Overview
In this unit, you will examine the professional environment of the auditor, particularly audit standards, audit practice, legal liability, ethics and current developments (e.g., Audit Expectation Gap). Audit methodology and planning, internal control assessments and exposure to influences of information technology on audit testing will also be examined. The unit material, while drawing on audit theory, is very practically based for the needs of future audit professionals. Statistical and non-statistical audit sampling is also covered in detail. With an emphasis on professional and ethical practice, you will gain an appreciation of the role and needs of audit professionals in business environments.
Details
Pre-requisites or Co-requisites
Pre-requisite: ACCT11081 or ACCT19084
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 2 - 2021
Attendance Requirements
All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from Unit Evaluations
Workshops should focus more on answering workshop questions.
More time will be devoted to answering the set workshop questions.
Feedback from Unit Evaluations
Workshops introduced real auditing practices.
The unit will add to this by further integrating Excel into the lectures and assignments.
Feedback from Unit Evaluations
Some students were concerned with delays in receiving feedback on assignments
Although the average feedback of the four assignments amounted to 1less than 10 days (which is within CQU guidelines), markers will nonetheless make a concerted effort to return the first of the four assignments within 10 days.
- Exercise judgement under supervision to provide possible solutions to routine audit and accounting problems in straightforward concepts using appropriate regulatory, ethical, economic and governance perspectives
- Integrate theoretical and technical audit and accounting knowledge in an audit context
- Critically apply theoretical and technical audit and accounting knowledge and skills to provide possible solutions to routine audit related issues
- Justify and communicate audit and accounting advice and ideas in straightforward contexts to assist with the decisions of users of financial reports
- Contribute audit expertise to a diverse team collaboratively providing possible solutions to routine audit problems in a straightforward context
- Reflect on performance to identify and action learning opportunities and self-improvements.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | |||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | |
| 1 - Online Quiz(zes) - 10% | ||||||
| 2 - Practical Assessment - 15% | ||||||
| 3 - Practical and Written Assessment - 15% | ||||||
| 4 - Take Home Exam - 60% | ||||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | |||||
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | |
| 1 - Communication | ||||||
| 2 - Problem Solving | ||||||
| 3 - Critical Thinking | ||||||
| 4 - Information Literacy | ||||||
| 5 - Team Work | ||||||
| 6 - Information Technology Competence | ||||||
| 7 - Cross Cultural Competence | ||||||
| 8 - Ethical practice | ||||||
| 9 - Social Innovation | ||||||
| 10 - Aboriginal and Torres Strait Islander Cultures | ||||||
Alignment of Assessment Tasks to Graduate Attributes
| Assessment Tasks | Graduate Attributes | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
| 1 - Online Quiz(zes) - 10% | ||||||||||
| 2 - Practical Assessment - 15% | ||||||||||
| 3 - Practical and Written Assessment - 15% | ||||||||||
| 4 - Take Home Exam - 60% | ||||||||||
Textbooks
Auditing, Assurance Services & Ethics in Australia
Edition: 10th edn (2017)
Authors: Arens, Best, Shailer, Fiedler Elder & Beasley
Pearson Australia
Melbourne Melbourne , Victoria
ISBN: 9781488609138
Binding: Paperback
Additional Textbook Information
The prescribed text can be purchased either in hard copy or as an etext. Both paper and eBook versions can be purchased at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code).
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Media Player
- Microsoft Office (Word, Excel and PowerPoint)
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th edition)
For further information, see the Assessment Tasks.
