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 major accounting profession activities.
Auditing is a vital economic and accounting function on which several people rely to make decisions. This unit will raise student 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 in many other countries 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.
This unit aims to emphasise contemporary auditing theory and practices, and provide 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.
Describe the nature and purpose of auditing includ...
Learning Outcome 01
Determine the risks of material misstatement in th...
Learning Outcome 02
Apply and interpret the Australian/International A...
Learning Outcome 03
Appraise the entire audit process from pre-engagem...
Learning Outcome 04
Develop appropriate audit opinions under different...
Learning Outcome 05
Content
Topics will include:
- The auditing and assurance services profession
- Ethics, independence, and corporate governance, common good and stewardship
- The legal liability of auditors
- Planning and risk
- Overview of the elements of the financial report audit process
- Assessing inherent risk, other business risks and materiality
- Understanding the internal control structure and assessing internal control risk procedures for collecting evidence
- Tests of transactions / tests of balances
- Audit sampling
- Completion, review and communication
- Auditor’s reporting obligations
Assessment strategy and rationale
Assessments are used primarily to foster learning. ACU adopts a constructivist approach to learning that 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 are required to 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.
Each of these assessment pieces has been designed to empower students, lead to greater equity and deepen students’ skillsets by virtue of their design. They are assessments that are constructed to integrate the unit’s instruction and curriculum. The first assessment which is an individual task, is directed at getting students to individually apply capital budgeting techniques. The second assessment is a group assessment which enables students to learn to not only evaluate risk and return of investments but also to be a part of a collaborative and consultative team. This in turn provides a broader application of the corporate finance process. The final assessment requires students individually to apply corporate finance techniques to maximise the value of the firm.
Overview of assessments
Assessment Task 1: Case Study Evaluation This task...
Assessment Task 1: Case Study Evaluation
This task requires students to evaluate real-life case studies, use data and information from a variety of sources and perspectives through research, integration, and analysis to discuss the nature and purpose of auditing and the auditor’s ethical and professional conduct in contributing to informed decision making.
Submission type: Individual
Assessment Method: Case study
Artefact: Written evaluation (1200 words)
25%
Assessment Task 2: Oral (Debate) This task requir...
Assessment Task 2: Oral (Debate)
This task requires students to work in groups and then debate findings clearly and concisely when presenting. Students will apply their knowledge to a real-life case study considering relevant theories and auditing standards to evaluate their application to the audit process.
Submission type: Group
Assessment Method: Debate
Artefact: Oral debate (equivalent 1500 words)
25%
Assessment Task 3: Final ExamThis assessment task ...
Assessment Task 3: Final Exam
This assessment task requires students to examine real-world case studies to evaluate reporting standards and determine whether appropriate audit opinion has been expressed under different circumstances and decide the appropriate treatment for subsequent events.
Submission type: Individual
Assessment Method: Exam
Artefact: Submitted paper (equivalent 1500 words)
50%
Learning and teaching strategy and rationale
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, constructing 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 assist with ‘real-world’ preparedness. The unit also uses a scaffolding technique that builds a student’s skills and prepares them for the next learning process phase.
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 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, and 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.
Intensive Mode
In an intensive mode, students require face-to-face attendance in weekends, or any block of time 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
This unit uses an active learning approach to support students in the exploration of the essential knowledge associated with corporate finance. Students can explore the essential knowledge underpinning corporate finance and develop knowledge in a series of online interactive lessons and modules. 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 of corporate finance. 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.