ACC3600 Semester 1(S1-01) 2020 PDF

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Unit Guide 

ACC3600 Auditing and assurance Semester 1, 2020 

We acknowledge and pay respects to the Traditional Owners and Elders -past, present and emerging - of the lands and waters on whichMonash Universityoperates.   Handbook link: http://monash.edu.au/pubs/2020handbooks/units/ACC3600.html The information contained in this unit guide is correct at time of publication. The University has the right to change any of the elements contained in this document at any time.

Last updated:24 Mar 2020

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Table of contents Unit handbook information

4

Synopsis

4

Mode of delivery

4

Workload requirements

4

Additional workload requirements

4

Class Timetable

4

Unit relationships

4

Prerequisites

4

Prohibitions

4

Co-requisites

5

Enrolment rules

5

Chief Examiner Unit Coordinator(s)

5 5

Academic overview

5

Course outcomes

5

Unit learning outcomes

6

Teaching approach

6

Recording of lectures

7

Live streaming

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Unit schedule Assessment summary

9 10

Second marking

10

Return of final marks

10

Exam viewing

10

Assessment criteria

11

Assessment requirements

11

Hurdle requirement

11

Assessment tasks

11

Final Examination

15

Referencing requirements

15

Feedback

15

Learning resources

16

Required resources

16

Technological requirements

17

Q Manual

17

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Prescribed text and readings

17

Recommended resources

17

Other information

18

Policies

18

Student Academic Integrity Policy

18

Special Consideration

18

Graduate Attributes Policy

18

Student Charter

18

Student Services

18

Monash University Library

19

Disability Support Services

19

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Unit handbook information Synopsis This unit encompasses the nature and purpose of audit and assurance services, and the regulatory and professional environment in which they operate. Students apply professional, ethical and legal requirements stemming from the assurance framework and applicable auditing pronouncements to 'real world' scenarios.

Mode of delivery Clayton (On-campus)

Workload requirements Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Additional workload requirements On average and in addition to the three hours of class, nine hours of self-directed study is expected from students each week. During weeks preceding any scheduled class test, the submission of a major assignment, and the final examination, students may require more than nine hours of self-directed study for this unit.See the unit timetable information to gauge weekly workload requirements.

Class Timetable Follow thislinkto view the scheduled times for your unit's learning activities for this teaching period.

Unit relationships 

Prerequisites ACW2120 or ACB2120 or ACC2100 or ACF2100

Prohibitions 4

ACB3620 or ACF3600 or ACW3620

Co-requisites None

Enrolment rules None

Chief Examiner Name:DrSoon-YeowPhang Campus:Caulfield Phone:+61 3 990 34998 Email:[email protected]

Unit Coordinator(s) Name:DrSoon-YeowPhang Campus:Caulfield Email:[email protected] Phone:+61 3 9903 4998

Academic overview Course outcomes Courseoutcomes associated with this unit are that graduates will: 1. be a critical and creative scholar who: ● ● ●

produces innovative solutions to problems applies research skills to business challenges communicates effectively and perceptively

2. be a responsible and effective global citizen who: ● ● ●

engages in an internationalised world exhibits cross cultural competence demonstrates ethical values

3. demonstrate broad knowledge and technical skills in at least one area of commerce and be able to provide discipline based solutions relevant to the business, professional and public policy communities that you serve

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4. be able to construct conceptual frameworks and use these to analyse complex issues in the corporate sector, government and the professions.

Unit learning outcomes On successful completion of this unit, you should be able to: 1. critically evaluate the demand for and the limitations of audit and assurance services

2. explain the regulatory ethical and professional requirements applicable to assurance services

3. understand the assurance framework and apply judgement to determine audit strategy and procedures, appropriateness of evidence gathered and conclusions reached 4. analyse the auditor's role in corporate governance with emphasis on the detection and reporting of frauds and errors

5. apply critical thinking, problem solving and communication skills to resolve ethical dilemmas and professional issues faced by audit practitioners.

Teaching approach There will be a weekly 90-minute lecture and a 90-minute tutorial, which students are expected to attend.Students can download lecture notes from the unit’s Moodle site. The lectures will not cover every aspect of each topic listed in the Unit Schedule. Rather, students are expected to acquire a comprehensive understanding of the content by reading the prescribed and recommended materials and by completing the week-by-week tutorial activities and other insemester assessment tasks.

