ACCT3000 Auditing, Assurance and Risk Assessment Semester 1 2022 Miri Sarawak Campus INT PDF

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ACCT3000 Auditing, Assurance and Risk Assessment Semester 1 2022 Miri Sarawak Campus INT.pdf...

Description

Faculty of Business and Law School of Accounting, Economics and Finance

Unit Outline

ACCT3000 Auditing, Assurance and Risk Assessment Semester 1, 2022

Unit study package code:

ACCT3000

Mode of study:

Internal

Tuition pattern summary:

Note: For any specific variations to this tuition pattern and for precise information refer to the Learning Activities section. Lecture: 1 x 1.5 Hours Weekly Workshop: 1 x 1.5 Hours Weekly This unit does not have a fieldwork component.

Credit Value: Pre -requisite units:

25.0 305229 (v.0) Advanced Financial Accounting 260 or any previous version OR ACCT2006 (v.0) Financial Reporting or any previous version OR ACCT2011 (v.0) Accounting for Corporations or any previous version

Co -requisite units:

Nil

Anti- requisite units:

Nil

Result type:

Grade/Mark

Approved incidental fees:

Information about approved incidental fees can be obtained from our website. Visit fees.curtin.edu.au/incidental_fees.cfm for details.

Unit coordinator:

Title: Name: Phone: Email: Location: Consultation times:

Dr Abhijeet Singh +61 8 9266 2382 [email protected] Building: 407 - Room: 432 Please Refer to Blackboard

Teaching Staff:

Name: Email: Location:

Dhanuskodi Rengasamy [email protected] Building: MIRI - Room: L1 Room 11

Administrative contact:

Name: Phone: Email: Location:

FBL Learning and Teaching Support [email protected] Building: - - Room: -

Learning Management System: Blackboard (lms.curtin.edu.au)

ACCT3000 Auditing, Assurance and Risk Assessment Miri Sarawak Campus 17 Feb 2022 School of Accounting, Economics and Finance, Faculty of Business and Law

Page: 1 of 14 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Accounting, Economics and Finance 

Acknowledgement of Country We respectfully acknowledge the Indigenous Elders, custodians, their descendants and kin of this land past and present. The Centre for Aboriginal Studies aspires to contribute to positive social change for Indigenous Australians through higher education and research.

Coronavirus (COVID-19) Update Curtin University is committed to supporting all our students and staff whether they are on campus, working remotely or overseas. Your health, safety and wellbeing are our priority and the continuing COVID -19 pandemic may require changes to the unit schedule, learning activities, delivery modes and assessment to provide flexible and safe options to our community. Curtin will endeavour to keep changes and disruptions to a minimum at all times. For current advice and further information visit https://www.curtin.edu.au/novel -coronavirus/.

Syllabus An overview of assurance and ethics, independence and corporate governance. Understanding of the company audit process including audit planning - the concepts of materiality and audit risk. The evaluation and testing of internal control systems and substantive audit testing of transactions and balances. The finalisation of the audit and audit reporting.

ACCT3000 Auditing, Assurance and Risk Assessment Miri Sarawak Campus 17 Feb 2022 School of Accounting, Economics and Finance, Faculty of Business and Law

Page: 2 of 14 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Accounting, Economics and Finance 

