Unit Outline

BFA303 Auditing is designed to introduce you to the key concepts of auditing and the modern audit practice environment within the Australian professional and legal framework. The unit's broad aim is to provide you with knowledge of practical auditing from the initial audit planning, the study of internal controls, substantive testing and evidence gathering to the final audit report. You will be introduced to the professional auditing standards, Code of Ethics for Professional Accountants and the audit process and the audit procedures used by external company auditors to provide an opinion on the truth and fairness of financial reports. The objectives of the unit are to advance students’ analytical and decision making skills by applying auditing theory to practical case studies. A strong emphasis is placed on students' ability to communicate their views in a clear, concise and logical manner.

Intended Learning Outcomes

As per the Assessment and Results Policy 1.3, your results will reflect your achievement against specified learning outcomes.

On completion of this unit, you will be able to:


1	Analyse, interpret and apply auditing concepts and principles and the regulatory and ethical requirements of auditing.
2	Critically analyse risk, prepare audit plans and apply appropriate audit procedures.
3	Critically evaluate audit evidence to make judgements and conclusions.
4	Work independently and cooperatively to complete audit tasks and to communicate information to relevant stakeholders.

Requisites


REQUISITE TYPE	REQUISITES
Pre-requisite	BFA109 OR BFA201 OR BFA203

Alterations as a result of student feedback

To Be Determined

How will I be Assessed?

Assessment schedule


ASSESSMENT TASK #	ASSESSMENT TASK NAME	DATE DUE	WEIGHT	LINKS TO INTENDED LEARNING OUTCOMES
ASSESSMENT TASK 1:	Individual Assignment	Week 5	20 %	LO1, LO4
ASSESSMENT TASK 2:	Exam via Respondus	Exam Period	40 %	LO1, LO2, LO3, LO4
ASSESSMENT TASK 3:	Assignment	Refer to Assessment Description	40 %	LO2, LO3, LO4

Assessment details

Assessment Task 1: Individual Assignment

TASK DESCRIPTION:

This assignment will consist of case study and short answer questions that will be completed individually.
This assessment will address the regulatory and ethical requirements of auditing.
Students will be required to interpret and apply auditing concepts and principles to the regulatory and ethical requirements of auditing.

TASK LENGTH:

1000 words

DUE DATE:

Week 5

WEIGHT:

20 %

CRITERION #

CRITERION

MEASURES INTENDED LEARNING OUTCOME


1	Analyse concepts and principles and the regulatory and ethical requirements of auditing.	LO1
2	Interpret auditing concepts and principles and the regulatory and ethical requirements of auditing.	LO1
3	Apply auditing concepts and principles and the regulatory and ethical requirements of auditing.	LO1
4	Work independently in order to complete assigned tasks in a timely manner.	LO4

Assessment Task 2: Exam via Respondus

TASK DESCRIPTION:

The exam will enable you to demonstrate your breadth and depth of understanding across all unit materials. All topics are examinable. An information sheet with details about the exam will be given to you in the last week of the semester and posted on MyLO. You will require a non-programmable calculator for the exam.

The invigilated exam will be completed by you via MyLO and Respondus on a day and time determined by the exams office.

TASK LENGTH:

3 hours

DUE DATE:

Exam Period

WEIGHT:

40 %

CRITERION #

CRITERION

MEASURES INTENDED LEARNING OUTCOME


1	Analyse concepts and principles and the regulatory and ethical requirements of auditing.	LO1
2	Interpret auditing concepts and principles and the regulatory and ethical requirements of auditing.	LO1
3	Apply auditing concepts and principles and the regulatory and ethical requirements of auditing.	LO1
4	Critically analyse and assess business risk and audit risk.	LO2
5	Interpret the effect of the audit risk assessment on audit planning decisions.	LO2
6	Design and perform audit procedures.	LO2
7	Critically evaluate audit evidence against audit objectives in the audit plan.	LO3
8	Apply judgement and determine audit conclusions based on critical evaluation of audit evidence.	LO3
9	Prepare an appropriate audit opinion based on judgements and conclusions made.	LO3
10	Communicate in the English written form using professional language and standards common to business professionals.	LO4

Assessment Task 3: Assignment

TASK DESCRIPTION:

This assignment will have two parts consisting of a group component and an individual component:

Part A - An audit case study that will be completed in audit teams. This will address the risk assessment and planning of the audit and will require a written submission only.

