This subject adopts a risk-based approach to auditing and assurance services, exploring the practice and theory of auditing as it applies to Australia within a global environment. Emphasis is placed on the application of auditing concepts to financial statement audits.
Academic biography
Robert Houston
Robert has had extensive industrial experience as well as owning, managing and running a number of businesses. He had 20 years experience in the insurance industry specialising in systems analysis and design, internal audit and accounting. He has been involved in importing associated with the plastics industry, the engineering and valve industry, owned and operated a motel and currently owns a fitness centre and runs several importing companies associated with the fitness industry. He has also worked as a consultant on a number of major accounting packages. He has nearly 20 years experience in lecturing and tutoring in a variety of accounting and systems subjects at a number of universities.
Subject author(s)
This subject was written and compiled by Warwick Baines.
Learning objectives
Be able to comprehend and describe the role of assurance services and providers;
Be able to explain the influences on the audit processes, including the Corporations Act, Common Law, Australian and International professional standards, professional bodies and public expectations within a global market;
Be able to appraise the client’s business environment and apply the risk model;
Be able to explain, select and apply procedures involved in the audit process;
Be able to relate the expanding scope of auditing to today’s international business environment.
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Assumed knowledge
ACC222 or ACC321 or ACC220
Attendance
Attendance is required at all scheduled lectures and tutorials.
Contact Procedures
Academic enquiries
Any questions concerning the teaching of this subject can be made by contacting your subject coordinator.
Subject Coordinator Shibly Abdullah
Consultation procedures
The Subject Coordinator will be available for student consultation. The most effective way to contact the Subject Coordinator is via email or through subject forums. The Subject Coordinator also will be available at certain times for phone or face to face consultation and will inform you of their times at the start of session.
When sending emails, please state the subject code and your name and ID number in the email title/subject. This will avoid your email being treated as SPAM.
The Faculty of Business is committed to staff engaging with their students and students receiving adequate support so that they have the best possible chance of succeeding in their studies. Therefore, students who are not completing assignments or sitting for tests or who are not engaging with the subject may be contacted by the subject coordinator to discuss their circumstances.
Minimum standards of consultation
According to the Minimum Standards for Communication with Students Policy (students can expect that the subjectcoordinator or nominee of the distance education forums will respond to their postings at least once a week during the teaching weeks of the session.
Contact procedures
Any questions concerning the teaching of this subject can be made by contacting your subject lecturer.
Subject Delivery
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Room 3 / 9
The weekly instruction in this subject will consist of a combined lecture /tutorial lasting up to 4 hours which will occur every week. This will cover the main points from each topic.
Learning, teaching and support strategies
The study guide for this subject has been written specifically to guide you through the sections (and questions) of the prescribed textbook relevant to each topic.
You should check the Interact Site at least weekly for postings, announcements, lecture information and other resources that will assist your studies or additional information and resources vital to your success in the subject.
Studying at university does not mean studying alone. Take advantage of collective wisdom and post your questions to the subject forum.
Use the subject schedule to plan your studies over the session.
Information on effective time management is available on the CSU Learning Skills website via the following link: student.csu.edu.au
Visit the Learning Skills website for advice about assignment preparation, academic reading and note taking, referencing, effective time management and preparing for exams at: student.csu.edu.au
You can also contact an adviser through Student Central on the following number: 1800 275 278 (or +61 2 6933 7507 from outside Australia).
Queries regarding the content of this subject should be directed to your Subject Coordinator.
Library services
You can find on the Library Services web site full details of how we can help you find books, articles, Australian and international databases, full-text newspapers and journals, electronic reference collections as well as links to other libraries and their catalogues:
The Library website provides access to print and online material, such as books, reports, journals, articles, dissertations, newspapers, and other reference tools. You will also find guides and assistance to help you use the Library’s resources.
http://www.csu.edu.au/division/library/
You can find Library Services on both the CSU website and the SGA library catalogue website including access to a wide range of electronic books, electronic journals, as well as textbooks available for loan in the Darlinghurst campus library. You can also access reports, journals, articles, dissertations, full text newspapers, and online reference resources (eg. ABS statistics, Australian standards, encyclopaedias, dictionaries), as well as links to other libraries and their catalogues:
http://bonza.unilinc.edu.au/sga – SGA Darlinghurst library catalogue including electronic books and electronic journals online.
http://www.csu.edu.au/division/library/ – CSU Library Services catalogue including online tutorials and video tutorials in research skills, finding articles for assignments, APA referencing and other styles, topic analysis, Endnote referencing program and many other online library services to help you successfully complete your assignments for all CSU courses.
http://trove.nla.gov.au/ – Powerful search engine from National Library of Australia to access many different online resources on any subject from one search.
