Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- 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.
This course provides a comprehensive introduction to the environment and methodology of auditing, including the auditor's legal, professional and ethical responsibilities, the conduct of a financial report audit, forming a professional judgment to provide the audit opinion, and statutory requirements for audit reports.
This course is intended to provide the theoretical framework around which auditing knowledge and skills can be built by further formal study or on the job experience. Case studies help
provide experience in using the theoretical framework to solve practical audit problems.
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.
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
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 31/08/2024 - 14/09/2024 |
| Paper/ Report/ Annotation |
Case Study: Audit Planning and testing
|
20% |
11/10/2024 2:00 pm |
| Examination |
Final Exam (invigilated closed book exam)
|
50% |
End of Semester Exam Period 2/11/2024 - 16/11/2024 |
Assessment details
In-Semester Exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 30%
- Due date
In-semester Saturday
31/08/2024 - 14/09/2024
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04
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 or UQ approved , labelled calculator only |
| 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.
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.
Case Study: Audit Planning and testing
- Team or group-based
- Mode
- Written
- Category
- Paper/ Report/ Annotation
- Weight
- 20%
- Due date
11/10/2024 2:00 pm
- Other conditions
- Peer assessed, Longitudinal.
- Learning outcomes
- L03, L04, L06
Task description
This is a group case study designed to give you some practical experience in audit planning, the application of the audit risk model, tests of control procedures, and substantive testing. The word limit of this case study is 1000 words (further instructions will be available on the Course Blackboard site). Please make sure you are up to date with all course readings and class materials before undertaking the case study.
Students need to form a group of 3 students to work on the case study together. An online forum will be created to help you find team members. Your workshops are also a good place to find potential team members.
The case study contains a number of questions. You must answer all questions and submit your case study in the following manner:
Please save your case study in a word document. Adobe pdf file is not acceptable.
Upload your case study on Blackboard via Turn-it-in before the due date. Only one student needs to submit the case study for the group but please clearly specify the identification details of all team members on the first page of the case study file.
Please Note:
- All group members need to complete a peer review section on Blackboard, the results of the peer evaluation may affect your individual mark for this assessment.
- Please avoid submitting your case study at the last minute because the system may be down or may malfunction due to the number of submission attempts at that time. Late submission without extension approval will be penalised according to the university policy.
- Please make sure you have successfully submitted the file by taking a screenshot of the receipt. Keep this receipt as proof of your submission.
- Please be advised the academic integrity rules applies - copying from other students and contract cheating are strictly prohibited.
- A penalty will apply if students submit this assignment as an individual assignment without the course coordinator's approval.
For more details about the case study's format, expectations and submission, see the case study notice on Blackboard in the "Assignment" folder.
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.
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.
Students need to apply to the UQBS Exams Office for 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 (invigilated closed book exam)
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 50%
- Due date
End of Semester Exam Period
2/11/2024 - 16/11/2024
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04, L05
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 or UQ approved , labelled calculator only |
| 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.
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.
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.
Own copy required
You'll need to have your own copy of the following reading resources. We've indicated below if you need a personal copy of the reading materials or your own item.
| Item | Description |
|---|---|
| Book |
Auditing, assurance services & ethics in Australia: an integrated approach
by Arens; Alvin A. - 2017 Edition: 10th edition Publisher: Pearson Australia ISBN: 9781488609138; 9781488611193 |
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 Learning outcomes: L01 |
Week 2 |
Workshop |
Workshop 1: Introduction & Audit objectives Learning outcomes: L01 |
Lecture |
Topic 2 Audit reports Learning outcomes: L01, L05 |
|
Week 3 |
Workshop |
Workshop 2: Audit reports Learning outcomes: L01, L05 |
Lecture |
Topic 3 Audit ethics and independence Learning outcomes: L01, L02 |
|
Week 4 |
Workshop |
Workshop 3: Audit ethics and independence Learning outcomes: L01, L02 |
Lecture |
Topic 4: Audit risk model & Audit evidence 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 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 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 Tests of controls and substantive testing part 1. Learning outcomes: L03, L04, L06 |
|
Week 8 |
Workshop |
Workshop 7: Tests of controls and substantive tests 1 Tests of controls and substantive testing part 1. Learning outcomes: L03, L04, L06 |
Lecture |
Topic 8: Tests of controls and substantive tests 2 Tests of controls and substantive tests part 2. Learning outcomes: L04, L06 |
|
Week 9 |
Workshop |
Workshop 8: Tests of controls and substantive tests 2 Tests of controls and substantive tests part 2. Learning outcomes: L04, L06 |
Lecture |
Topic 9: Tests of controls and substantive tests 3 Tests of controls and substantive tests part 3. Learning outcomes: L04, L06 |
|
Mid Sem break |
No student involvement (Breaks, information) |
In-Semester Break |
Week 10 |
Workshop |
Workshop 9: Tests of controls and substantive tests 3 Tests of controls and substantive tests part 3. Learning outcomes: L04, L06 |
No student involvement (Breaks, information) |
Topic 10: Audit sampling and Audit liabilities Topic 10: Audit sampling and Audit liabilities Learning outcomes: L02, L04 |
|
Week 11 |
No student involvement (Breaks, information) |
No Workshop Week 11 Monday 7/10/2024 King's birthday public holiday, so there is no workshop / lecture this week. |
No student involvement (Breaks, information) |
No Lecture Week 11 Monday 7/10/2024 King's birthday public holiday, so there is no workshop / lecture this week. |
|
Week 12 |
Workshop |
Workshop 10: Audit sampling and Audit liabilities Learning outcomes: L02, L04 |
Lecture |
Topic 11: Completing the audit Learning outcomes: L05 |
|
Week 13 |
Workshop |
Workshop 11: Completing the audit Learning outcomes: L05 |
Lecture |
Revision lecture 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.