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.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. 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;
2. explain the regulatory environment in which the external auditor operates and apply relevant rules, standards and pronouncements to the conduct of a financial report audit and other assurance engagements;
3. 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;
4. demonstrate an understanding of the financial report audit process, beginning with accepting clients through to the formation of audit opinion and communication of the results to the client;
5. describe the various levels of persuasiveness of different types of audit evidence and explain the broad principles of audit sampling techniques;
6. identify assertions at risk of material misstatement and apply appropriate audit procedures to test the assertions identified for major transaction types and account balances;
7. describe auditors’ legal liabilities, and be able to apply case law in making a judgment whether auditors might be liable to certain parties;
8. describe other assurance and non-assurance services provided by the auditing and assurance profession, and, for assurance services, understand the level of assurance provided;
9. communicate effectively in written form about auditing related issues and problems using appropriate arguments and reflections.

Research-Led Teaching

To achieve the goals, this course draws upon business practices, contemporary and international research, case studies, and applied research experiences of the course convener.

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/

Required Resources

Prescribed Text

Gay, G. and Simnett, R., (2023) Auditing and Assurance Services in Australia, 8^th 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 will be available from the Chifley Library (the link will be available on Wattle).

Recommended Resources

Recommended Reading

Australian Auditing Standards can be downloaded free of charge from http://www.auasb.gov.au

Staff Feedback

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

Student Feedback

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.

Other Information

ASSESSMENT REQUIREMENTS

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.

COMMUNICATION

Email and Forums on 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. 

 

Announcements

Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Lecture: Assurance, auditing, the structure of the profession: an overviewRead the textbook: Chapters 1 & 2 (up to page 63)	None
2	Lecture: Ethics, audit quality and corporate governanceRead the textbook: Chapter 3	Tutorial one
3	Lecture: Overview and planning of the financial report auditRead the textbook: Chapters 4 (except for page 155-161) & 5	Tutorial twoQuiz one will be held in lecture this week
4	Lecture: Audit risk and materialityRead the textbook: Chapter 6 & Chapter 4 (page 155-161)	Tutorial three
5	Lecture: Understanding and assessing internal controlsRead the textbook: Chapter 7	Tutorial fourAssignment groups will be formed in tutorials this week
6	Lecture: Tests of controlsRead the textbook: Chapter 8	Tutorial fiveQuiz two will be held in lecture this weekGroup Assignment Contract to be submitted in tutorials this week
7	Lecture: Substantive tests of transactions and balances (I)Read the textbook: Chapter 9 (page 363-391)	Tutorial six
8	Lecture: Substantive tests of transactions and balances (II)Read the textbook: Chapter 9 (page 391-412)	Tutorial seven
9	Lecture: Audit samplingRead the textbook: Chapter 10	Tutorial eightQuiz three will be held in lecture this week
10	Lecture: Completing the auditRead the textbook: Chapter 11	Tutorial nineGroup assignment due
11	Lecture: Audit reporting & auditors’ legal liabilityRead the textbook: Chapters 12 & 2 (from page 63)	Tutorial ten
12	Lecture: Other assurance servicesRead the textbook: Chapters 13, 14 & 15	Tutorial elevenQuiz four will be held in lecture this week

Tutorial Registration

Tutorials will be held weekly on campus (starting from Week 2). Tutorial times will be made available via MyTimetable. Two weeks before the commencement of semester, please check the MyTimetable website for details of tutorial availability and release.

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 https://www.anu.edu.au/students/program-administration/timetabling.

Please see Wattle for tutors’ information.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Tutorial Preparation	5 %	27/02/2024	05/03/2024	1,2,3,4,5,6,7,8,9
Class Quizzes	20 %	07/03/2024	14/03/2024	1,2,3,4,5,6,7,9
Group Assignment	20 %	09/05/2024	24/05/2024	1,2,3,4,5,6,9
Final Examination	55 %	30/05/2024	27/06/2024	1,2,3,4,5,6,7,8,9

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

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

Assessment Requirements

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.