Part B - An audit task that will be completed individually. This will address the execution of the audit and will require a short video presentation.

Part A is due in week 8 and Part B is due in week 10.

TASK LENGTH:

Part A - completion of 6 Excel templates. Part B - video presentation of 5 minutes

DUE DATE:

Refer to Assessment Description

WEIGHT:

40 %

CRITERION #

CRITERION

MEASURES INTENDED LEARNING OUTCOME


1	Critically analyse and assess business risk and audit risk.	LO2
2	Specifically examine any social and environmental risks associated with the business in line with the Sustainable Development Goals (SDGs)	LO2
3	Interpret the effect of the audit risk assessment on audit planning decisions.	LO2
4	Design and perform audit procedures.	LO2
5	Critically evaluate audit evidence against audit objectives in the audit plan.	LO3
6	Apply judgement and determine audit conclusions based on critical evaluation of audit evidence.	LO3
7	Complete a risk assessment and audit plan in a team.	LO4
8	Communicate in the English oral form using professional language and standards common to business professionals.	LO4
9	Individually execute an effective audit.	LO4

How your final result is determined

To pass this unit, you need to demonstrate your attainment of each of the Intended Learning Outcomes, achieve a final unit grade of 50% or greater, and pass any hurdle tasks.

Submission of assignments

Where practicable, assignments should be submitted to an assignment submission folder in MYLO. You must submit assignments by the due date or receive a penalty (unless an extension of time has been approved by the Unit Coordinator). Students submitting any assignment in hard copy, or because of a practicum finalisation, must attach a student cover sheet and signed declaration for the submission to be accepted for marking.

Requests for extensions

If you are unable to submit an assessment task by the due date, you should apply for an extension.

A request for an extension should first be discussed with your Unit Coordinator or teaching support team where possible. A request for an extension must be submitted by the assessment due date, except where you can provide evidence it was not possible to do so. Typically, an application for an extension will be supported by documentary evidence: however, where it is not possible for you to provide evidence please contact your Unit Coordinator.

The Unit Coordinator must notify you of the outcome of an extension request within 3 working days of receiving the request.

Late Penalties

Assignments submitted after the deadline will receive a late penalty of 5% of the original available mark for each calendar day (or part day) that the assignment is late. Late submissions will not be accepted more than 10 calendar days after the due date, or after assignments have been returned to other students on a scheduled date, whichever occurs first. Further information on Late Penalties can be found on the Assessments and Results Procedure.

Review of results and appeals

You are entitled to ask for a review of the marking and grading of your assessment task if there is an irregularity in the marking standards or an error in the process for determining the outcome of an assessment. Details on how to request a review of a mark for an assignment are outlined in the Review and Appeal of Academic Decisions Procedure.

Required resources

Required Reading Materials

The textbook that is required for this unit is:

Moroney, R, Campbell, F, and Hamilton, J, 2016, Auditing: A Practical Approach (3rd edition), Wiley, Milton.

The required resource is available in multiple formats and options:

The e-text can be accessed for only $6.95 for your whole semester via Wiley Business now. Subscribe here.

The printed textbook and e-text can be purchased from $75 from WileyDirect: https://www.wileydirect.com.au/buy/auditing-a-practical-approach/. Your Wiley Business Now subscription can also be purchased here.

The printed textbook can be purchased via campus bookstores or most online retailers (Zookal, Booktopia, Amazon etc.)

You will also need access to Auditing and Assurance Standards. These can be obtained in two ways:

Download them to your computer from the Auditing and Assurance Board (AUASB) website as you need them: http://www.auasb.gov.au/Pronouncements/Australian-Auditing-Standards.aspx

Or purchase the Institute of Chartered Accountants Australia and New Zealand, Auditing and Assurance Handbook, 2020 – this can be purchased as a value pack together with your Moroney, Campbell and Hamilton textbook at the Wiley Direct web address given above.

You are requested to bring an internet enabled laptop computer to all learning sessions.