- Class Number 2542
- Term Code 3130
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Dr Lingwei Li
- Dr Lingwei Li
- Class Dates
- Class Start Date 22/02/2021
- Class End Date 28/05/2021
- Census Date 31/03/2021
- Last Date to Enrol 01/03/2021
This course is primarily focused on the external audit of corporate financial statements while also covering other assurance services, professional ethics, and legal liabilities. The lectures presented are structured to correspond with auditing process in theory and practice, and inevitably integrate Australian and International Auditing Standards.
The majority of the lectures deal with the various activities undertaken by external auditors. The main stages of the audit process are addressed including risk analysis in auditing, audit planning and documentation, fraud auditing, gathering and evaluating audit evidence (including performance of tests of controls and substantive audit procedures) and the formation of the audit opinion. Other topics, including auditors' legal responsibilities, audit quality and ethics, and other assurance services, are also dealt with as special topics.
The lectures mainly deal with the concepts underlying the methodology, while the tutorial assignments are used to demonstrate how the methodology is applied in practical situations.
Upon successful completion, students will have the knowledge and skills to:
- discuss the need for an independent or external audit and describe briefly the development of the role of the assurance provider in modern business society;
- explain the regulatory environment in which the external auditor operates (including relevant sections of the Corporations Act 2001 and the auditing standards issued by the Australian Auditing and Assurance Standards Board (AUASB) as well as the standards issued by the Australia Professional Ethical Standards Board) and apply those rules, standards and pronouncements to the conduct of a financial report audit and other assurance engagements;
- describe the quality control procedures necessary to ensure that a competent assurance engagement is performed, and apply professional ethics including Code of Conduct to specific scenarios;
- understand the financial report audit process, beginning with accepting clients, followed by understanding the client, evaluating business risk and assessing inherent risk, performing tests of controls to assess control risk and substantive tests to reduce detection risk, considering subsequent events and evaluating evidence gathered, ending in the formation of audit opinion and communication of the results to the client;
- describe the various levels of persuasiveness of different types of audit evidence and explain the broad principles of audit sampling techniques;
- for major transaction types and account balances, identify appropriate assertions at risk and apply appropriate audit procedures to test the assertions identified;
- understand auditors’ legal liabilities, and be able to apply case law in making a judgment whether auditors might be liable to certain parties;
- describe other assurance and non-assurance services provided by the auditing and assurance profession, and, for assurance services, understand the level of assurance provided.In addition, the course aims to develop students’ cognitive skills (especially analytical, appreciative, and communication skills).
To achieve the goals, this course draws upon business practices, contemporary and international research, case studies, and applied research experiences of the course convenor.
Examination Material or equipment
Information regarding permitted examination materials for the course will be available on the examination timetable website when the examination timetable is released: http://timetable.anu.edu.au/
Gay, G. and Simnett, R., (2015) Auditing and Assurance Services in Australia, 7th Edition, McGraw-Hill Australia
You are expected to have access to a copy of the prescribed book for the duration of the semester. A small number of copies are available for 2 hour loan in the reserve loan section of the Chifley Library. The ANU Library has also organised access to the e-book version via https://library.anu.edu.au/record=b6460171, but with limited concurrent users at any one time.
Australian Auditing Standards can be downloaded free of charge from http://www.auasb.gov.au
Students will be given feedback in the following forms in this course:
- Written comments will be given to the students for all the within semester assessment tasks
- Verbal feedback will be given during consultations
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.
Any student identified, either during the current semester or in retrospect, as having used ghost writing services will be investigated under the University’s Academic Misconduct Rule.
Email and the Wattle Course Website
Email and the Wattle course website are the preferred ways of communication.
If necessary, the lecturer and tutors for this course will contact students on their official ANU student email address. Students should use this email address when contacting staff as spam filters used by ANU may not allow other email addresses to be received. Information about your enrolment and fees from the Registrar and Student Services' office will also be sent to this email address.
Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations.
|Week/Session||Summary of Activities||Assessment|
|1||Lecture: Assurance, auditing, the structure of the profession: an overview Read the textbook: Chapters 1 & 2 (up to page 63)||None|
|2||Lecture: Ethics, audit quality and corporate governance Read the textbook: Chapter 3 Tutorial one||Week 2 Tutorial|
|3||Lecture: Overview and planning of the financial report audit Read the textbook: Chapters 4 (except for page 155-161) & 5 Tutorial two||Week 3 Tutorial|
|4||Lecture: Audit risk and materiality Read the textbook: Chapter 6 & Chapter 4 (page 155-161) Tutorial three||Week 4 Tutorial|
|5||Lecture: Understanding and assessing internal controls Read the textbook: Chapter 7 Tutorial four||Week 5 Tutorial|
|6||Lecture: Tests of controls Read the textbook: Chapter 8 Tutorial five||Week 6 Tutorial Mid-semester exam|
|7||Lecture: Substantive tests of transactions and balances (I) Read the textbook: Chapter 9 (p363-391) Tutorial six||Week 7 Tutorial|
|8||Lecture: Substantive tests of transactions and balances (II) Read the textbook: Chapter 9 (p391-412) Tutorial seven||Week 8 Tutorial Learning Journal due|
|9||Lecture: Audit sampling Read the textbook: Chapter 10 Tutorial eight||Week 9 Tutorial|
|10||Lecture: Completing the audit Read the textbook: Chapter 11 Tutorial nine||Week 10 Tutorial|
|11||Lecture: Audit reporting & auditors’ legal liability Read the textbook: Chapters 12 & 2 (from page 65) Tutorial ten||Week 11 Tutorial|
|12||Lecture: Other assurance services & course review Read the textbook: Chapter 13. Online chapters 14 & 15 Tutorial eleven||Week 12 Tutorial|
Please see Wattle for tutors’ information.