Participation

Course delivery: on-campus lecture (recording on Echo360) and weekly on-campus tutorials.

Attendance at lectures and tutorials, while not compulsory, is expected in line with the “Code of Practice for Teaching and Learning” clause 2 paragraph (b).

Examination(s)

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

Tutorial Preparation

Each student will be assigned one case study question and they are required to present the case answer to the rest of the class during tutorial. The case study questions will be available on the course Wattle website at least one week before the tutorial. The maximum time allowed for the presentation is 10 minutes. Presentations will take place during tutorials.

The maximum grade is 5 marks. Students who make an honest attempt will receive a mark of 3 or 4, even if their answers are not completely accurate or their presentation skills are not polished. Any missed presentation will be marked with 0. Any adjustment for missed presentation must be approved by the course convenor. You are required to provide medical certificates (or other documentation) for all missed presentation in the case of adjustment. This documentation should be sent via ANU email to the course convenor within 3 working days after the missed presentation.

Rubric

	5 marks	3 - 4 marks	1 - 2 marks
Uses relevant concepts to answer the question	Accurately uses relevant concepts or evidence from case to answer the question. Overall message or conclusion is very clear.	Tries to use relevant concepts to answer the question but may not be completely accurate. Overall message is clear.	Concepts used to answer the questions are irrelevant and inaccurate. Overall message is not clear.
Communicates answer clearly for the audience	Structures material clearly and logically so that audience can follow the speakers' reasoning. Whole presentation is well-organised and flows smoothly.	Communicates key points and answer, but some language or explanations could be clearer. Organises material but sometimes it may be difficult for the audience to follow the speakers' reasoning.	Communication and language is unclear. Presentation is difficult for the audience to follow.

Assessment Task 2

Class Quizzes

Four class quizzes comprising of multiple choice questions will be held in lectures in weeks 3, 6, 9 and 12. Questions in the class quizzes are linked to the lectures and readings of the preceding 2 or 3 weeks and up to, and including the tutorial questions of that week. Each quiz will be completed during lecture in the week within a time limit of 15 minutes. Marks and answers to class quizzes will be available within one week of the quiz.

The average of the best three quiz scores will be considered as the overall quiz mark. Any missed quiz will be marked with 0. Any adjustment for missed quizzes must be approved by the course convenor. You are required to provide medical certificates (or other documentation) for all missed quizzes in the case of adjustment. This documentation should be sent via ANU email to the course convenor within 3 working days after the missed quiz.

Assessment Task 3

Group Assignment

The group assignment requirements will be distributed through the course Wattle website in Week 5. Students will form their groups during tutorial in Week 5. Any word or page limit and associated penalties will be specified in the actual assessment task requirements. The assignment will be submitted via Turnitin, with the cover sheet submitted via a separate link provided on the course Wattle website. Feedback on the assignment are available for review on Turnitin on the return of assessment date.

Each assignment team is required to submit a Group Assignment Contract in Week 6, outlining how the team plan to participate effectively in the collaborative team process and contribute effectively to achieving team outcomes. The terms of this contract are linked to the peer evaluations to be completed at the end of the assignment to which each student will be held accountable to their team.

Assessment Task 4

Final Examination

Hurdle Assessment requirements: This is a hurdle assessment in line with the student assessment coursework policy (see https://policies.anu.edu.au/ppl/document/ANUP_004603). You need to pass the final exam to pass the course.

All course learning outcomes are examinable in the final examination.

The final exam will be a 3-hour long on-campus invigilated exam and will account for 55% of the overall course mark. The final exam is open book. The format of the exam will be similar to the practice paper that will be provided on Wattle (available by Week 12). The exam will primarily cover the audit process of historical financial statements. The legal liability and the other assurance services will also be examinable to a certain extent.

Details of the final exam will be provided 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

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.

Online Submission

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.

Hardcopy Submission

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

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.

Referencing Requirements

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.

Returning Assignments

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.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

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