Course overview
- Study period
- Semester 1, 2025 (24/02/2025 - 21/06/2025)
- Study level
- Postgraduate Coursework
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Business School
Conceptual framework of field of auditing. Problem-solving skills to carry out effective and efficient audits.
A main focus of the course is to understand and implement the audit risk model in a financial report audit. The course provides an understanding of audit planning, review of an audit client's organisational systems, audit testing and preparation of audit reports. Case studies help provide experience in using the theoretical framework to solve practical audit problems.
Course requirements
Assumed background
A sound knowledge of topics covered in accounting units is a necessary basis for satisfactory completion of this course. Before attempting this course, you are advised that it is important to complete the appropriate prerequisite course(s) listed on the front of this course profile. No responsibility will be accepted by the School of Business, the Faculty of Business, Economics and Law or the University of Queensland for poor student performance occurring in courses where the appropriate prerequisite(s) has/have not been completed, for any reason whatsoever.
ﾠ
Prerequisites
You'll need to complete the following courses before enrolling in this one:
(ACCT7101 + ACCT7102)
Incompatible
You can't enrol in this course if you've already completed the following:
ACCT3101
Restrictions
Quota: Minimum of 15 enrolments
Course contact
Course staff
Lecturer
Dr Yang Xu
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Please note: Teaching staff do not have access to the timetabling system to help with class allocation. Therefore, should you need help with your timetable and/or allocation of classes, please ensure you email business.mytimetable@uq.edu.au from your UQ student email account with the following details:
- Full Name
- Student ID
- Course Code
Aims and outcomes
This course aims to provide a comprehensive and integrated introduction to the environment and methodology of auditing. It is intended to provide the theoretical framework around which auditing knowledge and skills can be built by further study or on the job experience.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Explain the nature and functions of auditing in the context of the audit engagement/different types of audits.
LO2.
Analyse the ethical and legal issues faced by auditors to form professional judgements on the appropriate course of action.
LO3.
Apply the stages of audit planning and preliminary procedures to form an understanding of the audit client and its environment in order to develop audit strategies and design appropriate audit procedures.
LO4.
Assess the audit client's risks, including carrying out an evaluation of the client's internal control system, and design appropriate audit procedures to test for material misstatements in financial statements.
LO5.
Design audit procedures to complete the audit (including detecting subsequent events) and use professional judgement to form an audit opinion.
LO6.
Work on audit issues as a member of a team.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Examination |
In-Semester Exam
|
30% |
In-semester Saturday 29/03/2025 - 12/04/2025 |
| Paper/ Report/ Annotation |
Case Study: Audit Planning and testing
|
20% |
16/05/2025 2:00 pm |
| Examination |
Final Exam
|
50% |
End of Semester Exam Period 7/06/2025 - 21/06/2025 |
Assessment details
In-Semester Exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 30%
- Due date
In-semester Saturday
29/03/2025 - 12/04/2025
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
The exam time/date will be announced by the UQ Central Examination Office later in the semester. Please keep an eye on your personalised UQ web sites.
The In-Semester Exam:
- will be based on the first four topics, including lectures and tutorials
- contains about 10 multiple choice questions and 3 written questions
- the written questions include practical/problem-solving questions that require you to analyse mini cases/scenarios and apply relevant audit theories/regulations/techniques to form appropriate judgments/decisions
- the written questions usually require you to demonstrate your understanding about important aspects of the audit process
AI Statement:
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 90 minutes |
| Calculator options | (In person) Casio FX82 series only or UQ approved and labelled calculator |
| Open/closed book | Closed Book examination - specified written materials permitted |
| Materials | One A4 sheet of handwritten or typed notes, double sided, is permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Case Study: Audit Planning and testing
- Online
- Mode
- Written
- Category
- Paper/ Report/ Annotation
- Weight
- 20%
- Due date
16/05/2025 2:00 pm
- Other conditions
- Peer assessed, Longitudinal.
