The primary focus of this subject is the external audit of corporate financial statements. The subject presents the fundamental philosophy, concepts, procedures and regulatory framework for auditing in the public accounting domain integrating Australian and International Auditing Standards. In particular, emphasis is placed throughout the subject on ethical considerations, independence and corporate governance. The seminars are presented to correspond with auditing process in theory and practice.
Changes due to Commonwealth Games: The University has marginally altered the timetable for the January semester of 2018 (181) to ensure that students have the opportunity to engage with the Commonwealth Games to be held in April 2018. The modified timetable has been designed to not impact on overall subject or program learning outcomes. Some subjects may be delivered in a slightly modified mode to accommodate the change. Specific arrangements will be included on the iLearn site for each subject. All changes to the class schedule have the full approval of University and Academic Unit administration and will not adversely affect student learning or assessment.
|Academic unit:||Bond Business School|
Delivery & attendance
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- This subject examines the role of auditing in assessing the reliability of corporate financial information primarily in the Australian regulatory environment but also in an international auditing context. At the conclusion of the subject students will have knowledge of and the ability to discuss the nature and functions of auditing, why it is demanded and how assurance relates to auditing including the benefits and limitations of audits of financial statements. (Graduate attributes 1, 3 ,4 and 5)
- Demonstrate an understanding of the Code of Ethics for Professional Accountants, along with Corporate Law as it affects the independent auditor and other accountants. (Graduate attributes 1, 3 ,4 and 5)
- Evaluate what is communicated in an auditor's report to financial statement users, and how an audit meets the needs of users. Further, students will understand the role of those charged with governance of an entity in financial reporting, and the role of the auditor in governance. Students will also understand the roles of internal audit in the governance processes. (Graduate attributes 1, 3, 4 and 5)
- Explain the stages of an audit, and how understanding an entity and its environment assists the auditor in developing audit strategies and obtaining evidence. The student will also be able to make decisions about various elements of the audit risk model, and determine how those decisions influence subsequent decisions about the nature, timing, and extent of audit procedures. (Graduate attributes 1, 2, 3, 4 and 5)
- Explain the elements of a system of internal control, the importance of the control environment, and how information technology is used in implementing a system of internal control. Students will also be able to analyse a system of internal control, and explain how internal controls influence decisions about audit evidence. (Graduate attributes 1, 2, 3, 4 and 5)
- Make decisions about the nature, timing, and extent of audit evidence related to audits of the revenue cycle, and determine the appropriate substantive tests for a variety of financial statement accounts. (Graduate attributes 1, 2, 3, 4 and 5)
- Demonstrate the ability to explain the auditor's responsibilities in completing the audit, and make decisions about what should be included in the auditor's report on financial statements. (Graduate attributes 1, 3, 4 and 5)
|Tutorial Activity||Audit Decision Making Exercises||15%||Ongoing||1, 2, 3, 4, 5, 6, 7.|
|Case Analysis||Audit Case 1||20%||Week 5||2, 4.|
|Paper-based Examination (Closed)||Midterm Examination||25%||Mid-Semester Examination Period||1, 2, 3, 4, 5, 6, 7.|
|Learning Log||n/a||10%||Week 12||1, 2, 3, 4, 5, 6, 7.|
|Paper-based Examination (Closed)||Final Examination||30%||Final Examination Period||1, 2, 3, 4, 5, 6, 7.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
Note: This subject is currently being developed to offer more blended learning opportunities. Therefore the assignment tasks, weightings, and timing are under review and may be subject to change.
Introduction to the class and Audit and Assurance Services
Ethics, Legal Liability, and Client Acceptance
Audit Sampling and the Risk Response Phase of the Audit
Tests of Controls
Auditing the Revenue Cycle
Auditing the Balance Sheet and Income Statement
Completing the Audit and Reporting