ACCT3708 Auditing And Assurance Services S22013

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)Australian School of BusinessAccountingACCT3708Auditing & Assurance ServicesCourse OutlineSemester 2, 2013Part A: Course-Specific InformationPart B: Key Policies, Student Responsibilitiesand Support

Table of ContentsPART A: COURSE-SPECIFIC INFORMATION31STAFF CONTACT DETAILS32COURSE DETAILS32.12.22.32.42.53Teaching Times and LocationsUnits of CreditSummary of CourseCourse Aims and Relationship to Other CoursesStudent Learning Outcomes34444LEARNING AND TEACHING ACTIVITIES63.1 Approach to Learning and Teaching in the Course3.2 Learning Activities and Teaching Strategies67ASSESSMENT84.1 Formal Requirements4.2 Assessment Details8845COURSE RESOURCES96COURSE EVALUATION AND DEVELOPMENT107COURSE SCHEDULE11Lecture Topic11PART B: KEY POLICIES, STUDENT RESPONSIBILITIES AND SUPPORT121PROGRAM LEARNING GOALS AND OUTCOMES122ACADEMIC HONESTY AND PLAGIARISM133STUDENT RESPONSIBILITIES AND CONDUCT133.13.23.33.43.5WorkloadAttendanceGeneral Conduct and BehaviourOccupational Health and SafetyKeeping Informed13141414144SPECIAL CONSIDERATION AND SUPPLEMENTARY EXAMINATIONS145STUDENT RESOURCES AND SUPPORT166KEY DATES AND STUDENT RESPONSIBILITIES18PART C: WEEKLY LECTURE AND TUTORIAL GUIDE19PART D: MAJOR ASSIGNMENT61APPENDIX A: ANSWERS TO MULTIPLE CHOICE EXAM QUESTIONS71ACCT3708 – Auditing & Assurance Services2

PART A: COURSE-SPECIFIC INFORMATION1 STAFF CONTACT DETAILSRoom No.TelephoneEmailQuad 30929385 5826stuart.taylor@unsw.edu.auQuad 31149385 9790r.jidin@unsw.edu.auQuad 30589385 6930k.bentley@unsw.edu.auQuad 31149385 9790r.jidin@unsw.edu.auTeaching StaffLecturer-in-chargeDr. Stuart TaylorLecturerDr. Radzi JidinOther Teaching StaffDr. Kathleen BentleyHonours ProgramLecturer-in-chargeDr. Radzi Jidin2 COURSE DETAILS2.1Teaching Times and LocationsL/T Class NoLEC AOrLEC BDayThursdayTime14:00 – 16:00LocationScience ThThursday18:00 – 20:00ChemSci sdayThursdayThursdayThursdayThursday11:00 – 12:0012:00 – 13:0011:00 – 12:0012:00 – 13:0014:00 – 15:0015:00 – 16:0010:00 – 11:0011:00 – 12:0011:00 – 12:0012:00 – 13:0012:00 – 13:0016:00 – 17:0016:00 – 17:0017:00 – 18:0020:00 – 21:00Quad G022Quad G022Quad G040Quad G022Gold G02Quad G047Quad G022Quad G040Quad G022Gold G07Quad G022Gold G07Quad G025Quad G025Quad G046ACCT3718Honours SeminarF10AFriday10:00 – 12:00Additional Seminar for all honours students (starts in week 1)Quad G044Lectures(Start in Week 1)Tutorials(Start in Week 2)ACCT3708 – Auditing & Assurance Services3

2.2Units of CreditThe course is worth 6 units of credit.There is no parallel teaching in this course.2.3Summary of CourseThis course examines the practice of auditing and the underlying concepts, auditorsresponsibilities and the audit environment. Although the focus of attention is on auditscarried out under the provisions of the Corporations Law, reference is also made toother forms of audit. The course is intended to provide an overview of the audit processas it exists in Australia.2.4Course Aims and Relationship to Other CoursesThis course differs from previous financial accounting courses. In those coursesstudents are taught to prepare financial statements and interpret them. This course isabout providing assurance that the information can be relied upon. This assurance isprovided through the process of auditing. Both the process of auditing and therationale for assurance will be studied, in their legal and ethical context. This course isof obvious importance to those students who will be employed as auditors but it is alsoimportant to any student who needs to rely on the information provided in auditedfinancial statements.This course is offered by the School of Accounting and may form part of an accountingmajor, double major or disciplinary minor within the Bachelor of Commerce or Bachelorof Economics degrees. In order to enrol in this course, students must have passedACCT2542 Corporate Financial Reporting and Analysis. This course also constitutespart of the core curriculum of studies required by the Institute of Chartered Accountantsin Australia.2.5Student Learning OutcomesThe Course Learning Outcomes are what you should be able to DO by the end of thiscourse if you participate fully in learning activities and successfully complete theassessment items.The Learning Outcomes in this course also help you to achieve some of the overallProgram Learning Goals and Outcomes for all undergraduate students in the ASB.Program Learning Goals are what we want you to BE or HAVE by the time yousuccessfully complete your degree (e.g. ‘be an effective team player’). Youdemonstrate this by achieving specific Program Learning Outcomes - what you areable to DO by the end of your degree (e.g. ‘participate collaboratively and responsiblyin teams’).ACCT3708 – Auditing & Assurance Services4

