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AYB301 Audit and Assurance

Unit synopsis

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.

Faculty
QUT Business School
Study area
Business
Credit points
12

Dates and locations

Teaching period Locations
Semester 1, 2018
19 February 2018 - 22 June 2018
  • Gardens Point
Semester 2, 2018
23 July 2018 - 16 November 2018
  • Gardens Point
Summer, 2018
19 November 2018 - 22 February 2019
  • Gardens Point

Fees

Commonwealth supported place (CSP) student contribution amount
2018: $1,368
Domestic fee-paying student fee
2018: $2,604
International student fee
2018: $3,600

Guide to fees

Commonwealth supported place (CSP) student contribution amount
For Australian citizens, permanent visa holders and permanent humanitarian visa holders, and New Zealand citizens who study this unit:
  • as part of a QUT course and are eligible for a Commonwealth supported place (CSP)
  • as a cross-institutional student who has a Commonwealth supported place at their home university.
Domestic fee-paying student fee
For Australian citizens, permanent visa holders and permanent humanitarian visa holders, and New Zealand citizens, who study this unit:
  • as part of a QUT course and are not eligible for a Commonwealth supported place (CSP)
  • as part of a QUT course during Summer Semester
  • as a cross-institutional student who does not have a Commonwealth supported place at their home university
  • as a single-unit study student.
International student fee
For international students who study this unit:
  • as part of a QUT course
  • as part of our study abroad or exchange programs
  • as a cross-institutional student.

Previous study requirements

Prerequisites
( AYB221 or INB120) and ( AYB340 or AYB220)
Equivalents
AYX301

Guide to previous study requirements

Prerequisites
To enrol in this unit, you must have completed these prerequisite units (or have credit, advanced standing or exemption for them), or be able to demonstrate that you have equivalent background knowledge.
Anti-requisites
You can’t enrol in this unit if you have completed any of these anti-requisite units.
Co-requisites
To enrol in this unit, you must have already completed these co-requisite units, or you must enrol in them at the same time.
Equivalents
You can’t enrol in this unit if you have completed any of these equivalent units.
Assumed knowledge
We assume that you have a minimum level of knowledge in certain areas before you start this unit.

Unit outlines

Coordinator

Name
Dr Sherrena Buckby
Email
s.buckby@qut.edu.au
Phone
3138 4324
Fax
3138 1812

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 to support the auditor's opinion in financial reports. This then combines with all other knowledge of financial reporting and governance requirements in a business environment, derived from other units.

Learning outcomes

Undergraduate Coursework AoLs

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:

Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.

Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.

Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.

Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts

Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.


Unit Learning Outcomes (ULOs)

On completion of this unit, you should be able to:

1. Discuss the nature and purpose of auditing and assurance services and the impacts of regulatory and professional requirements on these services, including audit litigation.
2. Apply auditing and ethical concepts, standards, techniques and theory to critically analyse, evaluate, synthesise, problem solve and make decisions on practical issues and situations within the auditing process.
3. Use teamwork knowledge and written communication skills to identify auditing and ethical issues arising in a professional environment and justify written decisions within the relevant auditing and ethical standards.

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. The issues covered in auditing are techniques practiced both in Australia and overseas.

The graduate capabilities this unit develops are discipline knowledge, analysis, evaluation and synthesis of theory and practice, planning, problem solving and decision making, working in a team, written communication and ethics.

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.

Lectures provide theoretical coverage of audit issues, standards and auditing concepts and the application of these techniques and issues to practical auditing examples and exposure to the use of technology in auditing. 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 and audit planning, 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 items

Name #1: Mid Semester Quiz
DescriptionThe online quiz will test student's knowledge and critical thinking. The quiz will consist of multi-choice questions covering topics 1-4. Further details provided on Blackboard.
Length: 60 minutes working time
Formative or Summative: Both
Weighting20%
Due dateWeek 5
Internal or externalInternal
Group or individualIndividual
Relates to learning outcomesULO: 1, 2 & 3 and AoL goals: KS (1.1), HO (2.1), SE (5.1)
Name #2: Group Project
DescriptionThis is a written assessment focuses on topics 1-5 of the semester. Groups of 3 students will be formed electronically via a group registration process. Further details of the assessment task and the electronic submission processes will be provided on Blackboard.
Length: Approximately 2000 words maximum, typed and formatted. 10% above the word limit is acceptable. Grading will be based upon the text that is within the word limit (or 10% above).
Formative or Summative: Both
Weighting30%
Due dateWeek 9
Internal or externalInternal
Group or individualGroup
Relates to learning outcomesULOs: 2 &3 and AoL goals: HO (2.1), PC (3.1), TS (4.2), SE (5.1)
Name #3: End of Semester Examination
DescriptionWritten questions covering both practical and theoretical auditing issues. This assessment aims to classify student performance and to assess their knowledge in relation to all the learning outcomes of the unit. The exam will cover topics 5-13 (inclusive). Further details provided on Blackboard.
Length: 2 hours working plus 10 minutes perusal
Formative or Summative: Summative
Weighting50%
Due dateCentral Exam Period
Internal or externalInternal
Group or individualIndividual
Relates to learning outcomesULOs: 1, 2 & 3 and AoL goals: KS (1.1), HO (2.2), TS (4.2)

Academic integrity

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:
Choice of:
· Modern Auditing & Assurance Services + iStudy. 6th ed. (2015). Leung, P., Coram, P., Cooper, B., Richardson, P., John Wiley & Sons Australia Ltd. OR
· Modern Auditing & Assurance Services E-Book + iStudy. 6th ed. (2015). Leung, P., Coram, P., Cooper, B., Richardson, P., John Wiley & Sons Australia Ltd.


References:
· Auditing, Assurance Services & Ethics In Australia 9th ed. (2013). Arens, A., Best P., Shailer G., Fiedler B.; Pearson Australia.
· Auditing + Assurance A Business Risk Approach 3rd ed. (2012). Jubb C., Rittenberg L., Johnstone K., & Gramling A.; Cengage Learning.
· Auditing Assurance and Ethics Handbook 2015. Pearson Education, Australia


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.

Apply

Single-unit study

You can apply to study this unit for personal or professional development

Apply now for single-unit study

Cross-institutional study

You can apply to study this unit for credit towards a course at another university

Apply now for cross-institutional study