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The current and official versions of the course specifications are available on the web at https://www.usq.edu.au/course/specification/current.
Please consult the web for updates that may occur during the year.

ACC3118 Auditing

Semester 1, 2020 On-campus Toowoomba
Short Description: Auditing
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Commerce
Student contribution band : Band 3
ASCED code : 080101 - Accounting
Grading basis : Graded

Staffing

Examiner: Bonnie Hampson

Requisites

Pre-requisite: (ACC1102 or ACC2102) and ACC2115

Other requisites

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.

Rationale

This course builds on knowledge developed in the financial accounting courses of the accounting major. Auditing is an important component of the regulation and quality assurance processes associated with financial reporting. This course specifically focuses on how financial statement audits are conducted within the Australian professional, ethical and legal framework.

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 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 explores 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, using teamwork, as part of the assessment for the course.

Objectives

On completion of this course students will be able to:

  1. develop problem solving, critical thinking, teamwork and judgement skills in relation to the practice of auditing in contemporary business organisations;
  2. analyse and apply the regulatory framework that applies to auditing practice;
  3. consider and critically analyse the ethical issues relating to the practice of auditing;
  4. effectively communicate results from the application of the auditing process.

Topics

Description Weighting(%)
1. The auditing and assurance environment 25.00
2. Audit decision and planning processes 30.00
3. Conducting and evaluating audit tests 35.00
4. Completing the audit 10.00

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://omnia.usq.edu.au/textbooks/?year=2020&sem=01&subject1=ACC3118)

Please contact us for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)

Leung, P, Coram, P, Cooper, B & Richardson, P 2019, Audit and assurance, 1st edn, John Wiley & Sons, Milton, Queensland.

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.
Moroney, R, Campbell, F & Hamilton, J 2017, Auditing A Practical Approach, 3rd edn, John Wiley & Sons, Milton, Queensland.

Student workload expectations

Activity Hours
Assessments 20.00
Directed Study 36.00
Private Study 109.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ONLINE QUIZ 1 20 15 31 Mar 2020
GROUP ASSIGNMENT 100 35 11 May 2020
ONLINE EXAM 100 50 End S1 (see note 1)

Notes
  1. This will be an online exam. Students will be provided further instruction regarding the exam by their course examiner via StudyDesk. The examination date will be available via UConnect when the Alternate Assessment Schedule has been released.

Important assessment information

  1. Attendance requirements:
    It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories, teamwork 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:
    Due to COVID-19 the requirements for S1 2020 are: To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks for that item.

    Requirements after S1, 2020:

    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:
    Students should refer to the Assessment Procedure http://policy.usq.edu.au/documents.php?id=14749PL (point 4.2.4)

  4. Requirements for student to be awarded a passing grade in the course:
    Due to COVID-19 the requirements for S1 2020 are: To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.

    Requirements after S1, 2020:

    To be assured of receiving a passing grade a student must obtain at least 50% of the total weighted marks available for the course (i.e. the Primary Hurdle), and have satisfied the Secondary Hurdle (Supervised), i.e. the end of semester examination by achieving at least 40% of the weighted marks available for that assessment item.

    Supplementary assessment may be offered where a student has undertaken all of the required summative assessment items and has passed the Primary Hurdle but failed to satisfy the Secondary Hurdle (Supervised), or has satisfied the Secondary Hurdle (Supervised) but failed to achieve a passing Final Grade by 5% or less of the total weighted Marks.

    To be awarded a passing grade for a supplementary assessment item (if applicable), a student must achieve at least 50% of the available marks for the supplementary assessment item as per the Assessment Procedure http://policy.usq.edu.au/documents/14749PL (point 4.4.2).

  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:
    Due to COVID-19 the requirements for S1 2020 are: An Open Examination is one in which candidates may have access to any printed or written material and a calculator during the examination.

    Requirements after S1, 2020:

    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 examination for this course are:
    1. writing materials (non-electronic and free from material which could give the student an unfair advantage in the examination)
    2. 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:
    Due to COVID-19 the requirements for S1 2020 are: The details regarding deferred/supplementary examinations will be communicated at a later date.

    Requirements after S1, 2020:

    Any Deferred or Supplementary examinations for this course will be held during the next examination period.

  8. 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.

Assessment notes

  1. 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.

Date printed 19 June 2020