Outline

Overview

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	Tina Huynh, tina.huynh@sydney.edu.au
Lecturer(s)	Angela Hecimovic, angela.hecimovic@sydney.edu.au
Lecturer(s)	Tina Huynh, tina.huynh@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Live+ supervised)	Final exam Written exam	55%	Formal exam period	2 hours
Outcomes assessed:
In-semester test (Record+)	In-semester test Written exam	20%	Week 08 Due date: 05 Oct 2021 at 11:00	50 minutes
Outcomes assessed:
Assignment	Research case study Group assignment	25%	Week 11	10-15 pages
Outcomes assessed:
= hurdle task ? = group assignment ? = Type A final exam ? = Type B in-semester exam ?

Assessment summary

Research case study: The research case study is a group assignment linking material covered in this unit to a case study.
In-semester test: 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.

Learning support

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.

Weekly schedule

WK	Topic	Learning activity
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 (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

https://www.mheducation.com.au/ebook-acct3600-accounting-and-auditing-in-practice-1e-customised-9781307613438-aus

Learning outcomes

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.

Outcomes
Graduate qualities

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
Learning outcomes

Responding to student feedback

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

No changes have been made to this unit since the last offering.

Additional information

Please refer to Canvas for more updated information.

Business School guidelines

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.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ACCT3600: Accounting and Auditing in Practice

Semester 2, 2021 [Normal day] - Remote

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect