Unit Outline

In this unit, you will examine the role of auditing, focusing particularly on the role of the external auditor in assessing the validity and reliability of financial information of publicly listed companies. The unit highlights the audit function and the important role it plays as a systematic process of evaluation of evidence that culminates in the expression of an audit opinion. You will review the fundamental concepts of auditing, the objectives and limitations of an audit, basic audit techniques and procedures, as well as the professional and legal framework within which auditors operate.

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.	Assess different types of risk with respect to audit and assurance concepts, professional principles, and the regulatory and ethical environment.
2.	Critique the relative strengths of auditing and assurance theories and frameworks for sustainable business practices
3.	Develop an audit plan to support the performance of a quality audit in complex business environments

Requisites


REQUISITE TYPE	REQUISITES
Pre-requisite	BFA605

Alterations as a result of student feedback

To Be Determined

How will I be Assessed?

For more detailed assessment information please see MyLO.

Assessment schedule


ASSESSMENT TASK #	ASSESSMENT TASK NAME	DATE DUE	WEIGHT	LINKS TO INTENDED LEARNING OUTCOMES
Assessment Task 1:	Letter of Engagement	Week 3	10 %	LO1, LO2
Assessment Task 2:	Systematic review	Week 10	40 %	LO1, LO2, LO3
Assessment Task 3:	Presentation	Week 12	10 %	LO1, LO3
Assessment Task 4:	Exam	Exam Period	40 %	LO1, LO2

Assessment details

Assessment Task 1: Letter of Engagement

Task Description:

This is an individual assignment to prepare a letter of engagement setting out your expectations and the scope, roles and responsibilities and other terms (such as deadlines and ethical conduct) to be agreed upon, before the commencement of your group work research assignment (AT2). You will work in pairs to complete AT2 so it is important to first clearly define your own expectations for a working relationship and to conduct a preliminary scope of the work to be completed for AT2. Auditors undertake similar pre-engagement activities before taking on an audit. As this is an Auditing assignment you should include a brief evaluation of relevant audit and assurance concepts and principles, as well as an overview of the regulatory and ethical environment to provide a preliminary assessment of the types of risk you will need to research for AT2. This is also your chance to do your own risk assessment before committing to work with a classmate. Once you have submitted your letter of engagement to MyLO it will be a useful tool to find and further negotiate expectations with a suitable team member.

Task Length:

1000 words

Due Date:

Week 3

Weight:

10 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Apply audit and assurance concepts and principles	LO1
2	Examine types of risk in an audit and assurance context	LO1
3	Apply a rigorous methodology to examine audit and assurance theory	LO2
4	Evaluate strengths and weaknesses of audit and assurance processes and frameworks	LO2
5	Identify and examine the social and environmental risks associated with the business in line with the Sustainable Development Goals (SDGs)	LO1

Assessment Task 2: Systematic review

Task Description:

This assignment requires you to conduct a systematic review of the professional and scholarly research literature to support the development of an audit plan and detailed risk assessment of a company in a complex business environment. To successfully complete this assessment, you will need to first conduct extensive research on the company’s business and its environment, including potential risks involving sustainability issues and the IT environment. You will need to understand the company’s operation, strategies, external environment as well as financial information, in order to inform and provide the scope and parameters for your search of the most relevant literature and theories. This will be a group assignment – you will need to work with one of your peers in completing this assessment task.

Task Length:

4000 words

Due Date:

Week 10

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Generate audit and assurance knowledge in response to case-based information	LO1
2	Apply a rigorous methodology to examine audit and assurance theory	LO2
3	Evaluate the role of assurance and risk theory and frameworks in sustainable business practices	LO2
4	Apply evidence to an audit planning environment	LO3
5	Propose a situated and evidence-based audit plan	LO3

Assessment Task 3: Presentation

Task Description:

This assessment task will be based on your Systematic Review and Audit Plan submitted in AT2. Specifically, the presentation should be oriented towards your direct supervisor in an Audit firm (the Audit partner). The presentation should be designed to cover the key ideas/recommendations conveyed by your group review, risk assessment and audit plan. Presentations will need to be in video format no more than 6 minutes in length and include head shots of both team members presenting. Additional information including a rubric will be provided during the second workshop.

Task Length:

6 minutes

Due Date:

Week 12

Weight:

10 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Examine types of risk in an audit and assurance context	LO1
2	Generate audit and assurance knowledge in response to case-based information	LO1
3	Apply evidence to an audit planning environment	LO3
4	Propose a situated and evidence-based audit plan	LO3

Assessment Task 4: Exam

Task Description:

The final assessment will test your understanding of various concepts in auditing, and your ability to critically analyse and articulate your understanding of auditing related tasks and issues. The online invigilated exam will be conducted via MyLO and use the Respondus Monitor and Lockdown Browser. More information will be provided via MyLO.

Task Length:

3 hours

Due Date:

Exam Period

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)


1	Apply audit and assurance concepts and principles	LO1
2	Examine types of risk in an audit and assurance context	LO1
3	Evaluate strengths and weaknesses of audit and assurance processes and frameworks	LO2
4	Evaluate the role of assurance and risk theory and frameworks in sustainable business practices	LO2

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

You will need the following text:

Gay, G. and Simnett, R. (2018). Auditing & Assurance Services in Australia. 7th edition.

An electronic copy of the textbook can be purchased here: https://www.mheducation.com.au/auditing-assurance-services-9781760421977-aus

Australian Auditing Standards; Code of Ethics for Professional Accountants; Online access via http://www.auasb.gov.au/Pronouncements/Australian-AuditingStandards.aspx (Auditing Standards).

Code of Ethics for Professional Accountant; http://www.apesb.org.au/uploads/standards/apesb_standards/standard1.pdf (APES 110 Code of Ethics for Professional Accountants).

If you choose to view the Standards and APES 110 online, you are responsible for ensuring you have reliable electronic access throughout semester. The documents can be saved to a device, but they are too long to print.