BS375 AUDITING. This sample unit outline is provided by CHC for prospective and current students to assist with unit selection.

Transcription

1 BS375 AUDITING This sample unit outline is provided by CHC for prospective and current students to assist with unit selection. Elements of this outline which may change with subsequent offerings of the unit include Content, Required Texts, Recommended Readings and details of the Assessment Tasks. Students who are currently enrolled in this unit should obtain the outline for the relevant semester from the unit lecturer.

2 Unit Name Unit Code Associated Higher Education awards Duration Level Unit Coordinator Auditing BS375 Bachelor of Business One semester Advanced TBA Core/Elective Core - Accounting major Elective - other majors Subject Weighting Student Workload Additional English Language support 10 credit points (of 240 course credit points) Internal Number of timetabled hours per week: Lectures and Tutorials 3 hours Number of Personal study hours per week: - Reading, study & lecture preparation 3.5 hours - Assessment preparation 3.5 hours Total workload hours per week External 10 hours Review of Study Guide, Text & PowerPoints 3 hours Number of Personal study hours per week: - Additional Reading and study 3.5 hours - Assessment preparation 3.5 hours Total workload hours per week Total workload hours per semester 10 hours 140 hours Where additional English language support is required, it is expected that student will undertake additional English language support of 3 hours per week. Prerequisites Modes Unit Rationale BS362 Company Accounting Internal (Face-to-face) External Full-time Part-time A significant role of the accounting profession involves the disciple and practices of auditing within an assurance framework. The external company auditor, within the Australian professional, ethical and legal framework, appraises and reports on the truth and fairness of the company s financial statements. This unit builds on the knowledge of accounting and accounting standards acquired in prior units, by enabling students to understand the audit process. It combines the knowledge of financial reporting and governance and adopts a risk-based audit approach, following the Australian Auditing Standards. Improvements (Student feedback; Responses and Changes): As this unit will be taught for the first time in Semester 2, 2012 no student feedback is yet available.

3 Learning Outcomes: On completion of this unit of study, students will have provided evidence that they have: 1. Understood the professional and ethical obligations of an independent auditor. 2. Understood and applied the various auditing standards and procedures in the conduct of an audit, including fraud auditing. 3. Understood the legal and ethical issues in audit practice. 4. Understood the audit process - from planning, documentation, testing and evaluation through to reporting. 5. Engaged with the different types of audit testing techniques, including compliance and substantive tests and applied these audit testing procedures and the concept of internal control for both manual and computerised accounting systems. 6. Understood the principles and application of audit sampling methods. 7. Identified and resolved problems involving various audit situations, including auditing litigation and ethical issues. 8. Written at an appropriate professional and tertiary standard with special attention to correct grammar, punctuation, spelling, vocabulary, usage, sentence structure, logical relations, style, referencing and presentation. Content: No. Topic 1 Audit, assurance and the accounting profession - overview including regulatory framework 2 3 Professional ethics, governance and independence Audit responsibilities, objectives and audit evidence Overview of the financial report audit process - audit objectives, evidence and procedures, auditor risk model 4 Planning the audit, materiality and business risk 5 6 Internal control and control risks Assessment of control risk and audit strategy Determining detection risk and designing substantive procedures Audit programs for Substantive procedures 7 Audit sampling 8 Fraud 9 Impact of IT on auditing 10 Auditing the sales and collection cycle Controls over revenue 11 Internal audit and other assurance services 12 Audit completion, review and reporting 13 Auditor responsibilities, legal liability and ethics 14 Unit review and consolidation

4 Set Text Requirements: Best P, Fiedler B, & Shalier G 2011, Auditing, Assurance Services and Ethics in Australia, 8 th edn, Pearson Prentice Hall, Frenchs Forest, NSW. Best P, Fied Pearson Recommended Readings: Australian Auditing Standards Gay G, Simnett R, 2010, Auditing and Assurance Services in Australia, 4 th Edition, McGraw Hill Irwin. Jubb C, Topple S, Schelluch, P, Rittenberg L, Schwieger B 2008, Assurance and Auditing: Concepts for a Changing Environment, ed 2, Thomson, Australia. Pflugrath, G 2011, Auditing Assurance and Ethics Handbook, 2011, Pearson Education, Australia. The Holy Bible: New King James Version. (1982). Nashville, TN: Thomas Nelson. Additional resources can also be found at the unit s Moodle site: Journals The CPA Journal [ISSN ] Charter [ISSN ] Journal of Accountancy [ISSN ] National Accountant [ISSN X] Harvard Business Review [ISSN ] Specialist Resource Requirements: Access to a computer with internet access is required. The CHC Learning Hub has computers with this software and internet access available for student use. Assessment: Assessment Item Tutorial Tasks Topic/s The weekly practical tutorial work includes an exam-standard question which will be collected and marked for accuracy, at random 5 times during semester. Each of these questions is worth a possible 5%. The best 4 of 5 will count towards the overall 20% for this assessment item. Learning Outcomes assessed Week Due Weighting 1-8 Weekly 20% Business Report ( words) Final Exam Students will be required to provide a response to an ethical dilemma in an audit context. A 2½ hour closed book paper comprising multiple choice, short answer, and practical questions. The paper will draw upon material covered over the whole unit. Students will receive feedback, including answers for multiple choice questions and suggested answers for short answer and practical sections. 1-4, 7, 8 Week 12 20% 1-7 Week 16 60%

5 Final Exit Grade: There is no requirement for students to pass each assessment task in order to pass the unit overall. The final exit grade in this unit is determined by adding weighted marks for each individual assessment item. Final exit grade cut-offs are: High Distinction (HD) - 85/100 or higher Distinction (D) - 75/100 to less than 85/100 Credit (C) - 65/100 to less than 75/100 Pass (P) - 50/100 to less than 65/100 Fail (F) - less than 50/100 Penalties for late submission of assessment items: Late submission of assessment items, except in the case of documented extenuating circumstances, may attract a penalty of up to a maximum of one grade level per day.