ACCT19064 - Auditing & Professional Practice
Term 1 - 2017


All details in this unit profile for ACCT19064 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

In this unit, students will examine the professional environment of the auditor, particularly auditing standards and practice statements, legal liability, ethics and current developments (eg. Audit Expectation Gap). Audit methodology and planning, internal control and exposure to influences of electronic data processing (EDP) on audit testing will also be examined. The unit material, while drawing on audit theory, is very practically based for the needs of future audit professionals. Statistical and non-statistical audit sampling is also covered in detail. With an emphasis on professional and ethical practice, students will gain an appreciation of the role and needs of audit professionals in business environments.

Details

Career Level Undergraduate
Unit Level Level 3
Credit Points 6
Student Contribution Band 3
Fraction of Full-Time Student Load 0.125

Pre-requisites or Co-requisites

Pre-requisite: ACCT11081 or ACCT19084

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
  • Mackay
  • Melbourne
  • Rockhampton
  • 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 Undergraduate 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 Quiz(zes) 10%
2. Practical Assessment 15%
3. Practical and Written Assessment 15%
4. 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
Support on reflective journal writing would be helpful Student feedback We will provide students with examples of reflective writing and include a discussion of these in the Week 1 workshop.
On successful completion of this unit, you will be able to:
  1. Evaluate the environment within which the professional auditor operates
  2. Identify and describe the range of activities, processes and responsibilities that an auditor faces in his/her professional role
  3. Analyse the legal liability and ethical issues, and formulate strategies using common law and ethical decision-making frameworks
  4. Examine how auditing techniques and theory can influence professional auditing practices and relate these to current research
  5. Design an audit program using the principles of internal control and audit testing procedures.

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4 5
1 - Online Quiz(zes)      
2 - Practical Assessment  
3 - Practical and Written Assessment    
4 - Examination

Alignment of Graduate Attributes to Learning Outcomes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5
1. Communication          
2. Problem Solving
3. Critical Thinking        
4. Information Literacy    
5. Team Work    
6. Information Technology Competence          
7. Cross Cultural Competence          
8. Ethical practice    

Alignment of Assessment Tasks to Graduate Attributes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8
1 - Online Quiz(zes)            
2 - Practical Assessment        
3 - Practical and Written Assessment        
4 - Examination            

Prescribed Textbooks

Auditing: a practical approach
Author/s: Moroney, R, Campbell, F & Hamilton, J
Edition: 3rd edn Publisher: Wiley
City: Milton State: Qld
Country: Australia
View textbooks at the CQUniversity Bookshop
Note:

This is a digital only version of this text. At this stage there are no paper copies available.

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
  • Media Player
  • Microsoft Office (Word, Excel and PowerPoint)
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 CoordinatorRobert Grose (r.grose@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 to Audit and Assurance

1

Week 2 13-03-2017

Professional Practice

2

Week 3 20-03-2017

Risk assessment I

3

Week 4 27-03-2017

Risk assessment II

4

Week 5 03-04-2017

Audit Evidence

5

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

Internal Controls

6

Item 1: Online Quiz Due Tuesday (18 Apr 17) 08:00 PM AEST
Week 7 24-04-2017

Audit Sampling

7 and Leung 13

Week 8 01-05-2017

Executing Tests of Controls

8

Week 9 08-05-2017

Performing Substantive Procedures

9

Item 2: Performance Due Tuesday (09 May 17) 11:45 PM AEST
Item 3: Professional Practice Due Tuesday (09 May 17) 11:45 PM AEST
Week 10 15-05-2017

Testing Balance Sheet and Income Statement Accounts

10 and 11

Week 11 22-05-2017

Completing and Reporting on the Audit

12

Week 12 29-05-2017

Revision

All

Review/Exam Week 05-06-2017
Exam Week 12-06-2017

WEEKLY INDIVIDUAL TUTORIAL QUESTIONS SCHEDULE FOR ALL STUDENTS

Week 1: Moroney et al. 2017 Ch. 1 – RQ: 12, 14, 22; PAQ: 23

Week 2: Moroney et al. 2017, Ch. 2 – RQ: 11, 18, 19; PAQ: 23

Week 3: Moroney et al. 2017, Ch. 3 – RQ: 20, 21, 22; PAQ: 35

Week 4: Moroney et al. 2017, Ch. 4 – RQ: 11, 17, 22; PAQ: 33

Week 5: Moroney et al. 2017, Ch. 5 – RQ: 13, 14, 17; PAQ: 34

Week 6: Moroney et al. 2017, Ch. 6 – RQ: 13, 18, 21; PAQ: 31

Week 7: Moroney et al. 2017, Ch. 7 – RQ: 17, 18, 20; PAQ: 24, 31

Week 8: Moroney et al. 2017, Ch. 8 – RQ: 12, 18, 21; PAQ: 28

Week 9: Moroney et al. 2017, Ch. 9 – RQ: 13, 19, 22; PAQ: 26

Week 10: Moroney et al. 2017, Ch. 10 – RQ: 17, 22; PAQ: 27 and Ch. 11 – RQ: 18; PAQ: 27

