Course Outline
ACC621 Issues in Auditing Practice
Course Coordinator:Kirstin Meredith (kmeredit@usc.edu.au) School:School of Business and Creative Industries
2021Semester 2
UniSC Southbank |
Blended learning | Most of your course is on campus but you may be able to do some components of this course online. |
Please go to unisc.edu.au for up to date information on the
teaching sessions and campuses where this course is usually offered.
What is this course about?
Description
This course provides you with a detailed understanding of the audit function and an awareness of the topical issues affecting the audit profession. It aims to develop your critical reflection and analysis skills. Audit vocabulary is emphasised to cultivate an ability to skilfully communicate as a future member of the audit profession. You will be exposed to the major concepts associated with financial report audits, including: audit planning, audit evidence, tests of controls and substantive testing. You will also gain an appreciation of the regulatory environment affecting the profession, and evaluate the legal and ethical issues pertinent to auditors.
How will this course be delivered?
| Activity | Hours | Beginning Week | Frequency |
| Blended learning | |||
| Lecture | 2hrs | Not applicable | Not Yet Determined |
| Tutorial/Workshop 1 | 1hr | Not applicable | Not Yet Determined |
Course Topics
An overview of assurance and auditing
Elements of the financial report audit process
Planning, understanding the entity, assessing business risks, and assessing inherent risk
Understanding, assessing, and testing internal control
Gathering substantive evidence
Contemporary audit issues
Audit sampling
Completion and review procedures
The auditor’s reporting obligations
Audit regulation and auditor’s liability
Ethics, independence and corporate governance
What level is this course?
600 Level (Specialised)
What is the unit value of this course?
12 units
How does this course contribute to my learning?
| Course Learning Outcomes On successful completion of this course, you should be able to... | Graduate Qualities Mapping Completing these tasks successfully will contribute to you becoming... | Professional Standard Mapping * Association to Advance Collegiate Schools of Business | |
| 1 | Describe the recent issues and regulations related to auditing. |
Knowledgeable Empowered |
PC5, PC6 |
| 2 | Evaluate and analyse ethical and legal dilemmas facing auditors in the context of the Code of Ethics, as well as statutory and common law. | Ethical |
PC4
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| 3 | Synthesise and apply the various concepts and phases of financial statement auditing. |
Knowledgeable Creative and critical thinker |
PC1, PC6 |
| 4 | Leverage key audit completion steps and critically assess different types of audit reports. |
Knowledgeable Creative and critical thinker |
PC3, PC6 |
| 5 | Demonstrate written and digital literacy skills for advanced communication and information sharing in a business context. | Engaged |
PC1, PC1.1, PC1.3 |
* Competencies by Professional Body
| CODE | COMPETENCY |
| Association to Advance Collegiate Schools of Business | |
| PC1 | Communication |
| PC1.1 | Written Communication |
| PC1.3 | Digital Literacy |
| PC3 | Creative and Critical Thinking |
| PC4 | Community Consciousness |
| PC5 | Cultural Awareness |
| PC6 | Career-adaptive |
Am I eligible to enrol in this course?
Refer to the UniSC Glossary of terms for definitions of “pre-requisites, co-requisites and anti-requisites”.
Pre-requisites
ACC512 or ACC510 and enrolled in any PGRD Program
Co-requisites
Not applicable
Anti-requisites
Not applicable
Specific assumed prior knowledge and skills (where applicable)
An understanding of financial accounting concepts.
Microcredential Information
Not applicable
How am I going to be assessed?
Grading Scale
Standard Grading (GRD)
| High Distinction (HD), Distinction (DN), Credit (CR), Pass (PS), Fail (FL). |
Details of early feedback on progress
Formative feedback will be provided through discussion of weekly homework questions in tutorials from Week 2.
