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ACC3118 Auditing

Subject Cat-nbr Class Term Mode Description Units Campus
ACC 3118 74910 1, 2008 ONC Auditing 1.00 Toowoomba
Academic group: FOBUS
Academic org: FOB008
Student contribution band: 3A
ASCED code: 080101

Contents


STAFFING

Examiner: Alan Keighran
Moderator: Peter Best


REQUISITES

Co-requisite: ACC3115


OTHER REQUISITES

Students are required to have access to a personal computer, e-mail capabilities and Internet access to USQConnect. Current details of computer requirements can be found at http://www.usq.edu.au/business/aboutfob.htm


SYNOPSIS

This course introduces the concepts and practices of company financial report audits within the assurance framework. It deals primarily with the process by which the external company auditor, within the Australian professional, ethical and legal framework, appraises and reports on the truth and fairness of the company's financial statements. The course is oriented towards the auditing profession and, in keeping with current practice, adopts a risk-based audit approach and follows the Australian Auditing Standards that are based on the International Standards on Auditing. The course looks at how financial statement audits are conducted in computer-based and manual environments for selected systems. Limited practical exposure to auditing is provided through requiring students to complete a case study as part of the assessment for the course.



OBJECTIVES

The course objectives define the student learning outcomes for a course. On successful completion of this course, students should be able to:

1.
explain the need for an independent audit
2.
appreciate the various auditing standards and procedures and the application of these to the conduct of an audit
3.
follow the development of case law and statute law in respect of the definition of the auditor's responsibilities
4.
appreciate the audit process, beginning with the planning phase, through the documentation stages, to the testing (interim and final), evaluation and reporting stages
5.
appreciate the concepts of internal controls and audit testing procedures
6.
understand the principles and application of audit sampling techniques
7.
appreciate the internal controls associated with the audit of computer information systems
8.
decide on the appropriateness of different types of audit reports and prepare such audit reports.


TOPICS


Description Weighting (%)
1. Assurance and the auditing profession
 7.00
2. The financial report audit and professional standards
 7.00
3. The audit process and audit evidence
 8.00
4. Internal control
 9.00
5. Audit testing I
 8.00
6. Audit testing II
 8.00
7. CIS auditing I - controls
 9.00
8. CIS auditing II - techniques
 8.00
9. Audit sampling
 9.00
10. Completing the audit and audit reporting
 9.00
11. Legal responsibility and liability of auditors
 9.00
12. Professional ethics and independence
 9.00

TEXT and MATERIALS required to be PURCHASED or accessed

ALL textbooks and materials are available for purchase from USQ BOOKSHOP (unless otherwise stated). Orders may be placed via secure internet, free fax 1800642453, phone 07 46312742 (within Australia), or mail. Overseas students should fax +61 7 46311743, or phone +61 7 46312742. For costs, further details, and internet ordering, use the 'Textbook Search' facility at http://bookshop.usq.edu.au click 'Semester', then enter your 'Course Code' (no spaces).

Students must purchase or have access to one of the following: Carroll, N & McBride, P (eds) 2007, Auditing and assurance handbook 2007, Prentice Hall, Sydney, New South Wales OR Kemp, S & Knapp, J (eds) 2007, ICAA Auditing and assurance handbook 2007, John Wiley & Sons, Milton, Queensland OR the Auditing standards, auditing guidance and professional statements, and the Code of ethics for professional accountants, from either the CPA Australia or ICAA Members' Handbook

ACC3118 study package available from the USQ Bookshop.

Leung, P, Coram, P & Cooper, BJ 2007, Modern auditing and assurance services, 3rd edn, John Wiley & Sons, Milton, Queensland.
(students must purchase this text)



REFERENCE MATERIALS

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.

Arens, AA, Best, PJ, Shailer, GEP, Fiedler, BA, Elder, RJ & Beasley, MS 2007, Auditing and assurance services in Australia: an integrated approach, 7th edn, Pearson Education, Frenchs Forest, New South Wales.

