Unit rationale, description and aim
Accounting is a profession for which public trust is paramount. Auditing and assurance services provide credence to published financial statements and therefore, are one of the major activities of the accounting profession. Auditing is a vital economic and accounting function on which a number of people rely on to make decisions. As such, this unit will raise your awareness of the interplay between auditing, common good and stewardship. This unit covers both theoretical and practical aspects of auditing. The knowledge and competencies learned in this unit are applicable globally as international accounting standards are used throughout the course. This unit introduces students to the concepts and practice of auditing, the way the profession has developed and how it addresses current business and social needs. Particular emphasis is placed on an appreciation of ethical standards and corporate governance issues in auditing and the role auditors play, in developing and reinforcing sound governance practices and processes. The aim of this unit is to emphasise contemporary auditing theory and practices and provides a stimulating and research-informed learning environment which will develop students’ critical thinking and team working skills.
Learning outcomes
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
Appraise how the independent, ethical and professi...
Learning Outcome 01
Consider auditors liability and assess the risks o...
Learning Outcome 02
Interpret the Australian/International Auditing St...
Learning Outcome 03
Evaluate the entire audit process from pre-engagem...
Learning Outcome 04
Devise appropriate audit opinions under different ...
Learning Outcome 05
Content
Topics will include:
- Nature of auditing and assurance services profession
- Statutory obligations and professional conduct of auditors
- International Standards on Auditing or other relevant auditing standards, laws, and regulations
- Audit pre engagement activities
- Audit planning and risk, including response to assessed risk activities
- Audit evidence gathering and documentation
- Audit completion and overview
- Internal control
- Fraud auditing
- Audit of revenue and payment cycles
Assessment strategy and rationale
Assessments are used primarily to foster learning. ACU adopts a constructivist approach to learning which seeks alignment between the fundamental purpose of each unit, the learning outcomes, teaching and learning strategy, assessment and the learning environment. In order to pass this unit, students must demonstrate competence in all learning outcomes and achieve an overall score of at least 50%. Using constructive alignment, the assessment tasks are designed for students to demonstrate their achievement of each learning outcome.
The overview of assessment table is provided below under different delivery modes.
Overview of assessments
Attendance and Multi Mode:
Assessment Task 1: Portfolio of EngagementFor week...
Assessment Task 1: Portfolio of Engagement
For weeks 2–12, students will actively participate in online discussion forums and online activities. Students will be evaluated on a combination of their engagement in the unit via discussion board questions, responses to postings, presentation videos, and evidence of successful engagement in online activities.
Submission Type: Individual
Assessment Method: online engagement and completion of regular learning tasks
30%
Assessment Task 2: Open Book Exam This task requi...
Assessment Task 2: Open Book Exam
This task requires students to undertake an invigilated examination between Weeks 7 and 10 of the semester. Students will be provided a case study/materials ahead of time with questions on the day.
Submission Type: Individual
Assessment Method: Invigilated examination
Artefact: Written response
30%
Assessment Task 3: Individual Presentation This t...
Assessment Task 3: Individual Presentation
This task requires students to present on contemporary auditing issues. Students will apply their knowledge to a real-life case study considering relevant audit standards and practices in their invigilated presentations during the exam period.
Submission type: Individual
Assessment Method: Presentation
Artefact: Presentation (equivalent 1500 words)
40%
Online and ACU Online Mode:
Assessment Task 1: Portfolio of EngagementStudents...
Assessment Task 1: Portfolio of Engagement
Students will actively participate in online discussion forums and online activities. Students will be evaluated on a combination of their engagement in the unit via discussion board questions, responses to postings, presentation videos, and evidence of successful engagement in online activities.
Submission Type: Individual
Assessment Method: online engagement and completion of regular learning tasks
30%
Assessment Task 2: Individual Presentation This t...
Assessment Task 2: Individual Presentation
This task requires students to present on contemporary auditing issues. Students will apply their knowledge to a real-life case study considering relevant audit standards and practices in their invigilated presentations during the exam period.
Submission type: Individual
Assessment Method: Presentation
Artefact: Presentation (equivalent 1500 words)
40%
Assessment Task 3: Final Exam This task requires ...
Assessment Task 3: Final Exam
This task requires students to undertake an invigilated examination during the exam period.
Submission Type: Individual
Assessment Method: Invigilated examination
Artefact: Written response
30%
Learning and teaching strategy and rationale
The teaching and learning strategy is built on a “student-focused approach”. ACU’s teaching policy focuses on learning outcomes for students. Our teaching aims to engage students as active participants in the learning process while acknowledging that all learning must involve a complex interplay of active and receptive processes, the constructing of meaning for oneself, and learning from others. ACU promotes and facilitates learning that is autonomous and self-motivated, is characterised by the individual taking satisfaction in the mastering of content and skills and is critical, looking beneath the surface level of information for the meaning and significance of what is being studied.
The schedule of the workshop is designed in such a way that students can achieve intended learning outcomes sequentially. Teaching and learning activities will apply the experiential learning model, which encourages students to apply higher order thinking. The unit ensures that learning activities involve real-world scenarios that in turn assist with ‘real-world’ preparedness. The unit also uses a scaffolding technique that builds a student’s skills and prepares them for the next phase of the learning process.
This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise. It is up to individual students to ensure that the out of class study is adequate for the optimal learning outcomes and successes.
Mode of delivery: This unit is offered in different modes to cater to the learning needs and preferences of a range of participants and maximise effective participation for isolated and/or marginalised groups.
Attendance Mode
In a weekly attendance mode, students will require face-to-face attendance in specific physical location/s. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops, most students report that they spend an average of one hour preparing before the workshop and one or more hours after the workshop practicing and revising what was covered. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise.
Multi-Mode
In a multi-mode, students will require intermittent face-to-face attendance determined by the School. Students will have face-to-face interactions with lecturer(s) to further their achievement of the learning outcomes. This unit is structured with required upfront preparation before workshops. The online learning platforms used in this unit provide multiple forms of preparatory and practice opportunities for students to prepare and revise.
Online Mode
In an Online mode, students are given the opportunity to attend facilitated synchronous online seminar classes with other students and participate in the construction and synthesis of knowledge, while developing their knowledge. Students are required to participate in a series of online interactive workshops which include activities, knowledge checks, discussion and interactive sessions. This approach allows flexibility for students and facilitates learning and participation for students with a preference for virtual learning.
ACU Online
This unit uses an active learning approach to support students in the exploration of knowledge essential to the discipline. Students are provided with choice and variety in how they learn. Students are encouraged to contribute to asynchronous weekly discussions. Active learning opportunities provide students with opportunities to practice and apply their learning in situations similar to their future professions. Activities encourage students to bring their own examples to demonstrate understanding, application and engage constructively with their peers. Students receive regular and timely feedback on their learning, which includes information on their progress.