k.islam@cqu.edu.au
Module/Topic
Introduction to Auditing
Chapter
1 & 18
Events and Submissions/Topic
Module/Topic
Audit Objectives & Evidence
Chapter
4 & 5
Events and Submissions/Topic
Module/Topic
Planning & Documentation
Chapter
6
Events and Submissions/Topic
Module/Topic
Materiality & Audit Risk
Chapter
7
Events and Submissions/Topic
Module/Topic
Internal Controls
Chapter
8
Events and Submissions/Topic
Working Paper 1 Participation: Due Friday 13 August 2021 at 11.45 PM AEST
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Legal Environment & Ethics
Chapter
2 & 3
Events and Submissions/Topic
Working Paper 2 Participation: Due Friday 27 August 2021 at 11.45 PM AEST
Module/Topic
Audit Program - Sales and Collection
Chapter
11, 12 & 13
Events and Submissions/Topic
Working Paper 3 Participation: Due Friday 03 Sept 2021 at 11.45 PM AEST
Item 1: Online Quiz Due: Week 7 Friday (3 Sept 2021) 11:45 pm AEST
Module/Topic
Audit Transaction Cycles
Chapter
15 & 16
Events and Submissions/Topic
Module/Topic
Sampling
Chapter
14
Events and Submissions/Topic
Working Paper 4 Participation: Due Friday 17 Sept 2021 at 11.45 PM AEST
Module/Topic
Fraud & IT
Chapter
9 & 10
Events and Submissions/Topic
Module/Topic
Completing the Audit
Chapter
17 & 18
Events and Submissions/Topic
Module/Topic
Revision
Chapter
All Chapters
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Online Quiz(zes)
Assessment item 1 consists of an open-book online quiz available in Moodle. The quiz will consist of a range of questions such as: multiple-choice and true/false questions. You must complete this quiz individually within the time period indicated. You will not be able to re-open the quiz after this date. Therefore, it is your responsibility to complete the quiz within the specified time period.
If you experience a computer transmission problem you cannot resolve, you are required to contact the unit coordinator by email (the online system records your attempt on the quiz). The unit coordinator will contact you within 24 hours of your email. Therefore, monitor your emails closely so you can complete the quiz as instructed.
1
Other
Week 7 Friday (3 Sept 2021) 11:45 pm AEST
Complete via Moodle
Your results of the quiz will be automatically generated and will be displayed upon completion of the quiz. You can access your results again on the unit website via the Gradebook.
This assessment item will assess your problem-solving skills in relation to auditing concepts covered in weeks 1 to 6.
- Exercise judgement under supervision to provide possible solutions to routine audit and accounting problems in straightforward concepts using appropriate regulatory, ethical, economic and governance perspectives
- Integrate theoretical and technical audit and accounting knowledge in an audit context
- Critically apply theoretical and technical audit and accounting knowledge and skills to provide possible solutions to routine audit related issues
- Justify and communicate audit and accounting advice and ideas in straightforward contexts to assist with the decisions of users of financial reports
- Problem Solving
- Critical Thinking
2 Practical Assessment
Assessment Item 2 requires you to work with a team to complete the weekly workshop tasks (see workshop schedule). You are required to attend Zoom sessions and actively participate as an effective team member during weeks 5 and 6. You will work closely with your audit team during the zoom meetings to collaboratively work towards building the working paper files relating to a selected company.
This is a progressive task where you will gradually build the audit working papers for discussion and submit the working papers for assessment. Your team will keep a record of each member's weekly contribution using the Team Participation and Activity Sheet provided in Moodle. Even though you will perform these tasks as part of a small audit team, you will be assessed as an individual based on your performance within the team as evidenced via the Zoom recordings. Marks will be awarded for active participation based on your contribution towards your team’s output for weeks 5 and 6.
You will be expected to adequately prepare for the workshops so that you can make valuable contributions to your team’s output. There will be no marks awarded to passive students as marks are based solely on individual contributions towards the team’s completed working papers. Evidence of your participation will be sourced from the recorded Zoom meetings, Team Participation and Activity Sheets, and other communication sources.
Refer to the assessment block in Moodle for further details about this assessment item.
Working paper 1 is due in week 5 and working paper 2 is due in week 6. See the due dates in weekly schedule.
Results will be released in Moodle via the gradebook.
This assessment task is criterion-based. You will be assessed through your ability to demonstrate the skills and attributes, information literacy, team work, problem solving and ethical practice during the audit. It also takes into account evaluations by your peers (Performance Bonus). Evidence of participation in the team-based assessment tasks will be gathered from the Team Participation and Activity Sheets, observation by Audit Managers, Zoom recordings and other sources. The marking sheet for this team-based assessment is available in the Assessment block in Moodle.
