Units
Audit and Assurance
Unit code: AYB301
Contact hours: 3 per week
Credit points: 12
Information about fees and unit costs
This unit enables students to comprehend the key concepts of auditing as a discipline, to demonstrate the relationship between auditing and the systems of accountability and to demonstrate the differences between manual and EDP audit processes. The unit builds on the knowledge of accounting and accounting standards acquired in prior units by enabling students to understand in detail the audit process (including professional auditing standards and techniques) which leads to the auditor providing an opinion on the financial reports of various types of entities. Ethics and auditor's liability are also covered.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
| 2013 Semester 2 | Yes |
| 2013 Summer | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
Audit and Assurance is a third year unit, which is included in the degree program to enable students to comprehend the key concepts of auditing as a discipline, to demonstrate the relationship between auditing and the systems of accountability and to demonstrate the differences between manual and computerised information systems (CIS) audit processes. The unit builds on the knowledge of accounting and accounting standards acquired in prior units by enabling students to understand in detail the audit process (including professional auditing standards and techniques and ethical requirements) which leads to the auditor providing an opinion on the truth and fairness of financial reports of various types of entities.
Aims
The aim is to give students a basic knowledge of auditing concepts, procedures, and issues. This then combines with all other knowledge of financial reporting and governance requirements in a business environment, derived from other units.
Objectives
Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context
Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue
Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences
Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output
Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding
Unit Objectives
The objectives in this unit are based on the QUT Business School Assurance of Learning goals which reflect the Graduate Capabilities identified as being desirable for current graduates. Please note that Discipline Knowledge & Skills, one of the graduate capabilities, has been listed separately so that more detail can be provided regarding the specific discipline knowledge you should gain through the completion of this unit.
On completion of this unit you should be able to:
1. Identify and discuss the phases of the overall audit process.
2. Apply auditing techniques and theory to practical applications.
3. Demonstrate a strong knowledge of auditing concepts, standards and theory.
4. Discuss the auditing techniques applicable to computerised accounting systems.
5. Demonstrate an understanding of current auditing litigation and ethical issues and the process of change in auditing practice and identify and understand the auditor's perspective on accounting problems.
The specific course learning goals that apply to this unit are shown in the assessment section of this unit outline.
Content
This unit covers the regulatory and ethical frameworks within which assurance services are provided, the processes and techniques utilised by assurance service providers and other related audit and assurance issues. Students should acquire knowledge of auditing and its procedures, auditing standards and other professional pronouncements. Generic capabilities being developed include discipline knowledge, ethical and global perspectives, written communication skills and risk management processes as they relate to auditing. The issues covered in auditing are techniques practiced both in Australia and overseas.
Approaches to Teaching and Learning
Attendance at ALL classes is strongly encouraged as additional information such as emphasis and explanations will inevitably be given there.
Each lecture consists of two components- theoretical coverage of audit issues, standards and auditing concepts and the application of these techniques and issues to practical auditing examples. This strategy exposes students to all aspects of the conduct of an audit and associated auditing issues.
Tutorials which lag behind lectures by one week further develop students understanding and comprehension of the theoretical and practical aspects of auditing. The tutorial questions aim to consolidate students' understanding of the basic auditing concepts and to develop a more in-depth knowledge and critical thinking about the issues covered in lectures and in the text.
The group assignment aims to further develop student's knowledge of key concepts of ethics, within the professional environment and apply these to a practical case study. The assignment also aims to further develop students writing and reporting skills.
Assessment
Students will receive feedback in various forms throughout the semester which may include:
Assessment name:
Assignment
Description:
This is a written response required to an ethical dilemma.
Groups of 3 students within tutorial groups will be formed. Separate details will be provided on the Blackboard site.
Length: Approximately 4 pages, typed and formatted.
Formative or Summative: Both
Relates to objectives:
Objectives: 2, 5 and AOL: KS (1.1), CTA (2.1), PC (3.1), TW (4.1), SEU (5.1)
Weight:
20%
Internal or external:
Internal
Group or individual:
Group
Due date:
Week 7
Assessment name:
End of Semester Examination
Description:
Written questions covering both practical and theoretical auditing issues. This assessment aims to classify student performance and to assess their knowledge in relation to all objectives of the unit. The exam will cover weeks 3-13.
Length: 2 hours working plus 10 minutes perusal
Formative or Summative: Summative
Relates to objectives:
Objectives: 1, 2, 3, 4, 5 and AOL: KS (1.1), CTA (2.1), SEU (5.1)
Weight:
60%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central Exam Period
Assessment name:
Online Quizzes
Description:
The two online quizzes will test students knowledge on audit & assurance topics. The quizzes will incorporate multi-choice answer components. Each quiz will be worth 10%, giving (2 x 10% = 20%) of the assessment for the semester.
Length: 25 mins working time per quiz
Formative or Summative: Both
Relates to objectives:
Unit objectives: 1, 2, 3, 4, 5 and AOL goals: KS (1.1), (1.2), CTA (2.1), SEU (5.1)
Weight:
20%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Weeks 6 and 10
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Texts:
Leung, Coram et al., 5th edn. (2011), Modern Auditing & Assurance Services, John Wiley & Sons.
Istudy Auditing - interactive study guide, John Wiley & Sons.
References:
Jubb C., Topple S., Schelluch P., Rittenberg L., Schweiger B., 2nd Edition (2008), Assurance & Auditing: Concepts for a Changing Environment.
Arens, Best et al., 8th edn. (2010), Auditing, Assurance Services & Ethics in Australia - an integrated approach.
Auditing Assurance and Ethics Handbook (2012). Pearson Education, Australia.
Gay, G. and Simnett, R. 4th Edn. (2010), Auditing and Assurance Services in Australia, Irwin McGraw Hill, Sydney.
Other Resources:
Additional references can also be found at the unit's Blackboard site: https://blackboard.qut.edu.au/
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 06-Feb-2013
