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 1 - 2024
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 Student Evaluation Questionnaire
Useful Feedback
Efforts will be made to improve feedback.
- 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
- Reflect on performance to identify and action learning opportunities and self-improvements.
ACCT19064 supports external accreditation requirements for business acumen, critical thinking and communication competencies.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Online Quiz(zes) - 10% | |||||
| 2 - Practical Assessment - 15% | |||||
| 3 - Practical and Written Assessment - 15% | |||||
| 4 - Online Test - 60% | |||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 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 | |||||
Textbooks
Auditing, Assurance Services & Ethics in Australia
Edition: 10th edn (2017)
Authors: Arens, Best, Shailer, Fiedler Elder & Beasley
Pearson Australia
Melbourne Melbourne , Victoria , Australia
ISBN: 9781488609138
Binding: Paperback
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Zoom Capacity (webcam and microphone)
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
d.dewanata@cqu.edu.au
Module/Topic
Introduction to the auditing profession
Chapter
1
Events and Submissions/Topic
Introduction
Module/Topic
Legal environment and ethics
Chapter
2 & 3
Events and Submissions/Topic
Legal environment and ethics
Module/Topic
Audit objectives and evidence
Chapter
4 & 5
Events and Submissions/Topic
Audit objectives and evidence
Module/Topic
Audit planning and documentation
Chapter
6
Events and Submissions/Topic
Audit planning and documentation
Module/Topic
Materiality and risk
Chapter
7
Events and Submissions/Topic
Materiality and risk
Module/Topic
No classes
Chapter
Events and Submissions/Topic
Module/Topic
Internal control
Chapter
8
Events and Submissions/Topic
Internal control
Module/Topic
Fraud and technology in the audit environment
Chapter
9 & 10
Events and Submissions/Topic
Fraud and technology in the audit environment
Assessment 1 - Online Quiz Due: Week 7 Friday (26 Apr 2024) 11:45 pm AEST
Module/Topic
The audit program, sales and collection
Chapter
11, 12 & 13
Events and Submissions/Topic
The audit program, sales and collection
Assessment 2 - Practical Assessment Due: Week 8 Friday (3 May 2024) 11:45 pm AEST
Module/Topic
Audit sampling
Chapter
14
Events and Submissions/Topic
Audit sampling
Module/Topic
Audit of transaction cycles
Chapter
15 & 16
Events and Submissions/Topic
Audit of transaction cycles I & II
Assessment 3 - Practical and Written Assessment Due: Week 10 Friday (17 May 2024) 11:45 pm AEST
Module/Topic
Completing the audit and audit reporting
Chapter
17 &18
Events and Submissions/Topic
Module/Topic
Unit revision
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Exam week
Chapter
Examination Period
Events and Submissions/Topic
1 Online Quiz(zes)
Task Description:
· Online MCQ based on the lecture material presented in weeks 1 - 6.
· This assessment item consists of an open-book online quiz available in Moodle.
· You must complete this quiz individually within the time period indicated.
· You will not be able to reopen the quiz after the assessment date.
· There are no extensions available for the online quiz.
· You only will have one attempt for the quiz.
· The quiz will open Monday in Week 5 and close Friday in Week 7.
Once you open the quiz you will have 40 minutes to complete 20 questions.
Other
Week 7 Friday (26 Apr 2024) 11:45 pm AEST
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.
Assessment Criteria:
This assessment item will assess your knowledge and problem-solving skill in relation to auditing topics 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
2 Practical Assessment
Task Description:
· This assessment is part of an overall integrated research project completed by each student, focused on his/her own allocated ASX listed company.
· Details are provided on the Moodle site for this unit defining the specific tasks to be completed for the assignment.
· You are required to submit an academic report which addresses these tasks in the context of your allocated ASX listed company.
Week 8 Friday (3 May 2024) 11:45 pm AEST
Assignment feedback and marks will be available in Moodle in two weeks after the due date.
Assessment Criteria:
- You will be assessed on your ability to demonstrate and communicate your analysis and understanding of a business situation or knowledge of a theoretical aspect in relation to an external audit.
- In addition to the marks awarded based on the comprehensiveness, correctness and critical analysis presented in the report, marks are also awarded for appropriate writing style, including referencing, grammar, punctuation, 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
- Reflect on performance to identify and action learning opportunities and self-improvements.
3 Practical and Written Assessment
Task Description:
· This assessment is part of an overall integrated research project completed by each student, focused on his/her own allocated ASX listed company.
· Details are provided on the Moodle site for this unit defining the specific tasks to be completed for the assignment.
· You are required to submit an academic report which addresses these tasks in the context of your allocated ASX listed company.
Week 10 Friday (17 May 2024) 11:45 pm AEST
Assignment feedback and marks will be available in Moodle in two weeks after the due date.
Assessment Criteria:
· You will be assessed on your ability to demonstrate and communicate your analysis and understanding of a business situation or knowledge of a theoretical aspect in relation to an external audit.
· In addition to the marks awarded based on the comprehensiveness, correctness and critical analysis presented in the report, marks are also awarded for appropriate writing style, including referencing, grammar, punctuation, 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
- Reflect on performance to identify and action learning opportunities and self-improvements.
4 Online Test
This is an online test to be completed individually on Moodle by the due time. Further information is available on Moodle.
To be completed during the examination period.
Results will be released after approval of grades.
This online test 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
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?