Introduction Welcome to Auditing, Assurance and Risk Assessmentfor Semester 1, 2022. This unit has recently been revised to include the most up-to-date material from the world of auditing that’s delivered to you via the most up -to-date methods of teaching and learning. The purpose of the unit is to introduce students to auditing, with the emphasis on practical auditing concepts, the auditor's decision -making processes and the appropriate audit procedures which auditors follow in different circumstances. We cover in detail the ethical principles and independence requirements that guide the daily work of auditors. The theme of the course is the external audit of reporting entities, from initial planning to final reporting in the context of a professional assurance environment. While the focus of this unit is external audit, we also study the interplay between external audit and internal audit. We will begin the course by examining the audit process in an overview format and we will regularly return to this overview to identify the stage of the audit process we are examining. A significant part of this course is spent examining the audit planning process, which is the most important aspect of the audit. To this end, we will examine a number of examples during lectures and workshops that analyse financial statements and identify the key risk areas from the auditor’s perspective. This is not very different from financial statement analysis studies you have completed in other areas of your degree. What is different is how we use this information in terms of the audit emphasis. Remember, auditors are not responsible for preparing the accounting information (i.e. the general purpose financial report). Their job is to audit the financial statements with a view to providing an audit opinion in accordance with Australian Auditing and Assurance Standards. Auditing is a challenging unit and students should be mindful of the following points: 1. The purpose of the lecture notes (available on Blackboard) is to give guidance on the various topics covered in the course. As it is impossible to cover every aspect of a topic in such notes, it is essential that students acquaint themselves thoroughly with a topic by reading the relevant sections of the prescribed texts and other reference material prior to attending lectures. I also encourage you to view the short videos from industry practitioners included in each module to further your understanding of the topics. 2. The key to success in Auditing is PRACTICE . Students will be assisted in this process by considering workshop questions that ask for the application of auditing concepts. Students should set aside a minimum of ten hours per week to complete the readings, workshop practice questions, workshop assessment and to study sufficiently to achieve the required level of understanding and competence in the unit. Depending on your ability and academic background, you may need to devote more or less time to this unit than the hours shown. For example, ESL (English is a second language)students may need to devote more time to reading and review tasks than the hours shown. To test your understanding on a topic, please attempt the interactive case studies and quizzes in the ‘Review Activities’ section of each learning module in your Blackboard unit. Before you start your studies, I recommend that you spend a few minutes reading through the ‘Before You Begin’ section of the Blackboard unit to familiarise yourself with the design of this unit. This section will help to answer most of your queries including how to make a start, find your way around the unit, the location of the unit’s study material and assessments, computer requirements, and working effectively with Blackboard tools (including Blackboard Collaborate). I’m very much looking forward to our time together and hope that you find the unit interesting, rewarding and inspiring.

Unit Learning Outcomes

ACCT3000 Auditing, Assurance and Risk Assessment Miri Sarawak Campus 17 Feb 2022 School of Accounting, Economics and Finance, Faculty of Business and Law

Page: 3 of 14 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Accounting, Economics and Finance 

All graduates of Curtin University achieve a set of six Graduate Capabilities during their course of study. These inform an employer that, through your studies, you have acquired discipline knowledge and a range of other skills and capabilities which employers would value in a professional setting. Each unit in your course addresses the Graduate Capabilities through a clearly identified set of learning outcomes. They form a vital part in the process referred to as assurance of learning. The learning outcomes notify you of what you are expected to know, understand or be able to do in order to be successful in this unit. Each assessment for this unit is carefully designed to test your knowledge of one or more of the unit learning outcomes. On successfully completing all of the assessments you will have achieved all of these learning outcomes. Your course has been designed so that on graduating you will have achieved all of Curtin's Graduate Capabilities through the assurance of learning processes in each unit. On successful completion of this unit students can: 1

Explain and apply the international, regulatory and ethical framework in which auditors operate

2 3

Analyse financial information to identify key risk areas and their impact on the audit approach Apply appropriate audit procedures to key risk areas

4

Prepare and justify an audit opinion for a given set of circumstances

Graduate Capabilities addressed

Curtin's Graduate Capabilities Apply discipline knowledge, principles and concepts

Innovative, creative and entrepreneurial

Effective communicators with digital competency

Globally engaged and responsive

Culturally competent to engage respectfully with local First Peoples and other diverse cultures

Industry connected and career capable

Find out more about Curtin's Graduate Capabilities at the Curtin Learning and Teaching website: clt.curtin.edu.au

