ACCT20075 - Auditing and Ethics
Term 1 - 2017


All details in this unit profile for ACCT20075 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student). The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.

Overview

This unit deals with the examination of the financial auditing environment. It specifically addresses issues dealing with the auditing standards and practice statements, ethics, current developments and legal liability. The unit also examines the legal, ethical and professional requirements that determine the conduct of the financial audit. The unit balances both theoretical and practical aspects of financial auditing. You are introduced to statistical and non-statistical sampling as well as audit methodology, planning and internal control. If you have successfully completed the unit ACCT20040 you should not enrol in this unit.

Details

Career Level Postgraduate
Credit Points 6
Student Contribution Band [not found]
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

Prerequisite: ACCT20071 Foundations of Financial Accounting

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Offerings

Term 1 - 2017
  • Brisbane
  • Distance
  • Melbourne
  • Sydney

Website

This unit has a website, within the Moodle system, which is available two weeks before the start of term. It is important that you visit your Moodle site throughout the term. Go to Moodle

Recommended Student Time Commitment

Each 6-credit Postgraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Assessment Overview

Assessment Task Weighting
1. Online Test 10%
2. Practical and Written Assessment 30%
3. Examination 60%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Procedures for more details of interim results and final grades.

All University policies are available on the IMPortal.

You may wish to view these policies:

  • Grades and Results Procedure
  • Assessment Policy and Procedure (Higher Education Coursework)
  • Review of Grade Procedure
  • Academic Misconduct Procedure
  • Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
  • Monitoring Academic Progress (MAP) Policy and Procedure – International Students
  • Refund and Excess Payments (Credit Balances) Policy and Procedure
  • Student Feedback – Compliments and Complaints Policy and Procedure
  • Acceptable Use of Information and Communications Technology Facilities and Devices Policy and Procedure

This list is not an exhaustive list of all University policies. The full list of University policies are available on the IMPortal.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Feedback Source Recommendation
A student requested workshop materials for all weeks of the term be made available at the beginning of term. Student feedback All workshop materials for the entire term will be available on Moodle by Week 1.
On successful completion of this unit, you will be able to:
  1. Evaluate and apply systems theory and the risk-based approach to the practice of financial auditing
  2. For a given business scenario, analyse the internal controls applicable to the transaction cycles of the business, then correctly apply the appropriate control and substantive tests for each cycle
  3. Evaluate and apply the appropriate auditing standard for a given situation
  4. Critically evaluate and report on the ethical and legal aspects of planning, executing and reporting on a financial audit
  5. Evaluate the different types of audit reports that can be presented, and apply the appropriate report for a given situation.

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4 5
1 - Online Test      
2 - Practical and Written Assessment  
3 - Examination

Alignment of Graduate Attributes to Learning Outcomes

  • Professional Level
  • Advanced Level
Graduate Attributes Learning Outcomes
1 2 3 4 5
1. Knowledge
2. Communication
3. Cognitive, technical and creative skills
4. Research          
5. Self-management          
6. Ethical and Professional Responsibility        
7. Leadership          

Alignment of Assessment Tasks to Graduate Attributes

  • Professional Level
  • Advanced Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7
1 - Online Test          
2 - Practical and Written Assessment      
3 - Examination      

Prescribed Textbooks

Auditing and Professional Ethics
Author/s: S Chaplin Year: 2016
Edition: Publisher: Wiley
Country: Australia
View textbooks at the CQUniversity Bookshop
Note:

The prescribed textbook is an eText and is only available to be purchased online. The eText will not be available in hard copy at the library. It has been developed specifically for this unit.

