Master of Professional Accounting
Auditing and Assurance
Section A: Teaching, Learning and Assessment
Subject Name & Code Auditing and Assurance (MP221)
Semester/year Semester 2 2022
Credit Point Value 10
Duration One semester
AQF Level AQF 9
Student Workload 10 hours a week
Pre-Requisite Financial Accounting and Reporting
Presentation Team
Phone (02) 8252 9999
Consultation times By Appointment
Teaching methods/strategies
Three hour class contact: 1.5 hour lecture and 1.5 hour tutorial.
This subject adopts the following teaching and learning strategies:
This subject adopts the following teaching and learning strategies. These strategies include flipped learning activities where you apply in-class the material which you have learned prior to coming to class. The subject also incorporates active in-class learning experiences where you collaborate with other students to discuss authentic accounting problems.
Preparation outside class:
One of the principal learning strategies for this subject involves the preparation of assigned material prior to class. Students are required to read and reflect upon assigned readings and problems from the textbook, workbook and other sources and are expected to apply this learning when they come to class.
In-class activities:
Each session uses a combination of lecture and interactive learning activities. The lecture activity is designed to build upon your prior reading of assigned material to ensure that students comprehend the technical aspects of each topic. The lecture activity will typically incorporate in-class discussion and the application of the technical content to authentic accounting problems through the completion of in-class exercises. Students will also be involved in active learning experiences as a portion of each seminar will be devoted to the completion of unseen accounting exercises. These exercises will require you to apply the material which you have read and reflected upon prior to attending class (see above).
Consultation with subject teaching staff:
All subject teaching staff are available for one-on-one consultation with students. The specific times that staff are available for consultation will be advised in seminars by your lecturer and can also be found on the cover page of this outline. Meeting staff during consultation provides an opportunity for students to receive feedback on their learning in this subject.
Brief Subject Description
This subject provides an examination of auditing and its integral role in the contemporary practice of accounting together with the legal environment which impacts upon it. The audit process is covered in detail, along with the methodology required to complete a financial statement audit. Beyond the traditional financial statement audit, the subject also considers the expansion of assurance services into risk assessment, information system reliability, asset protection, detection and prevention of fraud and electronic commerce. The subject addresses the criteria and professional standards used to measure information quality and integrity, and develops an understanding of professional, ethical and legal requirements and responsibilities in completing and reporting on assurance tasks.
Subject Learning Outcomes
After successfully completing this subject, students will be able to:
A Explain the role of auditors and their responsibilities in the provision of audits on the quality of the financial statements of companies
B Review the ethical and legal responsibilities of auditors in providing audit services.
C Assess possible weaknesses in a company’s internal control procedures and identify steps that may be taken to minimise the threat of material misstatements
D Evaluate and apply International Standards on Auditing to an audit of general-purpose financial statement
E Identify and interpret red flag indicators of fraud within an organisation and respond appropriately.
F Formulate an opinion and produce a report to communicate audit findings.
Weekly Schedule (Semester 2, 2022)
Week Date (Week beginning Monday Topics Required Reading
1 18.07.2022 Assurance and Auditing: An introduction Ch. 1
2 25.07.2022 Audit Regulation, Structure of the Profession and Auditor’s Liability Ch. 2 Tutorial 1
3 01.08.2022 Ethics, Independence and Corporate Governance Ch. 3Tutorial 2
4 08.08.2022 Overview of the Elements of the Financial Report Audit Process Ch. 4Tutorial 3
5 15.08.2022 Planning, Understanding the Entity and Assessing Business Risks Ch. 5Tutorial 6
6 22.08.2022 Assessing Inherent Risks and Other Specific Business Risks Ch 6 Tutorial 5 Assignment Due
7 29.08.2022 Intra-Semester Break
8 05.09.2022 Understanding and Assessing Internal Controls Ch 8 Tutorial 7
9 12.09.2022 Test of Controls Ch. 9 Tutorial 8
10 19.09.2022 Substantive Tests of Transactions and Balances Ch. 10 Tutorial 9
11 26.09.2022 Completion and Review Ch.11 Tutorial 10
12 03.10.2022* The Auditor’s Reporting Obligations Ch.12 Tutorial 11 Assignment Due
13 10.10.2022 Revision
14 17.10.2022**
Study Week– No classes
15 24.10.2022 Exam Week
16 31.10.2022 Exam Week
* Monday 3rd October is a public holiday. There will not be any classes on this date.