Week 11: Moroney et al. 2017, Ch. 12 – RQ: 14, 20, 22; PAQ: 28

Week 12: Revision – past exam papers

Note: Students are expected to complete these questions prior to attending the Workshop where they will be expected to contribute to the classroom discussion covering appropriate solutions to these questions. Completing these questions prior to the Workshop will also make it easier for students to actively contribute to team activities.

WEEKLY WORKSHOP ACTIVITY SCHEDULE FOR ALL STUDENTS

acting as audit assistants and senior auditors for W&S Partners (fictitious audit firm)

Week 1: Cloud 9 audit – Form audit teams

Week 2: Cloud 9 audit – Ethics and client acceptance – Moroney et al. 2017, p. 42 (b) and (c)

Week 3: Cloud 9 audit – Ethics and Client Acceptance – Moroney et al. 2017, p. 78 (a) and (b)

Week 4: Cloud 9 audit – Understanding the Client – Moroney et al. 2017, pp. 112-113

Week 5: Cloud 9 audit – Refer Week 5 Workshop Questions – Assessment item 2: Cloud 9 Participation

Week 6: Cloud 9 audit – Refer Week 6 Workshop Questions – Assessment item 2: Cloud 9 Participation

Week 7: Cloud 9 audit – Refer Week 7 Workshop Questions – Assessment item 2: Cloud 9 Participation

Week 8: Cloud 9 audit – Refer Week 5 Workshop Questions – Assessment item 2: Cloud 9 Participation

Week 9: Cloud 9 audit – Control risk – Moroney et al. 2017, p. 328

Week 10: Cloud 9 audit – Overall risk – Moroney et al. 2017, pp. 375-376 (a)

Week 11: Follow above tutorial schedule

Week 12: Follow above tutorial schedule

Note: Working papers are provided for these tasks on the unit website.

1 Online Quiz(zes)

Assessment Title Item 1: Online Quiz
Task Description

Assessment item 1 consists of an open-book online quiz available in Moodle. The quiz will consist of a range of questions such as: multiple-choice and true/false 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.

If you experience a computer transmission problem you cannot resolve, you are required to contact the unit coordinator by email (the online system records your attempt on the quiz). The unit coordinator will contact you within 24 hours of your email. Therefore, monitor your emails closely so you can complete the quiz as instructed.

Number of Quizzes 1
Assessment Due Date Week 6 Tuesday (18-Apr-2017) 08:00 PM AEST
Available from 8:00 am Sunday 16 April to 8:00 pm Tuesday 18 April 2017 only.
Return Date to Students Your results of the quiz will be automatically generated and will be displayed upon completion of the quiz. You can access your results again on the course website via the Gradebook. You will be able to check your quiz for incorrect answers 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 5 inclusive.

Submission Online

The online quiz is to be completed online within Moodle.

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

1. Evaluate the environment within which the professional auditor operates

2. Identify and describe the range of activities, processes and responsibilities that an auditor faces in his/her professional role

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

2. Problem Solving

8. Ethical practice



2 Practical Assessment

Assessment Title Item 2: Performance
Task Description

Assessment Item 2 requires you to work with a team to complete the weekly workshop tasks (see workshop schedule). You are required to attend and actively participate as an effective team member during the weekly workshops (Group Space activities for distance students) for weeks 5 to 8 inclusive. You will work closely with your audit team during the workshops (Group Space for distance students) to collaboratively work towards building the permanent and current working paper files relating to the Cloud 9 audit.

This is a progressive task where you will gradually build the audit working papers for discussion and/or submission to your Audit Manager. Worksheets are provided in Moodle for each weekly activity. Your team will keep a record of each member's weekly contribution using the Team Participation and Activity Sheet provided in Moodle. Even though you will perform these tasks as part of a small audit team, you will be assessed as an individual based on your performance within the team. Marks will be awarded for active participation based on your contribution towards your team’s output for weeks 5 to 8 inclusive.

You will be expected to adequately prepare for the workshops so that you can make valuable contributions to your team’s output. There will be no marks awarded to passive students as marks are based solely on individual contributions towards the team’s completed working papers during the four-week period. Evidence of your participation will be sourced from Team Participation and Activity Sheets, Reflective Journals and observation in workshops/Group Space.

Refer to the assessment block in Moodle for further details about this assessment item.

Assessment Due Date Week 9 Tuesday (09-May-2017) 11:45 PM AEST
Return Date to Students Week 11 Friday (26-May-2017)
Results will be released in Moodle via the gradebook with the return of assessment item 3 marked assignments.
Weighting 15%
Assessment Criteria

This assessment task is criterion-based. You will be assessed through your ability to demonstrate the skills and attributes, information literacy, team work, problem solving and ethical practice during the audit of Cloud 9 Pty Ltd. It also takes into account evaluations by your peers (Performance Bonus). Evidence of participation in the team-based assessment tasks will be gathered from the Team Participation and Activity Sheets, observation by Audit Managers, and Reflective Journal entries. The marking sheet for this team-based assessment is available in the Assessment block in Moodle.

You will be provided with opportunities to develop the graduate attributes listed below. These attributes will be assessed from a range of sources, such as, by examining the process of the team working together to complete the assigned tasks, the quality of the output, and Team Participation and Activity Sheets. Refer to the Graduate Attribute information provided in the University Themes section of the eUnit Profile for specific details.

Referencing Style American Psychological Association (APA)
Submission Online
Hard copy
Group submission

Team Participation and Activity Sheet:- Distance students: submit your team’s completed Team Participation and Activity Sheet by Tuesday of Week 9 by lodging an electronic copy via the link available on the course website within the Group Space section. Only one member per team to submit this completed form. On-campus students: submit your team’s completed Team Participation and Activity Sheet to your Audit Manager at the end of the Week 8 workshop.

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

1. Evaluate the environment within which the professional auditor operates

2. Identify and describe the range of activities, processes and responsibilities that an auditor faces in his/her professional role

3. Analyse the legal liability and ethical issues, and formulate strategies using common law and ethical decision-making frameworks

4. Examine how auditing techniques and theory can influence professional auditing practices and relate these to current research

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

2. Problem Solving

4. Information Literacy

5. Team Work

8. Ethical practice



3 Practical and Written Assessment

Assessment Title Item 3: Professional Practice
Task Description

Assessment Item 3 consists of two components which are directly linked to the requirements of Assessment Item 2. For Assessment Item 2 you are required to actively participate in small audit teams to complete various audit related tasks for the Cloud 9 audit. As such, Assessment Item 2 provides the environment for Assessment Item 3.

Assessment Item 3 requires you to individually maintain an online Reflective Journal to record your experiences as you work with your team and document the development of your graduate skills and attributes (i.e. documenting your evidence). You will then prepare and submit a two-page Performance Review Summary outlining how you achieved the graduate attributes and unit goals while working in your team during weeks 5 to 8 inclusive.

More details are provided about this assessment item in the Assessment block in Moodle. A web-page is setup as an online Reflective Journal for you to use and a template is provided for the Performance Review Summary.

Assessment Due Date Week 9 Tuesday (09-May-2017) 11:45 PM AEST
Return Date to Students Week 11 Friday (26-May-2017)
Weighting 15%
Assessment Criteria

This assessment task is criterion-based. Your ability to engage in frequent reflection on, and realistic observation of, your performance is the overarching criterion for this individual assessment task. You will be assessed based on your ability to demonstrate your developing self awareness in the skills and attributes, team work, decision making, information literacy and ethical practice. The marking sheet for this individual assessment is available in the Assessment block in Moodle.

Referencing Style American Psychological Association (APA)
Submission Online

Submit the Performance Review Summary document via the assessment block within Moodle.

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

1. Evaluate the environment within which the professional auditor operates

4. Examine how auditing techniques and theory can influence professional auditing practices and relate these to current research

5. Design an audit program using the principles of internal control and audit testing procedures.

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

2. Problem Solving

4. Information Literacy

5. Team Work

8. Ethical practice



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 the environment within which the professional auditor operates

2. Identify and describe the range of activities, processes and responsibilities that an auditor faces in his/her professional role

3. Analyse the legal liability and ethical issues, and formulate strategies using common law and ethical decision-making frameworks

4. Examine how auditing techniques and theory can influence professional auditing practices and relate these to current research

5. Design an audit program using the principles of internal control and audit testing procedures.

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

2. Problem Solving

4. Information Literacy


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