- Learning outcomes
- L03, L04, L06
Task description
Group Case Study Overview
This group case study provides you with practical experience in audit planning, identifying risks, conducting tests of control procedures, and performing substantive testing. The case study has a word limit of 1800 words. Each group should consist of 2 members. Students struggling to find another student to work with should contact the lecturer on yang.xu@uq.edu.au. Further instructions are available on the Course Blackboard site.
Case Study Instructions
The case study consists of several questions that must be answered comprehensively. Follow these guidelines when preparing and submitting your work:
- Save your case study as a Word document. PDF submissions will not be accepted.
- Upload the completed case study to Blackboard via Turn-it-in before the deadline.
Important Submission Details
- Include names of both group members in your submission.
- Avoid last-minute submissions, as system issues can arise due to high traffic. Late submissions without an approved extension will be penalised according to university policy.
- After submission, take a screenshot of your receipt as proof. Retain this receipt for your records.
- Academic integrity rules apply: copying from others or engaging in contract cheating is strictly prohibited.
For detailed information on the case study's format, expectations, and submission, please refer to the notice in the "Assignment" folder on Blackboard.
AI Usage Statement
This assessment evaluates your abilities, skills, and knowledge without generative Artificial Intelligence (AI) assistance. Using AI technologies to develop responses is strictly prohibited and may be considered student misconduct under the Student Code of Conduct.
Submission guidelines
The assignment must be submitted electronically on Blackboard through Turn-it-in.
Deferral or extension
You may be able to apply for an extension.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Final Exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 50%
- Due date
End of Semester Exam Period
7/06/2025 - 21/06/2025
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04, L05, L06
Task description
This Exam:
- is a closed book, invigilated exam as required by UQ and Professional Accounting organisations
- time/date will be announced by the UQ Central Examination Office later in the semester. Please keep an eye on your personalised UQ websites
- contains about 4 to 5 written questions. Each question consists of a number of short answer/short essay/problem solving/application questions
- the written questions focus on problem-solving, which involves analysing cases/scenarios and applying relevant audit theories/regulations/techniques to form appropriate judgments/decisions
- some written questions require you to demonstrate your understanding of important aspects of the audit process
- more details of the final exam will be made available towards the end of the semester
- you are advised that ALL areas of the course are examinable and thus leaving out any section of the course material from your study plans would be ill-advised
AI Statement:
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | (In person) Casio FX82 series only or UQ approved and labelled calculator |
| Open/closed book | Closed Book examination - specified written materials permitted |
| Materials | One A4 sheet of handwritten or typed notes, double sided, is permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0 - 29 |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30 - 46 |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47 - 49 |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50 - 64 |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65 - 74 |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75 - 84 |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85 - 100 |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
Additional course grading information
Grades will be allocated according to University-wide standards of criterion-based assessment.
Supplementary assessment
Supplementary assessment is available for this course.
Learning resources
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Library resources
Find the required and recommended resources for this course on the UQ Library website.
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 |
Lecture |
Topic 1 Introduction & Audit objectives In Week 1, we will discuss what an audit is about, different types of audits and auditors, and the various audit objectives. Relevant readings: Arens (Chapters 1 and 4). Learning outcomes: L01 |
Week 2 |
Workshop |
Workshop 1: Introduction & Audit objectives Learning outcomes: L01 |
Lecture |