Tutorials will be available face-to-face or through live Zoom class. Enrolment for the various options, and times of the classes will be made available on Wattle. When tutorials are available for enrolment, follow these steps:
1. Log on to Wattle, and go to the course site.
2. Click on the link “Tutorial enrolment”
3. On the right of the screen, click on the tab “Become Member of ……” for the tutorial class you wish to enter.
4. Confirm your choice
If you need to change your enrolment, you will be able to do so by clicking on the tab “Leave group…” and then re-enrol in another group. You will not be able to enrol in groups that have reached their maximum number. Please note that enrolment in ISIS must be finalised for you to have access to Wattle.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|Tutorial Preparation||10 %||01/03/2021||28/05/2021||1,2,3,4,5,6,7,8|
|Mid-semester exam||20 %||29/03/2021||07/05/2021||1,2,3,4,5,6|
|Learning Journal||5 %||26/04/2021||17/05/2021||1,2,3,4,5,6,8|
|Final Examination||65 %||03/06/2021||01/07/2021||2,3,4,5,6,7,8|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Integrity . In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
Students are encouraged to participate in the discussions at the online forum and/or Zoom consultation sessions. Although the participation will not be assessed, it will help you to achieve better understanding and performance overall.
Assessment Task 1
Learning Outcomes: 1,2,3,4,5,6,7,8
Tutorials will be delivered on-campus for on-campus students and will be recorded and uploaded weekly to Wattle. Tutorials are designed to discuss possible solutions to pre-assigned questions. It is expected that students will attempt all pre-assigned questions and take notes when attending the on-campus tutorials and/or listening to the tutorial recordings. Tutorial Assignments will be submitted via Turnitin on Four (4) occasions during the semester. These weeks will be selected at random; with the first submission by Week 5. Tutorial Assignments will account for 10% of the assessment (2.5% for each submission). More details will be given and explained to you at the first week’s lecture.
Tutorials commence in Week 2.
Return: Marked randomly collected tutorial assignments will be returned to the students one week after each random collection and total marks for the tutorial assignments will be available on Wattle by the end of week 12.
Assessment Task 2
Learning Outcomes: 1,2,3,4,5,6
Mid-semester exam will be a 60-minute multiple choice question on Wattle test. The test will cover lectures & tutorial materials from lectures 1 to 5 inclusively. More instructions on how to prepare for the test will be given during the earlier lectures. Further details for the test scheduled by the university will be provided once the timetable for the mid-semester exam is finalised.
Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Mid-semester exams will be held in either Week 6 or Week 7. The due date listed in the assessment summary is the earliest possible date. Please check ANU Timetabling for further information.
Assessment Task 3
Learning Outcomes: 1,2,3,4,5,6,8
Suggested length: Maximum 250 words (+/- usual 10% allowance); sufficient and succinct.
Instructions: Submit via Turnitin as an individual assignment.
Due: 5pm on 26 April (Week 8)
Details of the requirement for learning journal will be posted on Wattle by Week 4.
The source of information used and the extent to which the work of others has been utilized need to be acknowledged following the guide for referencing stated in the assignment.
Assessment Task 4
Learning Outcomes: 2,3,4,5,6,7,8
Hurdle Assessment requirements: You will need to pass the final exam to pass the course.
All course learning outcomes are examinable in the final examination. Details of the final exam will be provided no later than Week 12.
Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. The due date listed in the assessment summary is the earliest possible date. Please check ANU Timetabling for further information. Exam scripts will not be returned. Information regarding exam script viewing will be provided on the Research School of Accounting webpage in due course.
Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.
The ANU commits to assisting all members of our community to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to be familiar with the academic integrity principle and Academic Misconduct Rule, uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with.
The Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.
You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.
For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
Individual assessment tasks may allow for late submission. Policy regarding late submission is detailed below:
- Late submission permitted. Late submission of assessment tasks without an extension are penalised at the rate of 5% of the possible marks available per working day or part thereof. Late submission of assessment tasks is not accepted after 10 working days after the due date, or on or after the date specified in the course outline for the return of the assessment item. Late submission is not accepted for take-home examinations.
Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.
The assignments will be returned within two weeks after the due dates on Wattle or via emails (details for returning the assignments will be on Wattle).
Extensions and Penalties
Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.
Resubmission of Assignments
No resubmission of any assignment is permitted.
Distribution of grades policy
Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.
Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.
Support for students
The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents undergraduate and ANU College students
- PARSA supports and represents postgraduate and research students
Dr Li completed her PhD at Nanyang Technological University in 2017. Her research interests are in the areas of financial accounting, corporate finance, and auditing.
Dr Lingwei Li