** Monday 17th October, make up classes for the Labour day public holiday
Summary of Assessment
Assessment Task % Relevant Learning
Outcomes Due Date
Assessment 1: Audit Risk Report
Students are assigned a company in which they will be required to assess the audit risk of that organisation. This will be presented as a report. The student should demonstrate a range of technical/theoretical/skill development. 30% This assessment addresses learning outcomes
B, C, and D Week
6
Assessment 2: Group Assignment
Comprehensive group assignment requiring students to write a clear and comprehensive report on audit case study style questions. Students are required to submit their assignment using appropriate academic style (referencing, etc). 30% This assessment addresses learning outcomes
C, D, E and F Week
12
Assessment 3: Final Examination
A 2-hour invigilated examination comprising multiple choice, short answer theory and practical questions. The exam covers lecture content all aspects of the subject and tests the students’ ability to apply knowledge gained throughout the subject to specific problems. It assesses the student’s ability to understand the accounting issues presented and how to correctly calculate and account for them 40% This assessment item addresses learning outcomes
A to F Week
15-16
The full marking criteria and rubric can be found in this subject’s Canvas site. Please go to the tabs on the left-hand side of the home page, click on ‘Assignments’ and the click onto the assignment. The marking rubric shown there will be used to assess your work, so please ensure that you have read and understood it before commencing work on your assignment.
Please Note:
• Due to the evolving nature of the situation with coronavirus, the assessment items and schedule may change
• Students MUST achieve a mark of at least 40% in the final exam (or final assessment item if no exam), AND at least a mark of 50% in total, to pass this subject.
• Subject to Covid-19 restrictions, it is our intention that all end of semester exams will be face to face on campus (NOT online). You will be kept informed if there is any change to this.
Detailed Assessment Guidelines
Assessment 1: Individual Audit Risk report
Due date: Week 6
Weighting: 30%
Length and Format: 2000-2500 word report
Assessment Details: Students are assigned a company in which they will be required to assess the audit risk of that organisation and present it in the form of a report. The report will also include information regarding the role and responsibilities of the auditor
Assessment addresses SLOs SLO B: Review the ethical and legal responsibilities of auditors in providing audit services.
SLO C: Assess possible weaknesses in a company’s internal control procedures and identify steps that may be taken to minimise the threat of material misstatements.
SLO D: Evaluate and apply International Standards on Auditing to an audit of general-purpose financial statement
Marking Criteria Please refer to Marking Template 1
Assessment 2: Group Assignment
Students will be expected to Students are required to complete a written report. Details of the assessment can be found in Moodle under the assessment 2 folder.
Due date: Week 11
Weighting: 30%
Length and Format: 2500 word report
Assessment Details: Students are given a comprehensive case study requiring them to critically analyse scenarios and apply audit principles and concepts from the information provided in the case study and provide a solution. Students are required to complete a written report. Details
Assessment addresses SLOs SLO C: Assess possible weaknesses in a company’s internal control procedures and identify steps that may be taken to minimise the threat of material misstatements.
SLO D: Identify and interpret red flag indicators of fraud within an organisation and respond appropriately.
SLO E: Complete, individually and as part of a team, the process of providing assurance and audit services, including risk assessment, audit planning and audit execution.
SLO F : Formulate an opinion and produce a report to communicate audit findings.
Marking Criteria Please refer to Marking Template 2
Assessment 3: Final Exam
A 2-hour invigilated examination assessing the student’s ability to understand statistical models and applying them to solve problems.
