Order 1150246: Auditing and Assurance Services

ACC707

ACC707 AUDITING AND ASSURANCE T218 08/06/2018 13:47 PAGE 3 OF 12 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A

2.3 Subject Learning Outcomes

Listed below, are key knowledge and skills students are expected to attain by successfully completing this

subject:

Subject Learning Outcomes Contribution to Course Graduate

Attributes

a) Apply the various auditing standards and procedures taking into consideration the professional legal and ethical standards relevant to audits by the application of these to the conduct of an audit.

b) Apply the concepts of risk analysis, internal controls, audit testing procedures and audit sampling techniques as they apply to audit practice.

c) Evaluate information of audit practice and audit reports with reference to current auditing standards.

2.4 Subject Content and Structure Below are details of the subject content and how it is structured, including specific topics covered in lectures and tutorials. Reading refers to the text unless otherwise indicated. Weekly Planner:

Week (beginning)

Topic covered in each week’s lecture

Reading(s) Expected work

1 09 Jul

Auditing and assurance services Chs 1, 2 Tutorial exercises

2 16 Jul

Role of professional ethics in auditing

Ch 3 Tutorial exercises

3 23 Jul

Auditor’s legal liability Ch 5 Tutorial exercises

4 30 Jul

Auditing of financial reports Ch 6

Case Study Provided

5 6 Aug

Audit planning, and assessing of risks

Ch 9 Tutorial exercises

6 13 Aug

Mid-trimester test Mid-trimester test

19 Aug 2018

– 26 Aug 2018

Mid-trimester break

7 27 Aug

Internal control analysis and testing Ch 10 Tutorial exercises

8 03 Sep

Audit testing and processes Ch 11 Tutorial exercises

9 10 Sep

Auditing transactions processes Ch 16

Tutorial exercises Deferred Mid Trimester Exams for all subjects - see Section 2.6 below for more information

10 17 Sep

Audit completion and reporting

Ch 18 Case study due

11 24 Sep

Auditor’s reporting obligations Ch 7 Tutorial exercises

12 01 Oct

Revision Tutorial exercises

13 08 Oct

Study Review Week

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ACC707 AUDITING AND ASSURANCE T218 08/06/2018 13:47 PAGE 8 OF 12 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A

Assessment 2 Assessment Type: Auditing case study – 2500 + 10% word report - individual assessment. Purpose: To allow students to demonstrate their ability to research, critically analyse trends and issues in auditing and assurance services, identifying problems as would arise in a modern organisation. This assessment relates to Learning Outcomes a, b and c. Value: 30% Due Date: Week 10 - 5:00 pm Wednesday of Week 10. Submission: Upload soft copy of Word .doc or .docx to Turnitin and Moodle via KOI’s Moodle subject homepage. Topic: The specific case will be available in class and via Moodle in Week 4 Task Details: 2500 + 10% word short report. Based on the information provided, and using current theories and models in auditing and assurance services, students need to analyse how they apply to the given situation. Specific research supported recommendations need to be provided Research requirements: Students need to support their analysis with references from the text and a minimum of ten (10) suitable, reliable, current and academically acceptable sources – this should include at least 4 peer-reviewed academic journal articles. Academic acceptability of other sources is as advised by the lecturer/tutor. Presentation: 2500 + 10% word report format – Word .doc or .docx. Title page, executive summary, table of contents, appropriate headings and sub-headings, recommendations, reference list (Harvard – Anglia style), attachments if relevant. Single spaced, font Times New Roman 12pt, Calibri 11pt or Arial 10pt. Marking Guide: Analysis 30% Research – extent and application 30% Recommendations/conclusions 20% Presentation 20% Total mark will be scaled to a mark out of 30 subject marks.