ASB Undergraduate Program Learning Goals and Outcomes1. Knowledge: Our graduates will have in-depth disciplinary knowledge applicable in local andglobal contexts.You should be able to select and apply disciplinary knowledge to business situations in a local and globalenvironment.2. Critical thinking and problem solving: Our graduates will be critical thinkers and effectiveproblem solvers.You should be able to identify and research issues in business situations, analyse the issues, and proposeappropriate and well-justified solutions.3. Communication: Our graduates will be effective professional communicators.You should be able to:a. Prepare written documents that are clear and concise, using appropriate style and presentationfor the intended audience, purpose and context, andb. Prepare and deliver oral presentations that are clear, focused, well-structured, and delivered in aprofessional manner.4. Teamwork: Our graduates will be effective team participants.You should be able to participate collaboratively and responsibly in teams, and reflect on your ownteamwork, and on the team’s processes and ability to achieve outcomes.5. Ethical, social and environmental responsibility: Our graduates will have a sound awareness ofthe ethical, social, cultural and environmental implications of business practice.You should be able to:a. Identify and assess ethical, environmental and/or sustainability considerations in businessdecision-making and practice, andb. Identify social and cultural implications of business situations.For more information on the Undergraduate Program Learning Goals and Outcomes,see Part B of the course outline.ACCT3708 – Auditing & Assurance Services5

The following table shows how your Course Learning Outcomes relate to the overallProgram Learning Goals and Outcomes, and indicates where these are assessed (theymay also be practised in tutorials and other activities):Program LearningGoals and OutcomesThis course helps you toachieve the followinglearning goals for allASB undergraduatestudents:1KnowledgeCourse Learning OutcomesOn successful completion of the course,you should be able to: 2Critical thinkingand problemsolving 3aWrittencommunication 3bOralcommunication 4Teamwork ility Social andculturalawareness 5b. Course AssessmentItemThis learning outcomewill be assessed in thefollowing items:Explain the economic and legal basisfor auditingExplain the risk based methodologyfor auditing, as specified in AustralianAuditing StandardsChoose the appropriate audit reportto issue based on the results of anaudit.Analyse the business risks faced bya company and the extent to whichthese are mitigated by internalcontrols.Design an audit strategy to addressthe risks of errors in the financialstatementsWrite a report on the audit risks,faced by a company, of a suitablestandard for presentation to auditpartnersNot specifically addressed in thiscourse. QuizzesExam QuizzesMajor AssignmentExam Major Assignment Not specificallyassessed.Not specifically addressed in thiscourse.Explain the ethical requirements forauditors, as contained in AustralianProfessional and Ethical StandardsExplain the reporting and auditing ofgreenhouse gas disclosures inAustraliaNot specifically addressed in thiscourse. Not specificallyassessed.Exam Not specificallyassessed.3 LEARNING AND TEACHING ACTIVITIES3.1Approach to Learning and Teaching in the CourseAt university, the focus is your self-directed search for knowledge. Lectures, tutorials,textbooks, exams and other resources are all provided to help you learn. You aretherefore required to attend all lectures and tutorials and read all required readings inorder to fully grasp and appreciate the concepts of Auditing and Assurance Services.ACCT3708 – Auditing & Assurance Services6