Due date: Week 15 or 16 (During formal examination period)
Weighting: 40%
Length and Format: 2 hours + 10 mins reading time. Closed book examination
Assessment Details: A 2-hour invigilated examination comprising short answer theory and problem style questions. The exam covers lecture content all aspects of the subject and tests the students’ ability to apply knowledge gained throughout the subject to specific problems. It assesses the student’s ability to understand the accounting issues presented and how to correctly calculate and account for them
Assessment addresses SLOs SLO A: Explain the role of auditors and their responsibilities in the provision of audits on the quality of the financial statements of companies
SLO B: Review the ethical and legal responsibilities of auditors in providing audit services.
SLO C: Assess possible weaknesses in a company’s internal control procedures and identify steps that may be taken to minimise the threat of material misstatements.
SLO D: Identify and interpret red flag indicators of fraud within an organisation and respond appropriately.
SLO E : Complete, individually and as part of a team, the process of providing assurance and audit services, including risk assessment, audit planning and audit execution
SLO F: Formulate an opinion and produce a report to communicate audit findings
Marking Criteria Please refer to Marking Template 3
Text and References
Prescribed text
Gay, G and Simnett, R. (2020). Auditing and Assurance Services in Australia, (8th Edition), McGraw-Hill Education Australia.
Recommended Reading
Arens, A., Best, P., Shailer, G., Fiedler, B., Elder, R., and Beasley M. (2017). Auditing, Assurance Services and Ethics in Australia, (10th Edition). Pearson Australia
Leung, P., Coram, P., Cooper, B., and Richardson, P. (2019). Audit and Assurance, (1st Edition). Wiley
Moroney, R., Campbell, F. & Hamilton, J. (2020). Auditing: A Practical Approach, (4th Edition). Australia: Wiley.
ICAA, 2021, Financial Reporting Handbook 2021, John-Wiley & Sons
ICAA 2021 , Auditing , Assurance and Ethics Handbook 2021 , John Wiley &Sons
Online Resources and Readings
Australian Accounting Standards Board http://www.aasb.com.au/ Professional Accounting Bodies
https://www.charteredaccountantsanz.com/
https://www.cpaaustralia.com.au/
https://www.publicaccountants.org.au/
Auditing and Assurance Standards Board (AuASB) www.auasb.gov.au/Home.aspx
Australian Prudential Regulation Authority (APRA) www.apra.gov.au
Australian Securities and Investment Commission (ASIC) www.asic.gov.au
Australian Accounting Research Foundation (AARF) www.aarf.asn.au
Financial Reporting Council www.frc.gov.au
Detailed descriptors for each grade
High Distinction (H)
An analytical piece of work that offers originality in synthesis or analysis, and utilises a multitude of relevant sources to justify arguments and produce a critical and intelligent piece of work. Work of this standard will require flawless referencing and will contain few, if any, grammatical errors. All areas of criteria will be of an excellent standard.
Distinction (D)
Comprehensively analyses the question, understands and compares approaches systematically, critical comments on literature, excellent examples and illuminating insights. Work of this standard will be consistent and clear with appropriate referencing and use of grammar throughout.
Credit (C)
Analytical and explanatory discussion, some theoretical insights, good use of sources and examples, focused argument that could be improved. Work of this standard may achieve good levels of performance on some of the criteria but not all. The discussion will address the question but could lean towards description rather than analysis.
Pass (P)
Competent descriptive discussion, some grasp of the topic, coherent style and composition, essentially a superficial discussion. Work of this standard might only include a limited range of source material and provide information rather than argument. Structure and presentation could require improvement and the introduction and conclusion might not clearly convey the position and findings of the author.
Fail (F)
Assignment help – Discussion fails to answer the set question or relies on few, if any, source material. Answer contains grammatical errors and/or inappropriate referencing technique and, of course, an absence of any referencing. Work of this standard is often brief and is unable to demonstrate a clear understanding of the topic and relevant issues. Responses fail to meet the learning objectives for the assessment.
