Overview
This unit deals with the examination of the financial auditing environment. It specifically addresses issues dealing with the auditing standards and practice statements, ethics, current developments and legal liability. The unit also examines the legal, ethical and professional requirements that determine the conduct of the financial audit. The unit balances both theoretical and practical aspects of financial auditing. You are introduced to statistical and non-statistical sampling as well as audit methodology, planning and internal control. If you have successfully completed the unit ACCT20040 you should not enrol in this unit.
Details
Pre-requisites or Co-requisites
Prerequisite: ACCT20071 Foundations of Financial Accounting
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 - 2017
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 Postgraduate 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 feedback
A student requested workshop materials for all weeks of the term be made available at the beginning of term.
All workshop materials for the entire term will be available on Moodle by Week 1.
All workshop materials for the entire term are now available on Moodle by Week 1.
- Evaluate and apply systems theory and the risk-based approach to the practice of financial auditing
- For a given business scenario, analyse the internal controls applicable to the transaction cycles of the business, then correctly apply the appropriate control and substantive tests for each cycle
- Evaluate and apply the appropriate auditing standard for a given situation
- Critically evaluate and report on the ethical and legal aspects of planning, executing and reporting on a financial audit
- Evaluate the different types of audit reports that can be presented, and apply the appropriate report for a given situation.
Alignment of Assessment Tasks to Learning Outcomes
| Assessment Tasks | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Online Test - 10% | |||||
| 2 - Practical and Written Assessment - 30% | |||||
| 3 - Examination - 60% | |||||
Alignment of Graduate Attributes to Learning Outcomes
| Graduate Attributes | Learning Outcomes | ||||
|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | |
| 1 - Knowledge | |||||
| 2 - Communication | |||||
| 3 - Cognitive, technical and creative skills | |||||
| 4 - Research | |||||
| 5 - Self-management | |||||
| 6 - Ethical and Professional Responsibility | |||||
| 7 - Leadership | |||||
| 8 - 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 | |
| 1 - Online Test - 10% | ||||||||
| 2 - Practical and Written Assessment - 30% | ||||||||
| 3 - Examination - 60% | ||||||||
Textbooks
Auditing and Professional Ethics
(2016)
Authors: S Chaplin
Wiley
Australia
Binding: Paperback
Additional Textbook Information
The prescribed textbook is an eText and is only available to be purchased online. The eText will not be available in hard copy at the library. It has been developed specifically for this unit.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)
For further information, see the Assessment Tasks.
s.chaplin@cqu.edu.au
Module/Topic
Introduction and overview of audit and assurance
Chapter
1
Events and Submissions/Topic
Module/Topic
Ethics, legal liability and client acceptance
Chapter
2
Events and Submissions/Topic
Module/Topic
Risk assessment I
Chapter
3
Events and Submissions/Topic
Module/Topic
Risk assessment II
Chapter
4
Events and Submissions/Topic
Module/Topic
Internal controls
Chapter
5
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
IN-CLASS WRITTEN ASSESSMENT
Chapter
Events and Submissions/Topic
Module/Topic
Audit sampling
Chapter
6
Events and Submissions/Topic
Module/Topic
Testing controls and
Performing substantive procedures
Chapter
7 & 8
Events and Submissions/Topic
Module/Topic
Chapter
9
Events and Submissions/Topic
Module/Topic
Chapter
10
Events and Submissions/Topic
Module/Topic
Completing the audit
Chapter
11
Events and Submissions/Topic
Module/Topic
Course review/Revision session
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Online Test
This assessment item consists of an open-book online quiz available in Moodle. The quiz will consist of a range of multiple-choice 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.
Week 4 Tuesday (28 Mar 2017) 9:00 pm AEST
Available from 9:00am Monday 27 March to 9:00pm Tuesday 28 March 2017 only
You can access your results on the course website via the Gradebook after the quiz has closed.
This assessment item will assess your problem-solving skills in relation to the auditing concepts covered in chapters 1 to 3 inclusive.
- Evaluate and apply systems theory and the risk-based approach to the practice of financial auditing
- For a given business scenario, analyse the internal controls applicable to the transaction cycles of the business, then correctly apply the appropriate control and substantive tests for each cycle
- Knowledge
- Communication
2 Practical and Written Assessment
This assessment requires you to attend class to prepare short answers to various scenarios within the audit environment. Marks will be allocated to both correctness of content and writing skills.
Please attend your lecture for week 6 to complete and submit assessment.
Week 8 Thursday (4 May 2017)
You will be assessed on your ability to demonstrate your analysis of a business situation or theoretical aspect in relation to an external audit. These will be short answer questions and marks will be awarded on the correctness of your answer and writing skills.
- Evaluate and apply systems theory and the risk-based approach to the practice of financial auditing
- For a given business scenario, analyse the internal controls applicable to the transaction cycles of the business, then correctly apply the appropriate control and substantive tests for each cycle
- Evaluate and apply the appropriate auditing standard for a given situation
- Critically evaluate and report on the ethical and legal aspects of planning, executing and reporting on a financial audit
- Knowledge
- Communication
- Cognitive, technical and creative skills
- Ethical and Professional Responsibility
Examination
Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
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?