It is up to you to choose how much work you do in each part of the course: preparingfor classes; completing assignments; studying for exams; and seeking assistance orextra work to extend and clarify your understanding. You must choose an approachthat best suits your learning style and goals in this course. Lecture and tutorialquestions as well as case studies with solutions are provided to guide your learningprocess.3.2Learning Activities and Teaching StrategiesThe course consists of lectures and tutorials.LecturesLectures (two hours per week) will be held each Thursday in weeks 1 to 12. Thepurpose of lectures is to introduce and explain concepts that are critical to the corethemes of the course. Further, lectures are aimed at providing students with theunderstanding of the audit process and provide guidance for each stage within theprocess.In order to maximise the benefits of attending lectures, students areexpected/encouraged to read the relevant study materials (i.e. specified chapters orpages in the textbook, auditing standards and practical case studies with solutions)thoroughly before attending lectures.TutorialsEach student is expected to register for a tutorial group via the myUNSW system.Tutorials (one hour per week) will be held each week from weeks 2 to 13. The tutorialsconstitute the core learning experience of this course. During tutorials, students will beencouraged to discuss various steps in the audit process in a team environment andmay be asked to present their findings in front of the class, as well as applying theirknowledge to specific audit issues and situations via homework questions and classexercises.Tutorial questions are included in the lecture and tutorial program handed out as a partof the Course Outline booklet distributed during the lecture in week 1. It is essentialthat, prior to a tutorial, you read the relevant course materials and prepare writtenresponses to any tutorial questions assigned.To assist in the development of key research and analytical skills, some of thesetutorial questions may require students to conduct additional research.Self studySelf study is a key element of the learning design of this course. Self study materialsinclude the auditing standards, the case studies and lecture questions included in theCourse Outline. The aim of this material is to encourage students to assumeresponsibility in the learning process and to make the tutorials more effective. Thusonus is on students to review and complete these materials. Staff will be available inconsultation hours to assist with difficulties experienced with the self study materials.ACCT3708 – Auditing & Assurance Services7

4 ASSESSMENT4.1Formal RequirementsTo be eligible for a passing grade in this course, students must:1. Achieve composite mark of at least 50% AND2. Satisfactorily complete all assessment tasks (or submit appropriate documentationrelating to your failure to complete a task to the Lecturer-in-charge) AND3. Achieve a satisfactory level of performance in the final exam.Please note that there will only be ONE supplementary exam. It is the student’sresponsibility to ensure that he or she is available on the date of the supplementaryexam. The date of the supplementary exam is 10th December.A ‘pass conceded’ (PC) grade may only be granted in exceptional circumstances bythe Faculty of Business Assessment Committee and not the Head of School or theLecturer-in-charge of this course.4.2Assessment DetailsAssessment TaskWeightingLengthGroup Assignment20%10 PagesThree Class Quizzes24%Final Examination56%Total100%15Minuteseach2 HoursDue DateWeek 11TutorialTutorials in weeks5, 8 and 10TBAGroup AssignmentThe group assignment is available in Part D of this course outline. The purpose of thegroup assignment is to give you experience of working in a team to analyse the issuesfaced in the audit of a real company and write a professional report on your findings.The assignment will be completed in groups of four or five students. Groups will beallocated by your tutors.Class quizzes (24%)Three class quizzes will be held in your tutorials in weeks 5, 8 and 10. Each quiz willbe worth 8% of the final assessment for this course. The purpose of the quizzes is togive you ongoing feedback on your progress in the course. Quiz questions will be acombination of multiple choice questions and short answer questions. Additionalinformation will be provided in the weeks before the quizzes. The purpose of thequizzes is to provide you with timely feedback on your understanding of the course.ACCT3708 – Auditing & Assurance Services8

Final examination (56%)Students are required to sit for a final examination paper in this course. The exam willbe of two hours duration and will cover the entire course, although emphasis will begiven to those areas not previously examined. The exam will consist of multiple choicequestions and written case study questions. Details about the content and structure ofthe exam will e provided in Lecture 12.5 COURSE RESOURCESPrescribed TextbooksGay G, and R. Simnett “Auditing and Assurance Services in Australia”, McGrawHill, 5th edition, 2012. This textbook can also be bought as an eBook from McGrawHill. The link for access to the eBook tails/?isbn 9781121573543Details on how to access the eBook will be placed on Blackboard.Roebuck P. and N. Martinov-Bennie “Case Studies in Auditing and Assurance”Lexis Nexis, 5th Edition 2010.Note: The ASA Clarity Standards (Australian Auditing Standards) can bedownloaded from the AUASB website (http://www.auasb.gov.au).Students should be aware that there has been a significant change in theASA’s, effective from 2010. Consequently the purchase of previous editionstextbooks should be avoided.Both textbooks are available from the UNSW Bookshop.Additional References:Students will find many other auditing textbooks which will provide additionalsupplementary information. Some of these are available on closed reserve in themain library.Course websiteA course website will be maintained within Blackboard. It is your responsibility toaccess this website.In addition, you must be enrolled in the course to access the website. The websitewill contain announcements, copies of the weekly questions and any other materialdeemed suitable by the Lecturer-in-charge from time to time. We cannot place anymaterial on the website that involves the use of student IDs or that raises issueswith respect to privacy.LibraryThe UNSW library contains useful resources for this s/services.htmlACCT3708 – Auditing & Assurance Services9

