| Semester 1, 2020 Online | |
| Short Description: | Auditing Practice |
| 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:
Requisites
Pre-requisite: (ACC5000 or ACC5202) and ACC8000
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 .
Rationale
This course specifically focuses on how financial statement audits are conducted within the Australian professional, ethical and legal framework. Knowledge of the audit environment is essential for accounting professionals and contemporary businesses. This course is part of the financial accounting stream of the Master of Professional Accounting program and the course expands on knowledge gained from the previous courses.
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 Accounting 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. Based on the Australian Qualification Framework (AQF), the minimum threshold learning outcomes for this course will be developed in the areas of knowledge and application skills, teamwork and judgement.
Objectives
On completion of this course students should be able to:
- integrate theoretical auditing knowledge at a professional level by developing an understanding of the purposes of various accounting theories to support audit opinion decisions and applying theoretical accounting knowledge and skills to solve non-routine accounting problems;
- develop an understanding for the need of an independent audit and apply the various auditing standards and procedures in the conduct of an audit including fraud auditing;
- apply and understand the legal and ethical issues in audit practice including auditor's duties/responsibilities and liabilities;
- critically analyse and understand the audit process, beginning with the planning phase, through the documentation stages, to the testing, evaluation and reporting stages including the concepts of internal controls and audit testing procedures in both a manual and computerised system.
Topics
| Description | Weighting(%) | |
|---|---|---|
| 1. | Auditors' responsibilities/liabilities including objectives, evidence and ethics – issues and practicalities | 30.00 |
| 2. | Audit planning, materiality, sampling and risk and related internal control and control risks | 30.00 |
| 3. | Fraud auditing: overall audit plan and audit program | 10.00 |
| 4. | Impact of IT on auditing – issues and practicalities | 10.00 |
| 5. | Auditing the business recording cycles | 10.00 |
| 6. | Completing the audit and audit reporting | 10.00 |
Text and materials required to be purchased or accessed
ALL textbooks and materials available to be purchased can be sourced from (unless otherwise stated). (https://omnia.usq.edu.au/textbooks/?year=2020&sem=01&subject1=ACC5218)
Please for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)
Reference materials
Student workload expectations
| Activity | Hours |
|---|---|
| Assessments | 20.00 |
| Directed ¾«¶«´«Ã½app | 36.00 |
| Private ¾«¶«´«Ã½app | 109.00 |
Assessment details
| Description | Marks out of | Wtg (%) | Due Date | Notes |
|---|---|---|---|---|
| ASSIGNMENT 1 | 100 | 25 | 21 Apr 2020 | |
| GROUP ASSIGNMENT 2 | 100 | 25 | 25 May 2020 | |
| ONLINE EXAM | 100 | 50 | End S1 | (see note 1) |
Notes
- This will be an online exam. Students will be provided further instruction regarding the exam by their examiner via ¾«¶«´«Ã½appDesk.
Important assessment information
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Attendance requirements:
It is the students' responsibility to attend and participate appropriately in all activities 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. -
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.) -
Penalties for late submission of required work:
Students should refer to the Assessment Procedure (point 4.2.4) -
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 (point 4.4.2). -
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. -
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:- 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).
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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. -
¾«¶«´«Ã½app Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene ¾«¶«´«Ã½app policies and practices. These policies can be found at .
Assessment notes
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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 .