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Unit outline_

ACCT3600: Accounting and Auditing in Practice

Semester 1, 2021 [Normal day] - Remote

This unit of study examines the process of auditing, highlighting the important concepts which underpin the practice of auditing. Although the focus is on the audit of corporate financial reports undertaken in compliance with the Corporation Act 2001 (Cth), other forms of audit and assurance activities are referenced. This unit of study is intended to provide an overview of the audit process within the context of Australian Auditing Standards. The unit is both practical and theoretical, with students expected to apply their knowledge to case studies developed from practice. As the capstone unit for the accounting major, this unit bridges the gap between theory and practice by integrating knowledge and consolidating key skills developed across the accounting major. It aims to provide students with practical experience in identifying, analysing, and solving contemporary business problems. Students ensure their career-readiness by demonstrating their ability to apply concepts, theories, frameworks, methodologies, and skills to authentic problems and challenges faced in the field of accounting.

Unit details and rules

Academic unit Accounting
Credit points 6
Prerequisites
? 
Completion of at least 120 credit points including (ACCT2012 or ACCT2019) and ACCT3011.
Corequisites
? 
None
Prohibitions
? 
ACCT3014
Assumed knowledge
? 

Students are expected to have an understanding of the key principles and rules of specified auditing standards, and be able to apply them in the context of business scenarios. Students are also expected to comprehend the form and content of published financial statements and be able to explain their function.

Available to study abroad and exchange students

No

Teaching staff

Coordinator Shan Zhou, shan.zhou@sydney.edu.au
Type Description Weight Due Length
Final exam (Live+ supervised) Type A final exam hurdle task Final exam
n/a
55% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
In-semester test (Record+) Type B in-semester exam Mid-semester exam
n/a
20% Week 08
Due date: 27 Apr 2021 at 11:00
50 minutes
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Assignment group assignment Research case study
Research case study
25% Week 11 10-15 pages
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
hurdle task = hurdle task ?
group assignment = group assignment ?
Type A final exam = Type A final exam ?
Type B in-semester exam = Type B in-semester exam ?

Assessment summary

  • Research case study: The research assignment will be a case study linking to the unit material. 
  • Mid-semester exam: The examination is closed book and calculators are not permitted.
  • Final exam: An assessment that is listed as HURDLE TASK means you must undertake the assessment and achieve a mark above a minimum standard. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit is above 50%, will be given a Fail grade for the unit. As a result the student's academic transcript will show a fail grade and the actual mark achieved if between 0-49 and a fail grade and a capped moderated mark of 49 for all other marks. The hurdle mark for this assessment is 45%

More information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Distinction

75 - 84

Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Credit

65 - 74

Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Pass

50 - 64

Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 The auditing and assurance environment, understanding the importance of auditor independence and the use of professional scepticism Lecture (1.5 hr)  
Week 02 Planning the audit and understanding the concept of "business risk". Introduction to the concept and importance of internal controls Lecture and tutorial (3 hr)  
Week 03 Understanding audit risk assessment and the linkage to key accounts and management's financial statement assertions Lecture and tutorial (3 hr)  
Week 04 Audit evidence collection linked to priority key account assertions and the concept of materiality Lecture and tutorial (3 hr)  
Week 05 Developing audit tests of controls and auditing substantive tests linking to evidence collection and evaluation. Understanding the use of other external auditors and independent experts Lecture and tutorial (3 hr)  
Week 06 Audit strategy; Audit sampling; Fraud risk; Mid-semester review Lecture and tutorial (3 hr)  
Week 07 Designing audit procedures for the IT Environment and linkage to the IT control environment Lecture and tutorial (3 hr)  
Week 08 In class Mid-Semester Exam No lecture and No tutorials Lecture and tutorial (1.5 hr)  
Week 09 Completing the audit part 1 - subsequent event analysis. Understanding the auditor's approach to the type of audit opinions that may be issued on a set of financial statements, and an introduction to the "Going Concern Principle" Lecture and tutorial (3 hr)  
Week 10 Completing the audit part 2 - selection of the appropriate audit opinion to be expressed and determination of the appropriate audit report. Investigation of limitation of scope events, and further development of the going concern principle Lecture and tutorial (3 hr)  
Week 11 Auditor legal liabilities Lecture and tutorial (3 hr)  
Week 12 New assurance services and Integrated Reporting Lecture and tutorial (3 hr)  
Week 13 Final exam review Lecture and tutorial (3 hr)  

Attendance and class requirements

Lecture recordings: All lectures are recorded and will be available within Canvas for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Ebook Accounting and Auditing in Practice 1e (Customised)

1st Edition​

eBook ISBN: 9781307613438

 

 

 

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. demonstrate an understanding of the key concepts, processes, challenges in audit practice
  • LO2. understand and identify the risks of misstatement, both financial and non-financial facing in the evaluation of business risks that have direct implications for the audit of the organisation’s financial statements
  • LO3. analyse and diagnose business risk problems and be able to link them to financial statement assertions and indicate what procedures should be performed by the Auditor in terms of evidence evaluation
  • LO4. communicate effectively, both orally and in writing, using a range of modes of communication including business reports, audit procedures and including the ability to negotiate and persuade in a business context
  • LO5. collaborate effectively with others in a professional business manner as both members and leaders of teams, and in relation to client interactions
  • LO6. demonstrate and explain the conceptual principles of the Code of Ethics for Professional Accountants.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

None

Please refer to Canvas for more updated information.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.