrative examples on selected issues.

    Readings as advised by the Lecturer.

    Newspaper articles and other papers as advised by the Lecturer.
    Recommended Resources
    Students may find the following sources  helpful in attempting to master the course material. All books listed below can be borrowed from the library.

     Books

    Title: Modern Auditing and Assurance Services (5th Edition).

    Authors: P. Leung, P.Coram, B.J. Cooper, and P Richardson

    Date of Publication: 2011.

    Publisher: Wiley

    Place of Publication: Milton, Qld.


    Title: Auditing and Assurance Services in 最新糖心Vlog (5th Edition).

    Authors: G Gay and R Simnett

    Date of Publication: 2013

    Publisher: McGraw-Hill


    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

    New York


    Understanding the New Auditing Standards Related to Risk Assessment

    American Institute of Certified Public Accountants 2006.

    American Institute of Certified Public Accountants

    New York

     
    Other resources in the Barr Smith Library

    最新糖心Vlogn Financial Review

    Business Review Weekly

    Charter (Journal of the Institute of Chartered Accountants in 最新糖心Vlog)

    In The Black (Journal of CPA 最新糖心Vlog)

    The business sections of daily newspapers

     
    Web sites

    ( CPA 最新糖心Vlog - Some public information, more for CPA 最新糖心Vlog Passport 
                                           members)

    (Institute of Chartered Accountants in 最新糖心Vlog -some public information, more for
                             CASS members)

    (Companion site to the textbook)

    (最新糖心Vlogn Accounting Standards Board)

    ( Auditing and Assurance Standards Board)

    (Financial Reporting Council)

    (最新糖心Vlogn 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
    • 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 and fifty minutes duration commence in the week of Monday August 3rd. 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 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 required to complete the assigned tutorial questions each week and be prepared to discuss questions in the tutorials. Solutions to selected questions will be provided. In addition to the tutorial questions, workshop question/questions will be discussed at each tutorial. The workshop question will provide students with an opportunity to further consolidate their understandings of key concepts and to apply them in a collegiate environment. While tutors will be available to provide assistance to students as they discuss the workshop questions, model answers to workshop questions will not 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 最新糖心Vlog 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
  • Assessment

    The 最新糖心Vlog'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


    ASSESSABLE ITEMS

    There are five assessment items in this course. The weighting ascribed to each is as follows:
     

    Assessable Item        Due Date and Time Weighting % Related Learning Outcomes
    Test 1 Tuesday August 25th at 12.10 in Chapman Lecture Theatre  10   Weeks 1, 2 and 3
    Test 2 Tuesday September 15th at 12.10 in Chapman Lecture Theatre 10   Weeks 4,5 and 6
    Test 3 Tuesday October  20th at 12.10 in Chapman Lecture Theatre 10   Weeks 7,8 and 9 
    Weekly Questions 9.00 am on the Monday* of each teaching week. 10   See weekly learning
      outcomes
    Final Exam Exam period 60   All
    100

     
    * There is a public holiday on Monday October 5th . Consequently, the due date for submitting answers   to the tutorial questions for that week  will be 10.00 on Tuesday October 6th.



     ASSESSMENT REQUIREMENTS

    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.

    Legible handwriting and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted for poor presentation of written, in–course assessable items. In addition, marks may also be deducted in the final examination because of poor handwriting and the inability, therefore, for a marker to read that text.
     
    No dictionaries whatsoever are permitted in the mid-semester test or final exam.

    Students may take into the final exam a copy of the 2015 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 not be allowed into the final exam.

    Students must retain a copy of all assignments submitted.

    Lecturers will refuse to accept assignments, which do not have a signed acknowledgement of the 最新糖心Vlog’s policy on plagiarism.

    The assignment needs to be appropriately referenced and any evidence of plagiarism will be dealt with according to 最新糖心Vlog, Faculty and/or School policy.

    Extensions to the due date for assignments will only be given in exceptional circumstances. 

    Only the Lecturer in Charge can grant an extension. Students who hand in assignments after the due date, for which an extension has not been granted by the Lecturer in Charge, will be subject to the following late penalty: 10% of available marks per day (or part day).

    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 .

  • Student Feedback

    The 最新糖心Vlog 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 最新糖心Vlog 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
  • 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鈥檚 disciplinary procedures.

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