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
All submissions for this unit must use the American Psychological Association (APA) referencing style (details can be obtained here). For further information, see the Assessment Tasks below.
Unit CoordinatorSally Chaplin (s.chaplin@cqu.edu.au)
Note: Check the Term-Specific section for any additional contact information provided by the teaching team
Week Begin Date Module/Topic Chapter Events and Submissions
Week 1 06-03-2017

Introduction and overview of audit and assurance

1

Week 2 13-03-2017

Ethics, legal liability and client acceptance

2

Week 3 20-03-2017

Risk assessment I

3

Week 4 27-03-2017

Risk assessment II

4

Online Test Due Tuesday (28 Mar 17) 09:00 PM AEST
Week 5 03-04-2017

Internal controls

5

Vacation Week 10-04-2017
Week 6 17-04-2017

IN-CLASS WRITTEN ASSESSMENT

In-class written Assessment Due AEST
Week 7 24-04-2017

Audit sampling

6

Week 8 01-05-2017

Testing controls and

Performing substantive procedures

7 & 8

Week 9 08-05-2017 Substantive testing - balance sheet accounts

9

Week 10 15-05-2017 Substantive testing - income statement accounts

10

Week 11 22-05-2017

Completing the audit

11

Week 12 29-05-2017

Course review/Revision session

All chapters covered
Review/Exam Week 05-06-2017
Exam Week 12-06-2017

1 Online Test

Assessment Title Online Test
Task Description

This assessment item consists of an open-book online quiz available in Moodle. The quiz will consist of a range of multiple-choice questions. You must complete this quiz individually within the time period indicated. You will not be able to re-open the quiz after this date. Therefore, it is your responsibility to complete the quiz within the specified time period.

Assessment Due Date Week 4 Tuesday (28-Mar-2017) 09:00 PM AEST
Available from 9:00am Monday 27 March to 9:00pm Tuesday 28 March 2017 only
Return Date to Students You can access your results on the course website via the Gradebook after the quiz has closed.
Weighting 10%
Assessment Criteria

This assessment item will assess your problem-solving skills in relation to the auditing concepts covered in chapters 1 to 3 inclusive.

Referencing Style American Psychological Association (APA)
Submission Online

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Evaluate and apply systems theory and the risk-based approach to the practice of financial auditing

2. For a given business scenario, analyse the internal controls applicable to the transaction cycles of the business, then correctly apply the appropriate control and substantive tests for each cycle

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Knowledge

2. Communication



2 Practical and Written Assessment

Assessment Title In-class written Assessment
Task Description

This assessment requires you to attend class to prepare short answers to various scenarios within the audit environment. Marks will be allocated to both correctness of content and writing skills.

Assessment Due Date Please attend your lecture for week 6 to complete and submit assessment.
Return Date to Students Week 8 Thursday (04-May-2017)
Weighting 30%
Assessment Criteria

You will be assessed on your ability to demonstrate your analysis of a business situation or theoretical aspect in relation to an external audit. These will be short answer questions and marks will be awarded on the correctness of your answer and writing skills.

Referencing Style American Psychological Association (APA)
Submission Hard copy

Hand in to lecturer during week 6 lecture

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Evaluate and apply systems theory and the risk-based approach to the practice of financial auditing

2. For a given business scenario, analyse the internal controls applicable to the transaction cycles of the business, then correctly apply the appropriate control and substantive tests for each cycle

3. Evaluate and apply the appropriate auditing standard for a given situation

4. Critically evaluate and report on the ethical and legal aspects of planning, executing and reporting on a financial audit

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Knowledge

2. Communication

3. Cognitive, technical and creative skills

6. Ethical and Professional Responsibility



Examination

Outline Complete an examination
Date During the University examination period
Weighting 60%
Length 180 minutes
Details Dictionary - non-electronic, concise, direct translation only (dictionary must not contain any notes or comments).
Calculator - non-programmable, no text retrieval, silent only.
Closed Book
Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. Evaluate and apply systems theory and the risk-based approach to the practice of financial auditing

2. For a given business scenario, analyse the internal controls applicable to the transaction cycles of the business, then correctly apply the appropriate control and substantive tests for each cycle

3. Evaluate and apply the appropriate auditing standard for a given situation

4. Critically evaluate and report on the ethical and legal aspects of planning, executing and reporting on a financial audit

5. Evaluate the different types of audit reports that can be presented, and apply the appropriate report for a given situation.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Knowledge

2. Communication

3. Cognitive, technical and creative skills

6. Ethical and Professional Responsibility


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