Tutorials will consist of discussion of assigned tutorial questions to achieve the learning objectives of each topic. Students are expected to attempt assigned tutorial questions beforeattending the weekly tutorial. Summarised tutorial solutions will be made available on the unit’s Moodle site after the final tutorial of each week. Genuinely attempting the questions before referring to the suggested solution is the best approach to gaining an understanding of the course content.The tutorials provide an opportunity for students to demonstrate the application of their knowledge and skills as well as to engage their staff memberin clarifying their understanding of the topics and associated concepts.  The emphasis in this unit is on applying theory to case-type situations. A common comment from students undertaking this unit is that even after having read the chapter material, solutions to the tutorial questions elude them. Learning to apply the theory is a skill that most students need time

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to build up, with the consolidation of their problem solving and analytical skills occurring by attempting questions and then receiving feedback on their attempt. Another important point is that often in auditing more than one procedure achieves a stated objective. Hence, the solutions are ‘suggested’ only. Often other ‘solutions’ are valid. Consulting your staff memberis the best way to discern if your solutions do not match the suggested solutions, but are nevertheless ‘on the right track’

 To complete this unit successfully, students will need planning and time-management skills. At a minimum this should involve: ● reading prescribed and selected recommended material before attending lectures; ● completing week-by-week tutorial activities tasks before attending tutorials; ● discussing concepts and questions with peers and staff members; and

● revising thoroughly in-semester work during the SWOT-Vac (class-free study week) and before the final examination. The unit’s reading list will be available on the unit’s Moodle site. If you are allocated to a lecture activity as a livestream unit you do not need to come to campus for your lecture. A link to the livestreams will be available in your Moodle unit. For information on how to participate in your lectures via live streaming you can review this guide created by the library: https://guides.lib.monash.edu/learning-tools/video If you have any technical issues please contact the service desk: https://www.monash.edu /esolutions/contact If you need more information on timetabling you can visit their site: https://www.monash.edu /timetables/fix-problems

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Recording of lectures This unit will have lectures recorded. These recordings will be available to current students. In the event that there is an equipment failure and the lecture is not recorded in part or in full, no alternative recording will be provided. The Chief Examiner may determine a part or parts of lecture unsuitable for recording.

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Live streaming If you are allocated to a lecture activity as a livestream unit you do not need to come to campus. A link to the livestreams will be available in your Moodle unit. For information on how to participate in your lectures via live streaming you can review this guide created by the library:https://guides.lib.monash.edu/learning-tools/video If you have any technical issues please contact the service desk:https://www.monash.edu /esolutions/contact If you need more information on timetabling you can visit their site:https://www.monash.edu /timetables/fix-problems

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Unit schedule For units with on-campus classes, teaching activities are normally scheduled to start on the hour (teaching will commence on the hour and conclude 10 minutes prior to the scheduled end time). Students should note that the program outlined below is a guide to the material to be covered in this unit and not a definitive statement of when that material will be covered. Specific details relating to the timing will be discussed in class.

Week

Lecture

Tutorial Questions

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Chapter 1: Introduction and overview of audit and assurance

Online learning. Guidelines and Unit Queries. No tutorial.

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Chapter 2: Ethics, legal liability and client acceptance

TBA on Moodle, based on Chapter 1

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Chapter 3: Risk assessment I

TBA on Moodle, based on Chapter 2

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Chapter 4: Risk assessment II

TBA on Moodle, based on Chapter 3

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Chapter 5: Audit evidence

TBA on Moodle, based on Chapter 4

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Chapter 7: Sampling and overview of the risk response phase of the audit

TBA on Moodle, based on Chapter 5

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Chapters 6 and 8: Gaining an understanding of the client’s system of internal controls; Execution of the audit — testing of controls

TBA on Moodle, based on Chapter 7

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Chapters 9 and 11: Execution of the audit — performing substantive procedures; Substantive testing and income statement accounts

TBA on Moodle, based on Chapters 6 and 8

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Chapter 10: Substantive testing and balance sheet accounts

TBA on Moodle, based on Chapters 9 and 11

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Chapter 12: Completing and reporting on the audit

TBA on Moodle, based on Chapter 10

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Revision and Case Study Questions

TBA on Moodle, based on Chapter 12

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Review

TBA on Moodle 

SWOT VAC

No formal assessment is undertaken

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Assessment summary This unit may employ invigilated electronic assessment. Within semester assessment: 50% + Examination: 50% This unit contains a hurdle requirement that you must achieve to be able to pass the unit. The consequence of not achieving a hurdle requirement is a fail grade (NH) and a maximum mark of 45 for the unit.  Assessment task

Value

Due date

Pre-class online tests

10%

Continuous (Weeks 1 to 9)

Individual Assignment I (Regulation of Auditing in Australia)

15%

April 20 (Monday) 4pm

Individual Assignment II (Audit Practice - Audit Risk Assessment)

25%

May 25 (Monday) 4pm

Research Participation (Optional Assessment Task)

2% add-on if you have not scored full marks on other assessment pieces (i. e. you cannot have a final mark of more than 100%)

Please see Moodle

Final Examination

50%

To be advised

A student’s final mark is normally the sum of the marks obtained in all of the individual assessment items in the unit.

