Auditing (11218.2)
Available teaching periods | Delivery mode | Location |
---|---|---|
View teaching periods | ||
EFTSL | Credit points | Faculty |
0.125 | 3 | Faculty Of Business, Government & Law |
Discipline | Study level | HECS Bands |
Canberra Business School | Level 3 - Undergraduate Advanced Unit | Band 4 2021 (Commenced After 1 Jan 2021) Band 4 2021 (Commenced After 1 Jan Social Work_Exclude 0905) Band 5 2021 (Commenced Before 1 Jan 2021) |
This unit is co-taught with 6223 Auditing PG.
Learning outcomes
After successful completion of this unit, students will be able to:1. Evaluate the reasons for an assurance service, such an audit of financial statements as a means of risk management;
2. Identify key relevant legal, ethical and professional aspects that affect the responsibilities of auditors;
3. Design audit plans and apply appropriate audit procedures required in assessing business risks and collecting audit evidence through control tests and substantive tests;
4. Evaluate audit evidence as a basis to form an audit opinion;
5. Prepare and communicate audit opinions; and
6. Evaluate key developments in audit research and how these research developments have informed auditors and users of audit reports.
Graduate attributes
1. ºÚÁϳԹÏÍø graduates are professional - communicate effectively1. ºÚÁϳԹÏÍø graduates are professional - communicate effectively
1. ºÚÁϳԹÏÍø graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. ºÚÁϳԹÏÍø graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
1. ºÚÁϳԹÏÍø graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. ºÚÁϳԹÏÍø graduates are professional - take pride in their professional and personal integrity
2. ºÚÁϳԹÏÍø graduates are global citizens - think globally about issues in their profession
2. ºÚÁϳԹÏÍø graduates are global citizens - understand issues in their profession from the perspective of other cultures
2. ºÚÁϳԹÏÍø graduates are global citizens - communicate effectively in diverse cultural and social settings
2. ºÚÁϳԹÏÍø graduates are global citizens - make creative use of technology in their learning and professional lives
2. ºÚÁϳԹÏÍø graduates are global citizens - behave ethically and sustainably in their professional and personal lives
3. ºÚÁϳԹÏÍø graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development
3. ºÚÁϳԹÏÍø graduates are lifelong learners - be self-aware
3. ºÚÁϳԹÏÍø graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. ºÚÁϳԹÏÍø graduates are lifelong learners - evaluate and adopt new technology
Prerequisites
11216 Accounting and Decision Support Systems.Corequisites
None.Incompatible units
6223 Auditing PG.Equivalent units
6398 Auditing.Assumed knowledge
Students enrolled in this unit should have a basic understanding and practical knowledge of accounting. They should be able to prepare financial statements.Year | Location | Teaching period | Teaching start date | Delivery mode | Unit convener |
---|
Required texts
4a List of Required Texts/Readings:
(print materials)
Prescribed textbook:
Gay, G., & Simnett, R. (2018). Auditing & Assurance Services in Australia (7th ed.). Sydney, Australia:McGraw-Hill.
Details on how to acquire the text are included here: https://www.mheducation.com.au/ebook-auditing-assurance-services
There are a large number of auditing textbooks on Auditing that you may wish to consult. However, we have prescribed Gay & Simnett (2018) for this unit.
Recommended reading:
You may find it useful to consult Australian financial and business media, professional journals such as the Australian Financial Review, Business Review Weekly, National Accountant, CA Magazine, Auditing and Standards Board of Australia. A range of excellent textbooks available in this area include:
- Australian Auditing and Assurance Standards Board (2016), Auditing and Assurance Standards (AUS), available at:
- Chartered Accountants of Australia and New Zealand (2016), Auditing, Assurance and Ethics Handbook 2017.
- Alvin, A. A. (2013). Auditing and Assurance Services in Australia, 9th edition, Prentice Hall: Sydney.
- Jubb, C., Rittenberg, L.E., Johnstone, K.M. & Gamling, A (2012). Auditing: a business risk approach, Thomson/South-Western, Mason, Ohio. USA.
- Soltani, B. (2007). Auditing: an international approach, Financial Times Prentice Hall, Harlow, England; New York.
- Louwers, T., Ramsay, R., Sinason, D. & Strawser, J. (2005). Auditing and Assurance Services, 1st Ed.; McGraw-Hill Irwin, Boston.
- Power, M. (1997). The Audit Society: Rituals of Verification, Oxford University Press, Oxford, UK.
Journals are an important source of up-to-date information and reflections on challenges on current auditing and assurance practices. The following journal articles are also recommended:
- A. Amran, A Manaf Rosli Bin, B Che Haat & Mohd Hassan (2009) Risk reporting: An exploratory study on risk management disclosure in Malaysian annual reports, Managerial Auditing Journal, Volume 24 (1): 39-57.
- Arnold, B. & Paul de Lange (2004), Enron: an examination of agency problems, Critical Perspectives on Accounting, Volume 15, (6–7), August–October: 751-765.
- Carey, P., W. Robert Knechel & George Tanewski (2013), Costs and Benefits of Mandatory Auditing of For-profit Private and Not-for-profit Companies in Australia, Australian Accounting Review, 43–53.
- Chabrak, C., & Nabyla Daidj (2007), Enron: Widespread myopia, Critical Perspectives on Accounting, Volume 18, (5): 539-557.
- Christopher, J., Gerrit Sarens & Philomena Leung (2009), A critical analysis of the independence of the internal audit function: evidence from Australia, Accounting, Auditing & Accountability Journal, Volume 22 (2); 200 – 220.
