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ACCT19064 - Auditing & Professional Practice

General Information

Unit Synopsis

In this unit, students will examine the professional environment of the auditor, particularly auditing standards and practice statements, legal liability, ethics and current developments (eg. Audit Expectation Gap). Audit methodology and planning, internal control and exposure to influences of EDP 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, students will gain an appreciation of the role and needs of audit professionals in business environments.

Details

Level Undergraduate
Unit Level 3
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites

Pre-requisite: ACCT19061 - Corporate 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).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 2 - 2015

Term 1 - 2017 Profile
Brisbane
Distance
Mackay
Melbourne
Rockhampton
Sydney
Term 2 - 2017 Profile
Brisbane
Distance
Melbourne
Sydney
Term 1 - 2018 Profile
Brisbane
Bundaberg
Cairns
Distance
Mackay
Melbourne
Rockhampton
Sydney
Term 2 - 2018 Profile
Brisbane
Distance
Melbourne
Sydney
Term 1 - 2019 Profile
Brisbane
Bundaberg
Cairns
Mackay
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2019 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2020 Profile
Brisbane
Bundaberg
Cairns
Mackay
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2023 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2023 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2024 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2024 Profile
Brisbane
Melbourne
Online
Sydney

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).

Assessment Overview

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.

Assessment Tasks

Assessment Task Weighting
1. Online Quiz(zes) 10%
2. Practical Assessment 15%
3. Practical and Written Assessment 15%
4. Examination 60%

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

Past Exams

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Previous Feedback

Term 1 - 2022 : The overall satisfaction for students in the last offering of this course was 75.00% (`Agree` and `Strongly Agree` responses), based on a 23.08% response rate.

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.

Source: Unit Evaluations
Feedback
Workshops should focus more on answering workshop questions.
Recommendation
More time will be devoted to answering the set workshop questions.
Action Taken
More time was devoted to answering workshop questions.
Source: Unit Evaluations
Feedback
Workshops introduced real auditing practices.
Recommendation
The unit will add to this by further integrating Excel into the lectures and assignments.
Action Taken
Excel was integrated into the lectures and assignments. This proved successful
Source: Unit Evaluations
Feedback
Some students were concerned with delays in receiving feedback on assignments
Recommendation
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.
Action Taken
Feedback was received in a timely manner on all assessments.
Source: Student Evaluation Questionnaire
Feedback
Useful Feedback
Recommendation
Efforts will be made to improve feedback.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Given authentic scenarios, evaluate the environment within which the professional auditor operates.
  2. Given auditing pronouncements, identify and describe the range of activities, processes and responsibilities that an auditor faces in his/her professional role.
  3. Given case studies, analyse the legal liability and ethical issues, and formulate strategies using common law and ethical decision-making frameworks.
  4. Given worked examples for the audit risk approach, examine how auditing techniques and theory can influence professional auditing practices and relate these to current research.
  5. Given a problem case and corresponding data sets, design an audit program using the principles of internal control and audit testing procedures.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5
1 - Online Quiz(zes)
2 - Practical Assessment
3 - Practical and Written Assessment
4 - Examination
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
5 - Team Work
8 - Ethical practice
Alignment of Assessment Tasks to Graduate Attributes
Introductory Level
Intermediate Level
Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9 10
1 - Online Quiz(zes)
2 - Practical Assessment
3 - Practical and Written Assessment
4 - Examination