Learning Activities The strategies used in this unit to facilitate your learning process include lectures, workshops, case studies, a mid semester examination, and an independent final examination. Lectures Each lecture will cover the material for the topic as detailed inthe Program calenderof this unit outline. In this unit, it is highly recommended that you read the relevant chapters from the prescribed textbook (mentioned under pre- readings in the program calendar) before attending the lecture.By doing this, you can maximise the benefitfrom listening to the lecture and reinforce your understanding. Workshops The workshops provide students with an opportunity to improve their understanding and technical competence by completing a range of questions and problems related to each topic. In addition, workshop participation encourages the development of oral communication skills, teamwork and group skills, as well as problem solving and critical thinking skills. To this end, students are encouraged (and expected) to contribute and participate at the workshops. To get maximum benefit from the use of workshops, you should be prepared in advance for each workshop by having (a) analysed the topic in advance (b) completed the required readings (c) completed the set questions and problems (d) drafted a set of questions concerning problems encountered during reading of the topic and/or preparation for workshops. In addition, one important aspect of using the workshops as a learning aid is the follow up. It really is in your best interests as soon as possible after the workshop to follow up on any aspects raised as a consequence of that workshop. You should ask yourself if you are satisfied that you have achieved the topic objectives. Were there ACCT3000 Auditing, Assurance and Risk Assessment Miri Sarawak Campus 17 Feb 2022 School of Accounting, Economics and Finance, Faculty of Business and Law

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Faculty of Business and Law School of Accounting, Economics and Finance 

any general issues that have not been addressed? Can you see how this topic relates to previous topics? Are there any technical or conceptual issues that are still causing you concern? Remember that what you get out of workshops is directly related to what you are willing to put into them by way of preparation and contribution. To assist you with this, the course material will keep closely to the required text.

Learning Resources Library Reading List The Reading List for this unit can be accessed through Blackboard.

Essential texts The required textbook(s) for this unit are: l

Leung, P., Coram, P., Cooper, B.J., Richardson, P. (2019).Audit and Assurance(1st Ed), John Wiley & Sons Australia (ISBN:9780730363477)

(ISBN/ISSN: 9780730363477)

Recommended texts You do not have to purchase the following textbooks but you may like to refer to them. l

Moroney, R., Campbell, F., Hamilton, J. (2017). Auditing : A Practical Approach (3rdEd), John Wiley & Sons (ISBN:9780730364573) (ISBN/ISSN: 9780730364573)

l

CAANZ Auditing, Assurance and Ethics Handbook 2021: John Wiley & Sons Australia(ISBN:9780730392149) (ISBN/ISSN: 9780730392149)

l

Gay,R. and Simnett,R. (2018). Auditing & Assurance Services in Australia(7th Ed), McGraw Hill (ISBN: 9781760422035 ).

l

Arens, A.., Best, P., Shailer,G., Fiedler, B.,Elder, R.(2017).Auditing, Assurance Services & Ethics(10th Ed),Pearson Australia(ISBN:9781488609138).

(ISBN/ISSN: 9781760422035)

(ISBN/ISSN: 9781488609138) l

Business Communication: A Handbook for Accounting Students and Graduates. Pearson Australia (ISBN: 9781488618789) (ISBN/ISSN: 9781488618789)

Other resources This unit makes use of the Web-based learning resource, Blackboard. In Blackboard, you will find in electronic form: l l

l l l l

PowerPoint slides for each workshop lecture; One practice/mock mid-semester and final examination paper, including suggested solutions and marking guide. This will be made available on Blackboard two weeks prior to the respective examinations. Exemplars to assist in the completion of each part of the case study. In “Announcements”, messages to you from time to time from the Unit Controller. Short videos from Industry practitioners included in each Module. Review Activities comprising of interactive case studies and quizzes for each Module.

