- Class Number 5276
- Term Code 3260
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Dr Lingwei Li
- Dr Lingwei Li
- Class Dates
- Class Start Date 25/07/2022
- Class End Date 28/10/2022
- Census Date 31/08/2022
- Last Date to Enrol 01/08/2022
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 cases and discussion questions are used to demonstrate how the methodology is applied in practical situations. Research papers assist students with better understanding otherwise abstract auditing concepts and motivate students to further study the specific areas they may be more interested in.
Upon successful completion, students will have the knowledge and skills to:
- discuss the need for an independent audit and assurance function, and briefly describe the development of the role of the external and internal assurance provider in modern business society;
- explain the regulatory environment in which the 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 ethical pronouncements issued by the Accounting Professional and Ethical Standards Board (APESB), 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 an 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;
- determine the appropriateness, in different circumstances, of different types of audit and review reports;
- understand auditors’ legal liabilities, and be able to apply case law in making a judgement 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; 10. develop students’ cognitive skills (especially analytical, appreciative, and communication skills) and behavioural skills (especially personal and interpersonal skills).
Current issues in accounting and auditing will be incorporated into teaching, wherever applicable, throughout the semester. To achieve the goals, this course draws upon business practices, contemporary and international research, case studies, and applied research experiences of the course convenor. Students are also encouraged to read articles or will be given parts of relevant research papers on certain debatable topics such as fraud and audit reporting.
Examination Material or equipment
Details regarding materials and equipment that is permitted in an examination can be found on the ANU website:
Information regarding permitted examination materials for the course will be available on the examination timetable website when the examination timetable is released:
Gay, G. and Simnett, R., (2015) Auditing and Assurance Services in Australia, 7th Edition, McGraw-Hill Australia
Students are expected to have access to a copy of the prescribed book for the duration of the semester. A few copies of the text are available for 2 hour loan in the reserve loan section of the Chifley Library. An ebook version of the text is available from the ANU Library (https://library.anu.edu.au/record=b6460171).
Australian Auditing Standards can be downloaded free of charge from the following website:
Students will be given feedback in the following forms in this course:
- Written comments will be given to the students for 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). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.
As a further academic integrity control, students may be selected for a 15 minute individual oral examination of their written assessment submissions.
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 Integrity Rule.
Email and the Wattle Course Website
Email and the Wattle course website are the preferred ways of communication. Student forums are set up on Wattle for each topic and can be viewed by all enrolled students and teaching staff. Students are encouraged to post any questions they have in the appropriate forum.
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.
|Week/Session||Summary of Activities||Assessment|
|1||Lecture: Assurance, auditing, the structure of the profession: an overview Read the textbook: Chapter 1 & Chapter 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: Chapter 4 (except for page 155-161) & Chapter 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 (page 363-391) Tutorial Six||Week 7 tutorial|
|8||Lecture: Substantive tests of transactions and balances (II) Read the textbook: Chapter 9 (page 391-412) 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: Chapter 12 & Chapter 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|
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities/tutorials so they can better plan their time. Find out more on the Timetable webpage.
Please see Wattle for tutors’ information.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|Weekly Tutorial Assignment||8 %||08/08/2022||02/09/2022||1,2,3,4,5,6,7,8,9,10|
|Mid-semester exam||25 %||29/08/2022||07/10/2022||1,2,3,4,5,6,10|
|Learning Journal||7 %||30/09/2022||14/10/2022||1,2,3,4,5,6,10|
|Final Examination||60 %||03/11/2022||01/12/2022||2,3,4,5,6,7,8,9,10|
* 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 Integrity Rule before the commencement of their course. Other key policies and guidelines include:
- Academic Integrity Policy and Procedure
- Student Assessment (Coursework) Policy and Procedure
- Special Assessment Consideration Guideline and General Information
- Student Surveys and Evaluations
- Deferred Examinations
- Student Complaint Resolution Policy and Procedure
- Code of practice for teaching and learning
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 Skills website. 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.
Course delivery: on-campus lecture (recording on Echo360) and weekly tutorials (delivered on-campus and via live Zoom). Please check Wattle for details closer to the start of semester.
Attendance at all teaching events, while not compulsory, is expected in line with Code of Practice for Teaching and Learning, clause 2 paragraph (h).
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/
Assessment Task 1
Learning Outcomes: 1,2,3,4,5,6,7,8,9,10
Weekly Tutorial Assignment
It is expected that students will attempt all pre-assigned tutorial questions and take notes when attending the tutorials. Tutorial assignments will be submitted via Turnitin on Four (4) occasions during the semester and will account for 8% of the assessment (2% for each submission). These weeks will be selected at random; with the first submission by Week 5. Tutorial questions will be released at lease two weeks before the due date. The marked assignments will be returned via Turnitin in the following week. Tutorial solutions will be available for review after the due date. More details will be given and explained to you at the first week’s lecture.
Tutorials commence in Week 2.
Due Date: The due date listed in the assessment summary is the earliest possible date. This assessment task is assessed weekly.
Return Date: The return date listed in the assessment summary is for the first submission.
Assessment Task 2
Learning Outcomes: 1,2,3,4,5,6,10
The mid-semester exam will be a 60-minute multiple choice question exam on Wattle. More instructions on how to prepare for the test will be given during the earlier lectures. Online invigilation tools may be used for the examination. Details will be provided no later than Week 4.
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: 1,2,3,4,5,6,10
Suggested length: Maximum 300 words; sufficient and succinct.
Instructions: Submit via Turnitin as an individual assignment. Details of the requirement for learning journal will be posted on Wattle by Week 4.
Due date: 5pm on 30 September (Week 8)
Return date: 5pm on 14 October (Week 10)
Feedback will be given via Turnitin and Wattle message.
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: 2,3,4,5,6,7,8,9,10
Hurdle Assessment Requirements: You need to pass the final exam to pass the course.
The final exam will be in the form of an on-line exam. The duration of the exam will be 3 hours, which includes time for you to download the exam paper and upload your completed exam paper with your answers. The format of the exam will be similar to the practice paper that will be provided on Wattle. All course learning outcomes are examinable in the final examination. Online invigilation tools may be used. Details will be provided on Wattle no later than Week 10.
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. Information regarding exam script viewing will be provided in due course.
Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.
The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.
The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.
The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.
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.
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.
The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.
The assignments will be returned within two weeks after the due dates.
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 Access 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