- Cooper, David J., Tina Dacin & Donald Palmer (2003), Fraud in accounting, organizations, and society: Extending the boundaries of research, Accounting, Organizations and Society, Volume 38 (6–7): 440-457.
- Deegan, C. & Michaela Rankin (1997), The materiality of environmental information to users of annual reports, Accounting, Auditing & Accountability Journal, Volume (10): 562 – 583.
- El-Mary, E. & Kathryn A. Hansen (2008), Factors affecting auditors' utilization of evidential cues: Taxonomy and future research directions, Managerial Auditing Journal, Volume 23 (1): 26-50.
- Ettredge, M., Elizabeth Emeigh Fuerherm and Chan Li (2014), Fee pressure and audit quality, Accounting, Organizations and Society, Volume 39 (4): 247-263.
- Guénin-Paracini, H., Bertrand Malsch, Anne & Marché Paillé (2014), Fear and risk in the audit process, Accounting, Organizations and Society, Volume 39 (4): 264-288.
- Guiral, A; Ruiz, W. & , Choi, H.J., (2014), Audit report information content and the provision of non-audit services: Evidence from Spanish lending decisions, Journal of International Accounting, Auditing and Taxation, Volume 23 (1): 44-57.
- Humphrey, C., Anne Loft & Margaret Woods (2009), The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis, Accounting, Organizations and Society, Volume 34 (6-7): 810-825.
- Fischer, M. J. (1996), Realizing the benefits of new technologies as a source of audit evidence: An interpretive field study, Accounting, Organizations and Society, Volume 21 (1-2): 219-242.
- Jamal, J. & Shyam Sunder (2011), Is mandated independence necessary for audit quality?, Accounting, Organizations and Society, Volume 36 (4-5): 284-292.
- Knechel, W.R. (2007), The business risk audit: Origins, obstacles and opportunities, Accounting, Organizations and Society Volume 32 (4): 383-408.
- Koh, H.C. & E-Sah Woo, (1999), The expectation gap in auditing, Managerial Auditing Journal, Volume 13 (3):147–154.
- McLeod, R. & Harun Harun (2014), Public Sector Accounting Reform at Local Government Level in Indonesia. Financial Accountability & Management, 30 (2): 238–258.
- Unerman, J. & Brendan O'Dwyer (2004), Enron, WorldCom, Andersen et al.: a challenge to modernity, Critical Perspectives on Accounting, Volume 15 (6-7): 971-993.
Submission of assessment items
Special assessment requirements
Final grades in this subject will be assessed according to performance in each of the assessment items identified above. In order to pass this unit, you must obtain:
• an overall total score of at least 50% AND
• submit all assessment items marked as mandatory
For assessment items marked as mandatory, each piece of assessment must be completed and submitted, but it is not necessary that students pass each individual item of assessment.
Students must apply academic integrity in their learning and research activities at ºÚÁϳԹÏÍø. This includes submitting authentic and original work for assessments and properly acknowledging any sources used.
Academic integrity involves the ethical, honest and responsible use, creation and sharing of information. It is critical to the quality of higher education. Our academic integrity values are honesty, trust, fairness, respect, responsibility and courage.
ºÚÁϳԹÏÍø students have to complete the annually to learn about academic integrity and to understand the consequences of academic integrity breaches (or academic misconduct).
ºÚÁϳԹÏÍø uses various strategies and systems, including detection software, to identify potential breaches of academic integrity. Suspected breaches may be investigated, and action can be taken when misconduct is found to have occurred.
Information is provided in the Academic Integrity Policy, Academic Integrity Procedure, and University of Canberra (Student Conduct) Rules 2023. For further advice, visit Study Skills.
Learner engagement
Not available
Inclusion and engagement
The unit follows the university rules
Participation requirements
You are encouraged to prepare for, attend and participate actively (comment, take notes, be active) in all workshops and tutorials. Active attendance involves note taking, answering questions, sharing ideas and learning fromothers in the class. This is the best method of preparing your own personal viewpoints for the purposes ofthe assessment, including the exam. Reading someone else's notes or watching a recording is pedagogically less useful than actively participating. Students are expected to be on-time for classes and please note the class is interactive.
Required IT skills
Students are expected to be able to use Microsoft Word in addition to University systems available over theInternet (e.g. MyºÚÁϳԹÏÍø, Email, E-Reserve, LearnOnline, Library Catalogue, and Library Databases).
Students are encouraged to use Zotero, Endnote or RefWorks for managing references for their assignmentwork.
As is common in the professional world, we will also be using Zoom or Blackboard Collaborate (Virtual Room). As this unit involves online meetings in real time using Virtual Room in your ºÚÁϳԹÏÍøLearn teaching site or via Zoom, you will be able to communicate in real time with your lecturer and other students. To participate verbally, rather than just typing, you will need a microphone. For best audio quality we recommend a microphone and speaker headset. For more information and to test your computer, go to the Virtual Room in your ºÚÁϳԹÏÍøLearnsite and 'Join Course Room'. This will trigger a tutorial to help familiarise you with the functionality of thevirtual room.
When you enter the meeting room, please mute your microphone.
Please also note that as this is a unit associated with professional training, it makes sense that when you enter the Virtual Room, you turn on your camera to introduce yourself to the class. Equally, as is good professional training, when asking a question, seeking clarification or adding to our discussion, it would be appropriate to turn on your camera and participate actively. This is considered more appropriate than merely typing into the chat function. A professional courtesy includes practicing your professional skills by having a visual presence.
Work placement, internships or practicums
None