- Exercise judgement under supervision to provide possible solutions to routine audit and accounting problems in straightforward concepts using appropriate regulatory, ethical, economic and governance perspectives
- Integrate theoretical and technical audit and accounting knowledge in an audit context
- Critically apply theoretical and technical audit and accounting knowledge and skills to provide possible solutions to routine audit related issues
- Justify and communicate audit and accounting advice and ideas in straightforward contexts to assist with the decisions of users of financial reports
- Contribute audit expertise to a diverse team collaboratively providing possible solutions to routine audit problems in a straightforward context
- Problem Solving
- Information Literacy
- Team Work
- Ethical practice
3 Practical and Written Assessment
Assessment Item 3 is a continuation of Assessment Item 2. Assessment Item 3 requires you to continue working with your team to complete the weekly workshop tasks (see workshop schedule). You are required to actively participate as an effective team member during the weekly workshops for weeks 7 and 9 inclusive. You will work closely with your audit team during the workshops to collaboratively work towards building the working paper files relating to the audit.
This is a progressive task where you will gradually build the audit working papers for discussion and/or submission to your Audit Manager. Your team will keep a record of each member's weekly contribution using the Team Participation and Activity Sheet provided in Moodle. Even though you will perform these tasks as part of a small audit team, you will be assessed as an individual based on your OWN PERFORMANCE within the team. Marks will be awarded for active participation in Zoom meetings based on your contribution towards your team’s output for weeks 7 and 9 inclusive.
You will be expected to adequately prepare for the workshops so that you can make valuable contributions to your team’s output. There will be NO MARKS awarded to passive students as marks are based solely on individual contributions towards the team’s completed working papers during the period. Evidence of your participation will be sourced from Zoom recordings, Team Participation and Activity Sheets, and other sources.
Refer to the assessment block in Moodle for further details about this assessment item.
Working paper 3 is due in week 7 and working paper 4 is due in week 9. See the due dates in weekly schedule.
Results will be released in Moodle via the gradebook.
This assessment task is criterion-based. You will be assessed through your ability to demonstrate the skills and attributes, information literacy, team work, problem solving and ethical practice during the audit. It also takes into account evaluations by your peers (Performance Bonus). Evidence of participation in the team-based assessment tasks will be gathered from the Team Participation and Activity Sheets, observation by Audit Managers, Zoom recordings and other sources. The marking sheet for this team-based assessment is available in the Assessment block in Moodle.
- Integrate theoretical and technical audit and accounting knowledge in an audit context
- Reflect on performance to identify and action learning opportunities and self-improvements.
- Problem Solving
- Information Literacy
- Team Work
- Ethical practice
4 Take Home Exam
The take-home exam will be posted to Moodle at the date and time scheduled for the exam. This document is to be downloaded, completed and resubmitted by the due time. The duration of the exam will be 3.5 hours, allowing for downloading, completion and submission. Late submissions will not be marked. Further information is available on Moodle.
During the examination period
Results will be released after approval of grades.
The paper will examine students' ability in identifying relevant theory and demonstrating knowledge, applying relevant theory and knowledge to solve problems, and quality of writing, grammar, syntax and spelling.
- Exercise judgement under supervision to provide possible solutions to routine audit and accounting problems in straightforward concepts using appropriate regulatory, ethical, economic and governance perspectives
- Integrate theoretical and technical audit and accounting knowledge in an audit context
- Critically apply theoretical and technical audit and accounting knowledge and skills to provide possible solutions to routine audit related issues
- Justify and communicate audit and accounting advice and ideas in straightforward contexts to assist with the decisions of users of financial reports
- Contribute audit expertise to a diverse team collaboratively providing possible solutions to routine audit problems in a straightforward context
- Problem Solving
- Critical Thinking
- Information Literacy
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.
What can you do to act with integrity?
