School: Business and Law

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

  • Unit Title

    Auditing
  • Unit Code

    ACC3510
  • Year

    2017
  • Enrolment Period

    1
  • Version

    1
  • Credit Points

    15
  • Full Year Unit

    N
  • Mode of Delivery

    On Campus
    Online
  • Unit Coordinator

    Mr Atul CHANDRA

Description

This unit adopts the 'risk-based' approach of assurance and audit. It covers the auditing and assurance concepts, frameworks, case laws, standards and regulations for auditors' engagement, planning, decision-making processes, risk assessments, testing procedures and reporting obligations. Future directions in the assurance and auditing environment internationally are covered.
Students develop analytical, appraisal thinking , problem-solving, team work, written and oral communication skills.

Prerequisite Rule

Students must pass 1 unit from ACC2700

Learning Outcomes

On completion of this unit students should be able to:

  1. Apply ethics, independence and corporate governance.
  2. Assess risks, analyse entities and determine materiality.
  3. Complete the audit and arrive at the auditor's opinion.
  4. Develop analytical, problem-solving, written and oral communication.
  5. Perform tests of control and substantive tests.
  6. Plan the audit and describe the financial report audit process.
  7. Understand the profession of assurance and auditing.

Unit Content

  1. Appraising internal audit and testing internal controls.
  2. Assurance and auditing framework, standards and guidelines.
  3. Audit independence, professional code of ethics and corporate collapses.
  4. Evaluating inherent control and business risks.
  5. Problems and mitigating factors related to going concern of entities.
  6. Professional duty of care, legal duties and liabilities of auditors.
  7. Reporting obligations and opinion of auditor.
  8. Review procedures and audit completion.
  9. Strategy, planning, quality control and supervision by auditors.
  10. Substantive testing of transactions and balances.

Additional Learning Experience Information

On-campus students will be expected to interactively participate in a weekly seminar of three hours duration. Each seminar comprises activities such as, lectures, problem-solving discussions and presentations. The content and order of these activities in the seminar may vary from time to time.

Off-campus students will be supplied with unit materials to study and review every week with access via Blackboard. Regular online access to Blackboard and emails is required.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant Board of Examiners.

ON CAMPUS
TypeDescriptionValue
ParticipationInteractive participation10%
AssignmentTeam Assignment20%
ExaminationFinal Examination70%
ONLINE
TypeDescriptionValue
AssignmentAssignment10%
AssignmentTeam Assignment20%
ExaminationFinal Examination70%

Core Reading(s)

  • Caanz, S. (2017). Auditing, Assurance and Ethics Handbook 2017 Australia. [S.l.]: WILEY AUSTRALIA.

Disability Standards for Education (Commonwealth 2005)

For the purposes of considering a request for Reasonable Adjustments under the Disability Standards for Education (Commonwealth 2005), inherent requirements for this subject are articulated in the Unit Description, Learning Outcomes and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the support for students with disabilities or medical conditions can be found at the Access and Inclusion website.

Academic Misconduct

Edith Cowan University has firm rules governing academic misconduct and there are substantial penalties that can be applied to students who are found in breach of these rules. Academic misconduct includes, but is not limited to:

  • plagiarism;
  • unauthorised collaboration;
  • cheating in examinations;
  • theft of other students' work;

Additionally, any material submitted for assessment purposes must be work that has not been submitted previously, by any person, for any other unit at ECU or elsewhere.

The ECU rules and policies governing all academic activities, including misconduct, can be accessed through the ECU website.

ACC3510|1|1

School: Business and Law

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

  • Unit Title

    Auditing
  • Unit Code

    ACC3510
  • Year

    2017
  • Enrolment Period

    2
  • Version

    1
  • Credit Points

    15
  • Full Year Unit

    N
  • Mode of Delivery

    On Campus
    Online
  • Unit Coordinator

    Mr Atul CHANDRA

Description

This unit adopts the 'risk-based' approach of assurance and audit. It covers the auditing and assurance concepts, frameworks, case laws, standards and regulations for auditors' engagement, planning, decision-making processes, risk assessments, testing procedures and reporting obligations. Future directions in the assurance and auditing environment internationally are covered.
Students develop analytical, appraisal thinking , problem-solving, team work, written and oral communication skills.

Prerequisite Rule

Students must pass 1 unit from ACC2700

Learning Outcomes

On completion of this unit students should be able to:

  1. Apply ethics, independence and corporate governance.
  2. Assess risks, analyse entities and determine materiality.
  3. Complete the audit and arrive at the auditor's opinion.
  4. Develop analytical, problem-solving, written and oral communication.
  5. Perform tests of control and substantive tests.
  6. Plan the audit and describe the financial report audit process.
  7. Understand the profession of assurance and auditing.

Unit Content

  1. Appraising internal audit and testing internal controls.
  2. Assurance and auditing framework, standards and guidelines.
  3. Audit independence, professional code of ethics and corporate collapses.
  4. Evaluating inherent control and business risks.
  5. Problems and mitigating factors related to going concern of entities.
  6. Professional duty of care, legal duties and liabilities of auditors.
  7. Reporting obligations and opinion of auditor.
  8. Review procedures and audit completion.
  9. Strategy, planning, quality control and supervision by auditors.
  10. Substantive testing of transactions and balances.

Additional Learning Experience Information

On-campus students will be expected to interactively participate in a weekly seminar of three hours duration. Each seminar comprises activities such as, lectures, problem-solving discussions and presentations. The content and order of these activities in the seminar may vary from time to time.

Off-campus students will be supplied with unit materials to study and review every week with access via Blackboard. Regular online access to Blackboard and emails is required.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant Board of Examiners.

ON CAMPUS
TypeDescriptionValue
ParticipationInteractive participation10%
AssignmentTeam Assignment20%
ExaminationFinal Examination70%
ONLINE
TypeDescriptionValue
AssignmentAssignment10%
AssignmentTeam Assignment20%
ExaminationFinal Examination70%

Core Reading(s)

  • Gay, G., & Simnett, R. (2015). Auditing and assurance services in Australia. (6th ed.). North Ryde: Prentice-Hall.
  • Caanz, S. (2017). Auditing, Assurance and Ethics Handbook 2017 Australia. [S.l.]: WILEY AUSTRALIA.

Disability Standards for Education (Commonwealth 2005)

For the purposes of considering a request for Reasonable Adjustments under the Disability Standards for Education (Commonwealth 2005), inherent requirements for this subject are articulated in the Unit Description, Learning Outcomes and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the support for students with disabilities or medical conditions can be found at the Access and Inclusion website.

Academic Misconduct

Edith Cowan University has firm rules governing academic misconduct and there are substantial penalties that can be applied to students who are found in breach of these rules. Academic misconduct includes, but is not limited to:

  • plagiarism;
  • unauthorised collaboration;
  • cheating in examinations;
  • theft of other students' work;

Additionally, any material submitted for assessment purposes must be work that has not been submitted previously, by any person, for any other unit at ECU or elsewhere.

The ECU rules and policies governing all academic activities, including misconduct, can be accessed through the ECU website.

ACC3510|1|2