ACCT3000 Auditing, Assurance and Risk Assessment Miri Sarawak Campus 17 Feb 2022 School of Accounting, Economics and Finance, Faculty of Business and Law

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Assessment Assessment policy exemptions l

There are no exemptions to the assessment policy

Assessment schedule Task

Value %

Case Study

40%

eTest

10%

Final Examination

50%

1

2

3

Date Due

Unit Learning Outcome(s) Assessed

1,2,3 Week: 6 & 12 Day: Monday, 4 April & Monday, 23 May Time: 6.00 PM 1,2,4 Week: 7 Day: Wednesday, 13th April 2022 Time: Between 10:00 AM and 10:00 PM Week: Exam Week Day: TBA Time: TBA

1,2,3,4

Late Assessment Assessments Extensions Accepted?* Considered?* Yes

Yes

No

Yes

No

Yes

*Please refer to the Late Assessment and the Assessment Extension sections below for specific details and conditions.

Detailed information on assessment tasks 1. The case study assignment comprises of two parts. The first part constitutes 20% of the total assessment marks and is based on Module 2 (Chapter 3) of the prescribed textbook (Ethics, Independence and Corporate Governance). Students will be required to submit their case study - part 1 via Turnitin by 6pm, 4th April 2022(Monday). The second part to the case study constitutes another 20% of the total assessment marks. The second part involves writing a memorandum based on your planning and risk assessment as an auditor and is based on Modules 5 to 9 (Chapters 7 to 11). You may also be required to provide recommendations on the audit approach to be used. Students will be required to submit their case study - part 2 via Turnitin by 6pm, 23rd May 2022 (Monday). For both parts of the case study assignment, students will be able to see the Turnitin submission points once they have completed the student declaration forms. Both case study assignment partswill only be made known to students through Blackboard two weeks before the due date. Assessment will be based on the criteria in the Assignment Marking Guide (AMG) that will be uploaded on Blackboard.Feedback on the assignment will be uploaded through the online Assignment Marking Guide (AMG) on Blackboard.The instructions for submission of the assignments will be announced on Blackboard. The work you submit must be your own. Any plagiarism from other students’ work or from solutions circulating from ‘solutions manuals’ will result in an automatic zero score for the submission. Significant penalties are imposed where assignments are found to be plagiarised. The University policy on plagiarism and academic misconduct can be found on this webpage: http://academicintegrity.curtin.edu.au/local/docs/StudentPlagiarismGuide.pdf. Please refrain from any sort of contract cheating (for example, using another individual or an organisation to draft or complete a piece of assessment for you). Contract cheating is a serious academic offence. We are aware of some of the websites where exam/assignment questions have previously been posted. We have emailed these websites to take our materials down and requested ACCT3000 Auditing, Assurance and Risk Assessment Miri Sarawak Campus 17 Feb 2022 School of Accounting, Economics and Finance, Faculty of Business and Law

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Faculty of Business and Law School of Accounting, Economics and Finance 

them to disclose the names of students that might have used their services. Some of these websites do release information to the University as a part of an academic dishonesty investigation. The risks associated with contract cheating may continue even after graduation. Please have a careful read of the University’s contract cheating webpage: https://students.curtin.edu.au/essentials/rights/academic-integrity/contract-cheating/ 2. The eTest will be in the form of a Blackboard based quiz, covering 30multiple choice questions from Modules 1 to 4 (Chapters 1, 2, 3, 4, 5 and 6) of your prescribed textbook [Leung, P., Coram, P., Cooper, B.J., Richardson, P. (2019). Audit and Assurance (1st Edition). John Wiley and Sons, Australia (ISBN: 9780730363477). You will be given 1 hourto complete the quiz. The link to the quiz will be made available on Blackboard in the ‘Mid -Semester Examination’ folder under the Assessments tab from 10:00 AMto 10:00PM on Wednesday, 13th April 2022. You will only get one attempt to complete the quiz. Once started you will need to complete the quiz. One question will be presented at a time and once started you will not be allowed to go back and change the answer to a question that has already been submitted. You can complete the quiz from anywhere you like. To familiarise yourself in taking online tests on Blackboard, you may find the following link helpful: https://help.blackboard.com/Learn/Student/Tests_an...