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Unit outline_

ACCT3600: Accounting and Auditing in Practice

Semester 1, 2024 [Normal day] - Camperdown/Darlington, Sydney

This unit of study examines the process of auditing, highlighting the important concepts that underpin auditing practice. The unit provides an overview of the audit process within the context of Australian Auditing Standards and focuses on the audit of corporate financial reports undertaken in compliance with the Corporations Act 2001 (Cth). It also explores other forms of audit and assurance activities. The approach taken is both practical and theoretical, with students expected to apply their knowledge to case studies developed from practice. As the capstone unit of study 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 applying 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. All other requirements for the major or program associated with this capstone must be completed prior to or concurrently with (if enrolment rules permit) this unit of study. Capstones must be completed at the University of Sydney Business School only.

Available to study abroad and exchange students

No

Teaching staff

Coordinator Angela Hecimovic, angela.hecimovic@sydney.edu.au
Lecturer(s) Angela Hecimovic, angela.hecimovic@sydney.edu.au
The census date for this unit availability is 2 April 2024
Type Description Weight Due Length
Supervised exam
? 
hurdle task
Final exam
Written exam
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO6
Small continuous assessment Participation, Engagement with Learning Materials
For Further Details see Canvas
4% Ongoing Continuous through week 1 to week 13
Outcomes assessed: LO5 LO1 LO2 LO3 LO4 LO6
Small test Quiz One
Quiz in allocated Tutorial time.
7% Week 04 15 minutes
Outcomes assessed: LO1 LO3 LO2
Small test Quiz Two
Quiz in allocated Tutorial time.
7% Week 08 15 minutes
Outcomes assessed: LO1 LO3 LO2
Small test Quiz Three
Quiz in allocated Tutorial time.
7% Week 10 15 minutes
Outcomes assessed: LO1 LO3 LO2
Assignment group assignment Research case study
Group assignment
25% Week 11
Due date: 10 May 2024 at 23:59

Closing date: 24 May 2024
10-12 pages
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
hurdle task = hurdle task ?
group assignment = group assignment ?

Assessment summary

  • Research case study: The research case study is a group assignment linking material covered in this unit to a case study. 
  • In allocated-Tutorial Quizzes.
  • Participation, Engagement with Learning Materials: ongoing.
  • 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 Final Exam assessment is 45%.
  • Detailed information for each assessment can be found on Canvas (e.g. assessment rubrics) and submission instructions are published 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.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

The Assessment Procedures 2011 provide that any written work (eg Group Assignment) submitted after 11:59pm on the due date will be penalised by 5% of the maximum awardable mark for each calendar day after the due date. If the assessment is submitted more than ten calendar days late, a mark of zero will be awarded. In allocated-Tutorial Quizzes: if you miss your Quiz, please complete a Special Consideration, and if approved the Unit Coordinator will provide details on an alternative Quiz or a re-weighting of Quiz results.

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.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

WK Topic Learning activity Learning outcomes
Week 01 The auditing and assurance environment in Australia: understanding the importance of auditor independence, the use of auditor judgment and professional scepticism in delivering quality financial audits. Lecture and tutorial (3 hr) LO1 LO2 LO5 LO6
Week 02 Planning the audit and understanding the concept of "business risk" and assessing risks of material misstatements (RMM). Introduction to the concept and importance of internal controls Lecture and tutorial (3 hr) LO1 LO2 LO3 LO5
Week 03 Understanding audit risk assessment and the linkage to key accounts and management's financial statement assertions Lecture and tutorial (3 hr) LO1 LO2 LO3 LO5
Week 04 Audit evidence collection linked to priority key account assertions and the concept of materiality Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 05 Developing audit tests of controls and auditing substantive tests linking to evidence collection and evaluation. Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5
Week 06 Audit Strategy & Audit Planning Lecture and tutorial (3 hr) LO1 LO4 LO5
Week 07 Designing audit procedures for the IT Environment and linkage to the IT control environment Lecture and tutorial (3 hr) LO1 LO2 LO3 LO5
Week 08 More on IT audit, Audit sampling and the auditor's responsibility to consider Fraud Risk in a Financial Statement Audit Lecture and tutorial (3 hr) LO1 LO2 LO3 LO5
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) LO1 LO2 LO3 LO4 LO5
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) LO1 LO2 LO3 LO4 LO5
Week 11 Legal Liability of Auditors & the Changing Landscape of Auditor Litigation Lecture and tutorial (3 hr) LO1 LO2 LO4 LO5
Week 12 New Assurance Services & How AI is Transforming Audits Lecture and tutorial (3 hr) LO1 LO3 LO4 LO5
Week 13 Review of the Audit Process, its Stages & Final Exam Review Lecture and tutorial (3 hr) LO1 LO2 LO3 LO4 LO5 LO6

Attendance and class requirements

ACCT3600 is a Blended Learning Unit-where Lecture Video Recordings are provided in each weeks' module, as learning resources to view before each in-person Tutorial. 

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

Australian Auditing Standards: available at the Auditing and Assurance Standards Board website: https://auasb.gov.au

 

 

 

 

 

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
Association of Chartered Certified Accountants -
Competency code Taught, Practiced or Assessed Competency standard
4 T A AA Audit Assurance
CPA Australia and Chartered Accountants Australia and New Zealand -
Competency code Taught, Practiced or Assessed Competency standard
GEN T A CPA accredited UoS
PCA01 T A Intellectual skills
PCA02 T A Interpersonal and communication skills
PCA04 T A P Ethical principles, professional values and integrity
TCA03 T P A Audit and assurance

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

Last semester, students commented that the “interactive approach and dynamic material have made the subject matter captivating and enjoyable” ---very pleasing to read as that is our aim as educators. The majority of students loved the pre-recorded Lecture Videos posted in Canvas weekly modules before each in-person Tutorial----this blended learning approach will be adopted again this semester, and we will have Lecture videos available 5 days before your Tutorial. We will again provide detailed feedback on your learning and assessments, and the change will be in how we embed each week's topic into the audit process-so you will always know what aspect of the audit process and its stages are being examined. We will also embed more learning activities including a data analytics group case study to be conducted in your allocated Tutorials.

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.