Assessment tasks
| Delivery mode | Task No. | Assessment Product | Individual or Group | Weighting % | What is the duration / length? | When should I submit? | Where should I submit it? |
| All | 1 | Oral | Individual | 20% | 10 minutes |
Week 5 | Online Submission |
| All | 2 | Case Study | Individual | 30% | 1,600 words |
Week 11 | Online Assignment Submission with plagiarism check |
| All | 3 | Examination - Centrally Scheduled | Individual | 50% | 2 hours |
Exam Period | Online Test (Quiz) |
| All - Assessment Task 1:Oral presentation | |||||||
| Goal: | To provide an opportunity for you to demonstrate an advanced ability to understand and apply fundamental audit concepts. |
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| Product: | Oral | ||||||
| Authorship Statement: | |||||||
| Format: | You will make a recorded audio and video presentation explaining some fundamental audit concepts. More information on the requirements for the presentation will be provided on the course site. |
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| Criteria: |
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| Generic Skills: | Communication, Organisation, Applying technologies |
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| All - Assessment Task 2:Case study assignment | |||||||||||||
| Goal: | To enable you to apply and synthesise the knowledge covered in relevant topics to several contemporary problem-solving situations relevant to the field. |
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| Product: | Case Study | ||||||||||||
| Authorship Statement: | |||||||||||||
| Format: | The assignment is to be your individual work - it is not a group assignment. Specific details of the case study and task requirements will be made available on the course site.This task is being used for measuring assurance of learning towards Association to Advance Collegiate Schools of Business (AACSB) accreditation. The following Program Competency will be assessed:Program Competency 1.3 - Demonstrate digital literacy skills for advanced communication and information sharing in a business context. |
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| Criteria: |
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| Generic Skills: | Communication, Problem solving, Organisation, Applying technologies, Information literacy |
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| All - Assessment Task 3:Final examination | |||||||||||||
| Goal: | To assess your understanding of the knowledge and skills taught throughout the course |
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| Product: | Examination - Centrally Scheduled | ||||||||||||
| Authorship Statement: | |||||||||||||
| Format: | This is an individual assessment. Students will be required to explain key audit concepts and apply the concepts to particular case studies and scenarios. Further details are provided in the assessment area of the course site. |
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| Criteria: |
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| Generic Skills: | Communication, Problem solving, Organisation, Information literacy |
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Directed study hours
A 12-unit course will have total of 150 learning hours which will include directed study hours (including online if required), self-directed learning and completion of assessable tasks. Student workload is calculated at 12.5 learning hours per one unit.
What resources do I need to undertake this course?
Please note: Course information, including specific information of recommended readings, learning activities, resources, weekly readings, etc. are available on the course Canvas site– Please log in as soon as possible.
Prescribed text(s) or course reader
You need regular access to the resource(s) below. Many texts are available as ebooks through the Library at no additional cost.
| Required? | Author | Year | Title | Edition | Publisher |
| Recommended | Gay, G and Simnett, R | 2018 | Auditing and Assurance Services in Australia | 7th Ed | McGraw Hill |
Specific requirements
Not applicable
How are risks managed in this course?
What administrative information is relevant to this course?
Assessment: Academic Integrity
Academic integrity is the ethical standard of university participation. It ensures that students graduate as a result of proving they are competent in their discipline. This is integral in maintaining the value of academic qualifications. Each industry has expectations and standards of the skills and knowledge within that discipline and these are reflected in assessment.
Academic integrity means that you do not engage in any activity that is considered to be academic fraud; including plagiarism, collusion or outsourcing any part of any assessment item to any other person. You are expected to be honest and ethical by completing all work yourself and indicating in your work which ideas and information were developed by you and which were taken from others. You cannot provide your assessment work to others. You are also expected to provide evidence of wide and critical reading, usually by using appropriate academic references.
In order to minimise incidents of academic fraud, this course may require that some of its assessment tasks, when submitted to Canvas, are electronically checked through Turnitin. This software allows for text comparisons to be made between your submitted assessment item and all other work to which Turnitin has access.
Assessment: Additional Requirements
Your eligibility for supplementary assessment in a course is dependent of the following conditions applying: The final mark is in the percentage range 47% to 49.4% The course is graded using the Standard Grading scale You have not failed an assessment task in the course due to academic misconductAssessment: Submission penalties
Late submission of assessment tasks may be penalised at the following maximum rate: - 5% (of the assessment task's identified value) per day for the first two days from the date identified as the due date for the assessment task. - 10% (of the assessment task's identified value) for the third day - 20% (of the assessment task's identified value) for the fourth day and subsequent days up to and including seven days from the date identified as the due date for the assessment task. - A result of zero is awarded for an assessment task submitted after seven days from the date identified as the due date for the assessment task. Weekdays and weekends are included in the calculation of days late. To request an extension you must contact your course coordinator to negotiate an outcome.Links to relevant University policy and procedures
For more information on Academic Learning & Teaching categories including:
- Assessment: Courses and Coursework Programs
- Review of Assessment and Final Grades
- Supplementary Assessment
- Central Examinations
- Deferred Examinations
- Student Conduct
- Students with a Disability
For more information, visit https://www.usc.edu.au/explore/policies-and-procedures#academic-learning-and-teaching
Student Charter
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General Enquiries
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