Second marking In the Faculty of Business and Economics, all of the following assessment items graded as a fail by the first marker are blind marked by a second marker: ● ●

examination papers in-semester assessment items worth 20% or more

Return of final marks Faculty policy states that 'the final mark that a student receives for a unit will be determined by the Board of Examiners taking into account all aspects of assessment'. The final mark for this unit will be released by the Board of Examiners on the date nominated in the Faculty Calendar. Student results will be accessible through the my.monash portal.

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Exam viewing Feedback on student performance in examinations and other end-of-semester assessment is required. The feedback should be in accordance with the University's procedures on Unit Assessment. Details of the examination script viewing arrangements set down by the Faculty of Business and Economics are available athttps://www.monash.edu/business/current-students /exams-and-results/exam-performance-and-feedback

Assessment criteria Assessment Criteria Grading Descriptors available at: https://www.monash.edu/__data/assets/pdf_file/0006/801690/Assessment-in-Coursework-UnitsGrading-and-Marking-Procedures.pdf

Assessment requirements Hurdle requirement This unit has a threshold mark hurdle, which means you must achieve at least 45% of the available marks in the Final Exam/Final Major Assessment Task to be able to pass the unit. If you do not achieve the threshold mark, you will receive a fail grade (NH) and a maximum mark of 45 for the unit.

Assessment tasks Assessment task title:Pre-class online tests Due Date: Date:Continuous (Weeks 1 to 9) Weighting/Value: Weighting/Value:10% Details of Task:  From Week 1 to Week 9, an online multiple choice test will be made available in Moodle. Each test will provide feedback on your knowledge and understanding of the materials to be covered in the following week's lecture. Each test will comprise of 10 multiple choice questions randomly selected from a question bank. As such no two tests are likely to be the same. The questions will be based on the chapter(s) relevant to the lecture that you are preparing for. To prepare for each online test read the textbook chapter(s) to be covered in the lecture. This will also help you prepare for the next lecture. Each test is marked out of a maximum of ten. Your end of semester grade (out of 10) will comprise your average score across the best 7pre-class online tests you have taken.You can miss up to two tests without penalty. NB: (1) The first online test (Week 1) is a practice test (scores are not counted for assessment) which will be available before Week 1 lecture; (2) It is not possible to make-up tests outside the specified times. You can only do the test if you are enrolled.

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Release date: Starting Week 1, the tests will be made available from 5.00pm Friday until 12.00 pm afternoon the following Wednesday. Word limit:N/A Presentation requirements: N/A Estimated return date: Marks will be made available to students. Return of marks will comply with relevant Privacy Legislation and with university and faculty guidelines. Criteria for marking: Based on whether the answer provided is the correct option.  Learning objectives assessed: assessed:Learning outcomes no. 1-5 Submission details:  Online via Moodle

Penalties for late lodgement:  You can miss up to two tests without penalty.

Assessment coversheet: N/A Additional information: information:N/A

Assessment task title:Individual Assignment I (Regulation of Auditing in Australia) Due Date: Date:April 20 (Monday) 4pm Weighting/Value: Weighting/Value:15% Details of Task: This is an individual task. See Moodle for detailed document. Release date: Available on Moodle in week 1. Word limit: Refer to Assignment Document on Moodle. Presentation requirements: Refer to Assignment Document on Moodle. Estimated return date: Available on Moodle in week 8. Return of marks will comply with relevant Privacy Legislation and with university and faculty guidelines. Criteria for marking: marking:As based on the criteria set out in the Assignment Document on Moodle. Learning objectives assessed: Learning outcomes no. 1-5 Submission details: A soft-copy submission only via Moodle. Penalties for late lodgement: A penalty of 10% applies for each day, where a special consideration has not been granted. Assessment coversheet: No coversheet required. Additional information:Referencing requirements: Work submitted for assessment must be consistent with the guidelines set down in the Q Manual , which is the faculty's student guide for producing quality work on time. Marks may be deducted where in-text citations and/or the reference list is not consistent with the American Psychological Association (APA) style, which is illustrated in the Q Manual. Plagiarism: Plagiarism:In order to ensure the academic integrity of your submission and to deter others from copying your work, your submission may be processed by a plagiarism checker such as Turnitin. The University'splagiarism policyis available online.

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Assessment task title:Individual Assignment II (Audit Practice - Audit Risk A Assessment) ssessment) Due Date: Date:May 25 (Monday) 4pm Weighting/Value: Weighting/Value:25% Details of Task: Students are required to analyse and critically evaluate financial and nonfinancial information about a selected listed corporation. Students are required to have a basic understanding of the selected target. To achieve this goal, students can search for related news, browse websites, read past financial reports documents, and read reports by journalists and analysts. Next, students are required to evaluate audit risk and going-concern risk. Based on these evaluations, students then set an appropriate overall materiality level and calculate the amount of materiality by choosing an appropriate materiality base and applying an appropriate materiality percentage. The final task is to identify key audit matters that are important in audit decisions and identify key accounts and key assertions. It should be not...