ACC707

ACC707 AUDITING AND ASSURANCE T218 08/06/2018 13:47 PAGE 9 OF 12 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A

Marking rubric for ACC707 Auditing and Assurance Assessment 2

Criteria Fail

(0 – 49%) Pass

(50 – 64%) Credit

(65 – 74%) Distinction (75 – 84%)

High Distinction (85 – 100%)

Interpretation and Representation

Does not provide explanations of information presented in mathematical form. Does not make appropriate inferences based on that information. Does not convert relevant information into an insightful mathematical portrayal.

Provides somewhat accurate explanations of information presented in mathematical forms, but occasionally makes minor errors related to computations or units. Makes some inferences based on that information. Completes conversion of information but resulting mathematical portrayal is only partially appropriate or accurate.

Provides mostly accurate explanations of information presented in mathematical form. Makes mostly appropriate inferences based on that information. Converts relevant information into an insightful mathematical portrayal in a way that contains minimal inaccuracies

Provides accurate explanations of information presented in mathematical form. Makes appropriate inferences based on that information. Competently converts relevant information into an insightful mathematical portrayal in a way that contributes to a further and deeper understanding.

Provides accurate explanations of information presented in mathematical form. Makes skillful inferences based on that information. Skillfully converts relevant information into an insightful mathematical portrayal in a way that contributes to a further or deeper understanding.

Calculations Does not perform accurate calculations. Formulae and workings either not provided or incomplete. Many errors.

Performs calculations which solve the basic and/or most obvious problem(s). Main formulae and workings only provided. Some errors.

Performs mostly accurate calculations which are sufficiently comprehensive to solve most (of the) problem(s). Most formulae and workings provided - some gaps. Minor errors

Performs mostly accurate calculations which are sufficiently comprehensive to solve the problem(s). Most/all formulae and workings provided - minimal gaps. Minimal errors

Performs accurate calculations which are sufficiently comprehensive to solve the problem(s). All formulae and workings provided. No errors

Analysis Does not use correct and complete quantitative analysis. Does not make relevant and correct conclusions.

Uses basic analysis but uses the quantitative analysis as the basis for tentative, basic judgments, is hesitant or uncertain about drawing conclusions from this work.

Uses mostly correct and complete quantitative analysis. Makes mostly relevant and correct conclusions.

Uses correct and complete quantitative analysis. Makes mostly relevant and correct conclusions.

Uses correct and complete quantitative analysis. Makes sophisticated, relevant and correct conclusions.

Assumptions Does not attempt to describe assumptions or makes incorrect assumptions. Limited, incorrect or no rationale.

Attempts to describe assumptions and provides limited rationale to explain why each assumption is appropriate. Some errors in assumptions or assumptions overlooked

Describes assumptions and provides rationale to explain each assumption. Some elements incomplete or semi-accurate assumptions.

Explicitly describes assumptions and provides strong rationale to explain assumptions. Minimal errors in logic.

Explicitly describes assumptions and provides comprehensive, compelling and justified rationale to explain assumptions. No errors in logic.

Communication Communicates ineffectively. Words do not reflect the problem. May include diagrams which completely misrepresent the problem situation. May not include important supporting diagrams.

Has some satisfactory elements but may fail to complete or may omit significant parts of the problem. Explanation or description may be missing or difficult to follow in places. Includes most but not all important diagram(s) or diagram(s) may be unclear and difficult to interpret.

Makes significant progress towards completion of the problem, but the explanation or description may be somewhat ambiguous or unclear. May include flawed or unclear diagram(s), or insufficient diagrams.

Gives a fairly complete response with reasonably clear explanations or descriptions. Includes nearly all complete, appropriate diagram(s). Generally communicates effectively to the identified audience. Presents supporting arguments which are logically sound but may contain some minor gaps.

Gives a complete response with a clear, unambiguous explanation and/or description. Includes all appropriate and complete diagram(s). Communicates effectively to the identified audience. Presents strong supporting arguments which are logically sound and complete.

Total mark out of 100

Comments:

Assessment mark _____ / _____