Plagiarism
A similarity report provides an important indicator of whether a student’s work is original or plagiarised. Generally, a similarity report of more than 25% warrants close scrutiny to assess whether the problem relates to poor writing technique or plagiarism.
Canvas and Turnitin
This subject will use the Canvas learning management system. Canvas can be accessed by first clicking onto the Student Portal link on the Win home page, and then clicking onto Canvas.
The Canvas home page for this subject will include the subject outline, information on assessment items and other subject information, a notice board, and a weekly folder of relevant course materials, including Power Point slides and a tutorial guide for each topic.
All communications with students in the subject will use the Notice Board and the Canvas email system. Emails will use only students’ Win email addresses.
Grades will also appear in the My Grades section of Canvas once marking for each assessment has been completed.
It is an expectation that all students will check the subject’s Canvas site (and their Win student email) on a regular basis each week.
Assessments will be submitted using the drop boxes that are included in the Canvas site for this subject. All assignments will be subject to checking using Turnitin text matching programs. Turnitin is a software product that reports on similarities between your paper and other documents. Turnitin is used by over 1000 organisations, including universities and colleges around the world. They are an important tool to assist students with their academic writing by promoting awareness of plagiarism and contract cheating.
When you submit your assignment through the Canvas drop box, you will receive an originality report, based on a matching of your work to that in Turnitin’s extensive databases. If you submit your assignment within a reasonable time before the due date, you will have time to act on the originality report, if necessary. For example, a high matching percentage may mean that you need to fully acknowledge your source materials, or it may mean that you need to better paraphrase the source materials in your own words. Therefore, if you use Turnitin in this way, it can be of considerable assistance in helping you to improve your writing skills. The key is to allow enough time to make any changes after viewing the originality report – do not leave your submission until the last minute!
Section B – Additional Institute Information
Grade Descriptions
Students may be awarded a raw numerical mark for each subject which will then be converted to one of the following:
HD – High Distinction 85% and above
D – Distinction 75 – 84%
C – Credit 65 – 74%
P – Pass 50 – 64%
F – Fail – below 50%
CF – Compulsory Fail (this may be a mark of over 50%, however the student did not achieve at least 40% in the final assessment item)
For more information on please refer to the Institute’s policy ‘Student Assessment Policy and Procedure’ available on the Institute’s website.
Assignment Submissions
Students are required to submit assessment items at the time and date specified in this Subject Outline. Assessment items submitted after the due date will be subject to a penalty unless the Lecturer or Course Coordinator has given prior approval in writing for an extension of time to submit that item.
Assessments should be submitted in the form specified in the subject outline or as notified by the Lecturer. Where assessment items are submitted electronically, the date and time the email was received will be considered the date and time of submission. Written papers or other physical submissions are to be time and date stamped as a record of receipt.
Students whose ability to submit or attend an assessment item is affected by sickness, misadventure, or other circumstances beyond their control, may be eligible for special consideration. No consideration is given when the condition or event is unrelated to the student’s performance in a component of the assessment, or when it is considered not to be serious.
Please refer to the Institute’s policy ‘Student Assessment Policy and Procedure’ available on the Institute’s website for details.
Assignment Extensions and Penalties
Assignments must be submitted on the due date. Late assignments will incur a penalty as outlined in the Institute’s policy ‘Student Assessment Policy and Procedure’ available on the Institute’s website.
Academic Misconduct
Academic misconduct involves cheating, collusion, plagiarism or any other conduct that deliberately or inadvertently claims ownership of an idea or concept without acknowledging the source of the information. This includes any form of activity that negates the academic integrity of the student or another student and/or their work.