Interlibrary Loans are also available to all students from the network of CSU libraries as well as
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renewing and extending loans. All CSU students by showing their CSU student card can access University of Technology, Sydney (UTS) library for free 10 times per year or paying $50 per year to join CAUL scheme to borrow books and use the UTS library as often as students like. The UTS Blake library is located near Chinatown, corner Quay Street & Ultimo Road, Haymarket. Ph: 02 9514 3666.
Contact Details for renewing loans, locating books and other information:
SGA Darlinghurst library:
David Hart Manager, Library Services
Zora Janeva Library Technician
Library Help
Answers to your frequently asked questions about Library services and resources are available at: http://www.csu.edu.au/division/library/how-to/faq/
Library skills tutorials
SmartSkills is a self-paced, interactive, online tutorial which teaches core research skills such as using library databases and the library catalogue. It incorporates a number of exercises and quizzes to test your understanding. It is modular and can be done in any order at any time. SmartSkills is located on the Library website (go to ‘How to use the library’ and ‘Library skills tutorial’) or can be accessed directly at:
http://www.web-ezy.com/csuweb-ezy/
Academic learning skills assistance
Visit the learning skills website for advice about assignment preparation, academic reading and note-taking, referencing, and preparing for exams at: http://student.csu.edu.au/study
You may also contact: Dr Susan Lee
Queries regarding the content of this subject should be directed to your subject lecturer.
Student Workload
CSU Academic Senate policy states that a standard 8 point subject should require students to spend a total of between 140-160 hours engaged in learning and assessment activities. This means an average of 10 to 12 hours each week. This subject complies with this policy.The study guide for this subject, which is available on Interact, has been written specifically to guide you through the sections (and questions) of the prescribed textbook relevant to each topic.
Subject Content
This subject contains the following topic areas:
Topic 1The role of auditing and ethical decision making
Topic 2Legal liability of auditors
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Topic 3Overview of assurance concepts and the audit process
Topic 4Audit planning
Topic 5Internal controls and risk assessment
Topic 6Tests of controls
Topic 7Tests of transactions and balances
Topic 8Audit sampling
Topic 9Completing the audit
Topic 10Reporting obligations
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Schedule
Week
Commencing
Topic
Name
Essential Readings
(4th OR 5th edition)
4th edition
5th
edition
pp. 1-20,
The role of auditing
pp. 1-18, 25-32, pp.
30-33,
1
4 March
1
and ethical decision
53-61, pp. 90-97 &
pp.49-55,
making
111-120
pp. 84-90
& 103-112
2
11 March
2
Legal liability of
pp. 150-181
pp.
auditors
140-168
Overview of
pp. 199-213 &
pp.
3
18 March
3
assurance concepts
187-200 &
217-229
and the audit process
204-216
Assignment 1 due 20
March 2013
pp.
pp.
233-272;
4
25 March
4
Audit planning
245-287; 308-314 &
327-331
288-294 &
305-310
5
1 April
5
Internal Control and
pp. 353-391
pp.
Risk Assessment
329-370
8 – 19 April
Mid Session Break
pp. 419-441 &
pp.
6
22 April
6
Test of controls
389-409 &
454-458
422-429
7
29 April
7
Tests of transactions
pp. 477-529
pp.
and balances part 1
445-493
8
6 May
7
Tests of transactions
Continued
Continued
(cont)
and balances part 2
pp. 547-562 &
pp.
9
13 May
8
Audit Sampling
511-526 &
569-577
532-540
Assignment 2 due
15 May 2013
10
20 May
9
Completing the audit
pp.603-628
pp.
563-587
11
27 May
10
Reporting obligations
pp.647-675
pp.
603-634
12
3 June
Revision
Examination period 10 June – 21 June 2013.
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Text and Learning Materials
Prescribed text(s)
Students must have access to a copy of the prescribed textbook(s) and handbook.
Text book:
Gay, G. E., & Simnett, R. (2012). Auditing and assurance services in Australia (5th ed.). Roseville: McGraw Hill.
OR