Units

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Sample subject outline - Semester 1 2013

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

This unit will enable students to develop an appreciation of the audit function and to better understand the main aspects of auditing and how it fits into the overall business environment. The unit builds on other accounting units studied as part of the overall course and applies other concepts and techniques previously learned to this specific area.

Aims

To give students a basic knowledge of auditing concepts, procedures, and issues. Combined with other issues of governance and reporting frameworks in other units, this gives an overall understanding of the professional accounting environment.

Objectives

Course Learning Goals (Postgraduate)

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 Well-researched knowledge and critical understanding applied to issues at the forefront of a specialised discipline area
1.2 Ability to select and use effectively a range of tools and technologies to locate and/or generate information appropriate to the disciplinary context

Be critical thinkers and effective problem solvers (CTA)

2.1 Apply logical, critical and creative thinking and judgement to generate appropriate solutions to problems in the disciplinary context

Be professional communicators in an intercultural context (PC)

3.1 Ability to create and present professional documents and/or reports using high levels of analysis/synthesis/evaluation for a range of contexts and audiences
3.2 Ability to orally communicate and justify ideas and information, at a professional level, for a variety of contexts and audiences, including peers and discipline specialists

Be able to work effectively in a Team Environment (TW)

4.1 Operate effectively and with flexibility to achieve common goals in collaborative settings, using a range of skills, including leadership, negotiation, reflection, proactivity and support for team members

Have a Social and Ethical Understanding (SEU)

5.1 Apply knowledge of the ethical, social and cultural dimensions relevant to business situations, including appropriate standards or codes of practice, to provide courses of action

Unit Objectives
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 and unit objectives 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 a knowledge of auditing and its procedures, auditing standards and other professional pronouncements, as well as hands-on knowledge of specific audit software packages. Generic capabilities being developed include discipline knowledge, ethical and global perspectives, 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 lagging behind lectures by one week further develop students' understanding and comprehension of the theoretical and practical aspects of auditing. The tutorial assignments 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 assignment aims to further develop the practical aspects of auditing by students completing questions associated with an audit case study. This assignment also aims to further develop students writing, reporting and written presentation skills.

Assessment

Students will receive feedback in various forms throughout the semester which may include:

• Informal: worked examples, such as verbal feedback in class, personal consultation


• Formal: in writing, such as checklists (e.g. criteria sheets), written commentary


• Direct: to individual students, either in written form or in consultation


• Indirect: to the whole class

Assessment name: Tutorial Presentation
Description: Students are required to form groups of two to three students and will prepare and present solutions to the week's Critical Thinking Question. Groups submit a written copy of their presentation notes and must also prepare a two-page summary for distribution to other students during the tutorial. Each student in the group will be marked individually. Separate details will be provided on the Blackboard site.

Length/Duration: 10min presentation

Formative or Summative: Formative and Summative
Relates to objectives: Unit objectives: 1, 2, 3, 4, 5 and AOL goals: KS (1.1), (1.2), CTA (2.1), PC (3.2), SEU (5.1)
Weight: 20%
Internal or external: Internal
Group or individual: Group
Due date: Weeks 3 to 12

Assessment name: Online Quizzes
Description: The two online quizzes will test students' knowledge on pertinent audit and assurance issues. The quizzes will incorporate multi-choice questions. Each quiz will be worth 10% (2x 10% = 20%) of final grade. Separate details will be provided on the Blackboard site.
Length/Duration: 25 minutes working time per test
Formative or Summative: Formative and Summative
Relates to objectives: Unit objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), CTA (2.1), SEU (5.1)
Weight: 20%
Internal or external: Internal
Group or individual: Individual
Due date: Weeks 6 and 10

Assessment name: Final Exam
Description: Written questions covering both practical and theoretical auditing issues. It will cover course material from weeks 1-13.
Length/Duration: 2 hours
Formative or Summative: Summative
Relates to objectives: Unit objectives: 1, 2, 3, 4, 5 and AOL goals: KS (1.1), (1.2), CTA (2.1), PC (3.2), SEU (5.1)
Weight: 60%
Internal or external: Internal
Group or individual: Individual
Due date: Central Exam Period

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

Prescribed Text
Leung, Coram et al., 5th edn. (2011), Modern Auditing & Assurance Services, John Wiley & Sons.

IStudy Auditing - interactive study guide, John Wiley & Sons

Other References

Auditing assurance and Ethics Handbook 2010. Pearson Education. Australia.

Gay, G. and Simnett, R. (2000). Auditing and Assurance Services in Australia. Irwin McGraw Hill. Sydney.

Gill et al (2001). Modern Auditing and Assurance Services. Wiley. Sydney.

The auditing handbook may NOT be used in the final exam.

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