Plagiarism occurs when students fail to acknowledge that the ideas of others are being used. Specifically it occurs when:
• other people’s work and/or ideas are paraphrased and presented without a reference;
• other students’ work is copied or partly copied;
• other people’s designs, codes or images are presented as the student’s own work;
• phrases and passages are used verbatim without quotation marks and/or without a reference to the author or a web page;
• lecture notes are reproduced without due acknowledgement.
Cheating occurs when a student seeks to obtain an unfair advantage in an examination or in other written or practical work required to be submitted or completed for assessment.
Collusion (unauthorised collaboration) involves working with others without permission to produce work which is then presented as work completed independently by the student. Collusion is a form of plagiarism. Students should not knowingly allow their work to be copied.
There are substantial penalties for academic misconduct. Please refer to the Institute’s ‘Academic Integrity and Honesty Policy and Procedure’ available on the web site for more information.
Referencing Procedures
The Institute has adopted the Help write my thesis – APA Style for the referencing of sources. Please refer to the Institute’s web site or the library for information on how to reference using the Help write my thesis – APA style.
Subject Evaluation
At the end of each semester all students will be asked to fill in a subject evaluation form. This information will assist us in making improvements to enhance the quality of delivery.
Evaluations will include questions about the content, the assessment, delivery mode and other features. You will also have an opportunity to make open-ended comments. Subject evaluations are important to us and are taken seriously so please ensure that your responses accurately reflect how you feel. All evaluations are anonymous to ensure privacy.
Learning Support Services
If you have any queries or requests about the course and this subject in particular, you should first approach your Lecturer or Tutor. You may also approach the Course Coordinator if you are unable to resolve your issue with the Lecturer or Tutor. Contact details are provided below.
The Institute wants to ensure that you have the best learning environment available to maximize your chances to do well in the course. We have staff on hand to provide student support and assistance with administrative matters when required. We also have a Student Success and Wellbeing Centre that can provide assistance and support with any personal matters. Contact details are provided below.
If you are experiencing language difficulties, please discuss this with your lecturer who may refer you to an English language Centre for additional assistance. Depending on the level of support required, there may be some additional costs imposed.
The Institute has a Student Success and Wellbeing Centre. As part of this centre, there are on-going workshops available if you need assistance with study skills, presentation skills, writing skills, how to reference information sources using the Help write my thesis – APA style etc. Please check with the Study Skills Advisor to access these services.
Prior to your enrolment, the Institute makes every effort to ensure that your verbal and written skills in English are at the appropriate level to successfully complete a bachelor’s degree. Each of the subjects will be delivered by lecturers who are sensitive to the needs of students from a NESB. For this reason, important vocabulary will be pre-taught. Nevertheless, if you are experiencing language difficulties, you may be referred by your lecturer to the English language Centre or the Learning Assistance Centre for additional support.
All lecturers are instructed to carefully monitor each student’s language proficiency in the first four weeks of subject delivery using the “Participation” mode of assessment, to determine if there are any problems with your understanding and usage of written and spoken academic English. Through these Centres, the Institute offers specially developed modules of study designed to enhance your language and study skills. The level of language support you will require will be determined by our specially trained staff, qualified “IELTS” testers, in order to ensure that you have all the necessary support to succeed in your studies.
Depending on the level of support required, there may be some additional costs imposed.
Additional Contacts
Keri Spooner keri.spooner@win.edu.au
Dean
Erick Opena Erick.opena@win.edu.au
Registrar
Wendy Wu wendy.wu@win.edu.au Assistant Registrar of Higher Education
Bella Carr bella.carr@win.edu.au
Study Skills Advisor
Christopher O’Neill chris@win.edu.au
Zoom and Online technology Support
Iris Weng iris.weng@win.edu.au Academic Support Manager
Sarah Edwards sarah.edwards@win.edu.au Library Officer
Steve Li steve.li@win.edu.au IT Manager
Tavia Xiang Tavia.xiang@win.edu.au
Accounts
Wentworth Institute of Higher Education, 302 Elizabeth Street, Sydney
Higher Education CRICOS code: 03279M