Gay, G & Simnett, R 2007, Auditing and assurance services in Australia, 3rd edn, McGraw Hill, Sydney, New South Wales.
(revised edition)

Schelluch, P, Topple, S, Jubb, C, Rittenberg, L & Schwieger, B 2004, Assurance and auditing: concepts for a changing environment, Thomson Learning Australia, Southbank, Victoria.
(revised edition)



STUDENT WORKLOAD REQUIREMENTS

ACTIVITY HOURS
Assessments 40.00
Lectures 26.00
Private Study 83.00
Tutorials 26.00


ASSESSMENT DETAILS

Description Marks out of Wtg(%) Due date Notes
CASE STUDY 100.00 25.00 30 Apr 2008 (see note 1)
CMA TEST 90.00 5.00 28 May 2008 (see note 2)
EXAM A MULTI-CHOICE QUESTIONS 40.00 28.00 END S1 (see note 3)
EXAM B SHORT-ANSWER QUESTIONS 60.00 42.00 END S1  
NOTES
1.
Objectives 2, 4 and 5 relate.
2.
Objectives 1 - 8 relate.
3.
Objectives 1 - 8 relate. All students are to complete the examination. The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date for Exam (A and B) after the timetable has been finalised. The total working time for Exam (A and B) is 2 hours.

IMPORTANT ASSESSMENT INFORMATION

  1. Attendance requirements:
    It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
  2. Requirements for students to complete each assessment item satisfactorily:
    To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)
  3. Penalties for late submission of required work:
    If students submit assignments after the due date without prior approval of the examiner, then a penalty of 5% of the total marks gained by the student for the assignment may apply for each working day late up to ten working days at which time a mark of zero may be recorded.
  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
  5. Method used to combine assessment results to attain final grade:
    The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.
  6. Examination information:
    This is a restricted examination. Candidates are NOT permitted to bring any books, notes, dictionaries or handbooks into the examination. The only materials that candidates may use in the restricted examination for this course are: writing materials (non-electronic and free from material which could give the student an unfair advantage in the examination); calculators which cannot hold textual information (students must indicate on their examination paper the make and model of any calculator(s) they use during the examination). Students are not permitted to take any computers, mobile telephones, pagers or other electronic means of communication into the examination room.
  7. Examination period when Deferred/Supplementary examinations will be held:
    Any Deferred or Supplementary examinations for this course will be held during the next examination period.
  8. University Regulations:
    Students should read USQ Regulations 5.1 Definitions, 5.6 Assessment, and 5.10 Student Academic Misconduct for further information and to avoid actions which might contravene university regulations. These regulations can be found at http://www.usq.edu.au/corporateservices/calendar/part5.htm. Students should also read the Faculty of Business Policies and Procedures which can be found at http://www.usq.edu.au/business/aboutfob.htm.

ASSESSMENT NOTES

1. Assignments: (i) The due date for an assignment is the date by which a student must submit the assignment to the USQ. (ii) Students must retain a copy of each assignment submitted for assessment. This must be produced within 24 hours if required by the examiner. (iii) In accordance with university policy, the examiner may grant an extension of the due date of an assignment in extenuating circumstances. (iv) Assignments are to be submitted with the appropriate assignment cover. (v) The examiner will normally only accept assessments that have been written, typed or printed on paper-based media.
2. Course weightings: Course weightings of topics should not be interpreted as applying to the number of marks allocated to questions testing those topics in an examination paper. The examination may test material already tested in assignments.
3. Dishonest actions: (i) Any student who is alleged to have performed a dishonest action relating to any assessment in the course will have a course of action taken against him/her as outlined in the academic regulations. (ii) Pieces of assessment should be the work of individual students. Joint pieces of assessment are not permitted unless written approval has been obtained from the examiner. (iii) Dishonest action in relation to assessment includes: copying or attempting to copy the work of others; use of or attempting to use information prohibited from use in that form of assessment; submitting the work of another as your own; consciously committing acts of plagiarism, that is, taking and using another's thoughts or writings as one's own with intent to deceive, which occurs when paragraphs, sentences, a single sentence or significant parts of a sentence which are copied directly, are not enclosed in quotation marks and appropriately footnoted or referenced in the text; direct quotations are not used, but text is paraphrased or summarised, and the source of the material is not acknowledged by footnoting or other reference in the text.
4. Deferred work: Students who, for medical, family/personal, or employment-related reasons, are unable to complete an assignment or to sit for an examination at the scheduled time may apply to defer an assessment in a course. Such a request must be accompanied by appropriate supporting documentation. One of the following temporary grades may be awarded: IDS (Incomplete - Deferred Examination); IDM (Incomplete Deferred Make-up); IDB (Incomplete - Both Deferred Examination and Deferred Make-up).

This version produced 28 Aug 2009.
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