6 COURSE EVALUATION AND DEVELOPMENTEach year feedback is sought from students and other stakeholders about the coursesoffered in the School and continual improvements are made based on this feedback.UNSW's Course and Teaching Evaluation and Improvement (CATEI) Process is one ofthe ways in which student evaluative feedback is gathered. In this course, we will seekyour feedback through course and lecturer/tutor CATEI evaluation forms. Previousstudent feedback indicated a desire for tutorial solutions to be placed on Blackboard. Ithas been decided that this will not be done, as students gain more from working thoughquestions in tutorials than from having access to a sample answerACCT3708 – Auditing & Assurance Services10

7 COURSE SCHEDULENote: tutorials on a particular lecture topic will be held in the week after the lecture onthat topic.Week1Lecture Date:Lecture TopicAugustIntroduction to the Audit Function, AssuranceFramework, Professional Standards andStructure of the Profession.1NO TUTORIALS THIS WEEK2August8Risk Error and the Audit Process3August15Business Risk4August22Internal Controls I: Control Environment andManual Controls5August29Internal Controls II: Internal Controls in an ITEnvironmentQuiz 1 will be held in tutorials this weekAssignment Groups will be formed in tutorials6September 5Internal Controls III: Tests of ControlsTeam Assignment Contract to be Submittedin tutorials7September 12Substantive Tests I: Audit Evidence, Tests ofDetail and Audit Sampling8September 19Substantive Tests II: Tests of Detail in ITSystems, Substantive Analytical Procedures,Subsequent Events and Going ConcernQuiz 2 will be held in tutorials this week9September 26Substantive tests III: Using the Work of Othersand FraudMID SEMESTER BREAK: 28th September – 7th October10October10Audit Strategies and Audit ReportingQuiz 3 will be held in tutorials this week11October17Other Assurance ServicesAssignment Due1213October24The Auditing ProfessionNO LECTURES THIS WEEKACCT3708 – Auditing & Assurance Services11

PART B: KEY POLICIES, STUDENT RESPONSIBILITIES ANDSUPPORT1 PROGRAM LEARNING GOALS AND OUTCOMESThe Australian School of Business Program Learning Goals reflect what we want allstudents to BE or HAVE by the time they successfully complete their degree,regardless of their individual majors or specialisations. For example, we want all ourgraduates to HAVE a high level of business knowledge, and a sound awareness ofethical, social, cultural and environmental implications of business. As well, we want allour graduates to BE effective problem-solvers, communicators and team participants.These are our overall learning goals for you.You can demonstrate your achievement of these goals by the specific outcomes youachieve by the end of your degree (e.g. be able to analyse and research businessproblems and propose well-justified solutions). Each course contributes to yourdevelopment of two or more program learning goals/outcomes by providingopportunities for you to practise these skills and to be assessed and receive feedback.Program Learning Goals for undergraduate and postgraduate students cover the samekey areas (application of business knowledge, critical thinking, communication andteamwork, ethical, social and environmental responsibility), which are key goals for allASB students and essential for success in a globalised world. However, the specificoutcomes reflect different expectations for these levels of study.We strongly advise you to choose a range of courses which assist your development ofthese skills, e.g., courses assessing written and oral communication skills, and to keepa record of your achievements against the Program Learning Goals as part of yourportfolio.ASB Undergraduate Program Learning Goals and Outcomes1. Knowledge: Our graduates will have in-depth disciplinary knowledge applicable in local andglobal contexts.You should be able to select and apply disciplinary knowledge to business situations in a local and globalenvironment.2. Critical thinking and problem solving: Our graduates will be critical thinkers and effectiveproblem solvers.You should be able to identify and research issues in business situations, analyse the issues, and proposeappropriate and well-justified solutions.3. Communication: Our graduates will be effective professional communicators.You should be able to:a. Prepare written documents that are clear and concise, using appropriate style and presentationfor the intended audience, purpose and context, andb. Prepare and deliver oral presentations that are clear, focused, well-structured, and

ACCT3708 – Auditing & Assurance Services 4 2.2 Units of Credit The course is worth 6 units of credit. There is no parallel teaching in this course. 2.3 Summary of Course This course examines the practice of auditing and the underlying concepts, auditors responsibilities and the audit

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