ACC5218 Auditing Practice
|Semester 1, 2013 Online Toowoomba|
|Faculty or Section :||Faculty of Business and Law|
|School or Department :||School of Accounting, Economics and Finance|
|Version produced :||21 July 2014|
Examiner: Bonnie Hampson
Moderator: Albert Scott
Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.
This course is part of the financial accounting stream of the Master of Professional Accounting program. The course assumes prior knowledge from the previous course ACC5202. The course expands on the knowledge from the previous course along with knowledge from ACC5215 in that it specifically focuses on how financial statement audits are conducted within the Australian professional, ethical and legal framework.
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.
On completion of this course students will be able to:
- demonstrate an understanding for the need of an independent audit
- understand and apply the various auditing standards and procedures in the conduct of an audit including fraud auditing
- demonstrate an understanding of the legal and ethical issues in audit practice including auditor's duties/responsibilities and liabilities
- demonstrate an understanding of the audit process, beginning with the planning phase, through the documentation stages, to the testing (interim and final), evaluation and reporting stages
- understand and apply auditing techniques relevant to a computerised accounting system
- understand and apply the concepts of internal controls and audit testing procedures in both a manual and computerised system
- understand the principles and application of audit sampling techniques
- decide on the appropriateness of different types of audit reports and prepare such audit reports.
|1.||Audit and assurance - overview||7.00|
|2.||Audit responsibilities, objectives and evidence||9.00|
|3.||Audit planning, materiality and risk||8.00|
|4.||Internal control and control risks||9.00|
|5.||Fraud auditing: overall audit plan and audit program||9.00|
|6.||Impact of IT on auditing||16.00|
|7.||Auditing the sales and collection cycle||8.00|
|9.||Completing the audit and audit reporting||9.00|
|10.||Auditors' responsibilities/liabilities and ethics||17.00|
Text and materials required to be purchased or accessed
ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2013&sem=01&subject1=ACC5218)
Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)
Arens, AA, Best, PJ, Shailer, GEP, Fiedler, BA, Elder, RJ & Beasley, MS 2010, Auditing, assurance services and ethics in Australia: an integrated approach, 8th edn, Pearson Australia, Frenchs Forest, New South Wales.
Leung, P, Coram, P & Cooper, BJ 2009, Modern auditing and assurance services, 4th edn, John Wiley & Sons, Milton, Queensland.
Student workload requirements
|Description||Marks out of||Wtg (%)||Due Date||Notes|
|DISCUSSION FORUM PARTICIPATION||10||10||04 Mar 2013||(see note 1)|
|ONLINE QUIZ||40||20||12 Apr 2013|
|ACL CASE STUDY||100||20||10 May 2013|
|2-HOUR EXAMINATION||50||50||End S1||(see note 2)|
- Discussion forum participation consists of participation in 6 randomly selected module discussion forums with the best 5 counting towards 10%.
- The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date after the timetable has been finalised. There will be no question in the examination on ACL software.
Important assessment information
There are no attendance requirements for this course. However, it is the students' responsibility 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.
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.)
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. No assignments will be accepted after the model answers have been posted.
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.
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.
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.
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.
University Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.
Assignments: (i) The assignment must be submitted electronically via EASE, The onus is on the student to provide proof of submission, if requested by the examiner. (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) The examiner may grant approval to submit a hard-copy of their assignment which will normally only be accepted in written, typed or printed paper-based media. Assignments are to be submitted in the appropriate assignment folders. (v) Students who do not have regular access to postal services or who are otherwise disadvantaged by these regulations may be given special consideration. They should contact the examiner to negotiate such special arrangements. (vi) In the event that a due date for an assignment falls on a local public holiday in their area, such as a show holiday, the due date for the assignment will be the next day. Students are to note on the assignment cover the date of the public holiday for the examiner's convenience.
Discussion forum participation: To be assessed in the discussion forum participation, students must submit for viewing on the relevant discussion forum included on course Study Desk their answers and/or comments to questions which will be randomly scheduled for the various modules covered in the course. The examiner will select one question in each of six randomly selected modules on which students are required to provide some written answers/comments/feedback.
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.
Referencing in assignments: Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at http://www.usq.edu.au/library/referencing.
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).
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.
Computer, e-mail and Internet access: Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.