Topic 2 Audit reports In Topic 2, we will demonstrate what the end product of the audit processes - an audit report - looks like, and conditions under which each type of audit report are issued. Relevant reading: Arens (Chapter 18) Learning outcomes: L01, L05 |
|
Week 3 |
Workshop |
Workshop 2: Audit reports Learning outcomes: L01, L05 |
Lecture |
Topic 3 Ethics, Auditor legal liabilities In Topic 3, we explore ethical requirements auditors need to follow. More importantly, what legal consequences auditors could be facing if they failed to provide quality services to their clients. Relevant reading: Gay and Simnett (Chapter 2 and 3). Learning outcomes: L01, L02 |
|
Week 4 |
Workshop |
Workshop 3: Ethics, Auditor legal liabilities Learning outcomes: L01, L02 |
Lecture |
Topic 4: Audit risk model & Audit evidence In Topic 4, we will introduce various ways auditors collect audit evidence and we will also briefly discuss the various components of the audit risk model. Relevant reading: Arens (Chapters 5 and 7 (p.232-236)) Learning outcomes: L03, L04, L06 |
|
Week 5 |
Workshop |
Workshop 4: Audit risk model & Audit evidence Learning outcomes: L03, L04, L06 |
Lecture |
Topic 5: Audit planning, materiality and risk In Topic 5, we continue to learn how audit risk model works. In particular, we will learn how audit risks and inherent risks are assessed. In addition, we explore how materiality thresholds are set at the planning stage and subsequently how they are used to identify material misstatements. Relevant reading: Arens (Chapters 6 and 7) Learning outcomes: L03, L04, L06 |
|
Week 6 |
Workshop |
Workshop 5: Audit planning, materiality and risk Learning outcomes: L03, L04, L06 |
Lecture |
Topic 6: Internal control, control risk and fraud On Topic 6, we will discuss the types of internal controls implemented by reporting entities that contributing to higher quality financial information, how control risks are assessed and tested by auditors. Relevant reading: Arens (Chapters 8 and 9) Learning outcomes: L03, L04, L06 |
|
Week 7 |
Workshop |
Workshop 6: Internal control, control risk and fraud Learning outcomes: L03, L04, L06 |
Lecture |
Topic 7: Tests of controls and substantive tests 1 On Topic 7, we introduce the concept of tests of controls and substantive testing, and how these concepts, along with other concepts we have learned so far, are applied in sales and collection cycle. Relevant reading: Arens (Chapters 11, 12 and 13). Learning outcomes: L03, L04, L06 |
|
Week 8 |
No student involvement (Breaks, information) |
Teaching Break We will take a teaching break this week with no lecture, workshop or consultation. |
Mid-sem break |
No student involvement (Breaks, information) |
Mid-semester Break |
Week 9 |
Workshop |
Workshop 7: Tests of controls and substantive tests 1 Learning outcomes: L03, L04, L06 |
Lecture |
Topic 8: Audit sampling On Topic 8, we explore how sampling techniques are applied in audit testing with practical examples. Relevant readings: Gay and Simnett (Chapter 10) Learning outcomes: L04, L06 |
|
Week 10 |
Workshop |
Workshop 8: Audit Sampling Learning outcomes: L04, L06 |
Lecture |
Topic 9: Tests of controls and substantive tests 2 On Topic 9, we will explore how tests of controls and substantive tests are applied in the audit of 1) cash and PPE accounts and 2) the following transactions cycles: inventory and warehousing and payroll and personnel. Relevant reading: Arens (Chapters 15 and 16) Labour Day Public Holiday - Monday 5 May 2025 - Our regular lecture will be affected by Labour Day. Please check Blackboard for announcements about the time and venue of the make-up class. Learning outcomes: L03, L04, L06 |
|
Week 11 |
Workshop |
Workshop 9: Tests of controls and substantive tests 2 Learning outcomes: L03, L04, L06 |
Lecture |
Topic 10: Tests of controls and substantive tests 3 We will identify tests of controls and substantive testing relevant for the acquisition and payment cycle. Relevant Reading: Arens (Chapter15) Learning outcomes: L03, L04, L06 |
|
Week 12 |
Workshop |
Workshop 10: Tests of controls and substantive tests 3 Learning outcomes: L03, L04, L06 |
Lecture |
Topic 11: Completing the audit We identify audit procedures to complete the audit process, including identifying and assessing subsequent events and contingent liabilities. Relevant Reading: Arens (Chapter 17). Learning outcomes: L05 |
|
Week 13 |
Workshop |
Workshop 11: Completing the audit Learning outcomes: L05 |
Lecture |
Revision lecture We will provide some information on the final exam and go through some mock final exam papers. Learning outcomes: L01, L02, L03, L04, L05, L06 |
Policies and procedures
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
- Student Code of Conduct Policy
- Student Integrity and Misconduct Policy and Procedure
- Assessment Procedure
- Examinations Procedure
- Reasonable Adjustments - Students Policy and Procedure
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.