Auditing PG (6223.5)
| Available teaching periods | Delivery mode | Location |
|---|---|---|
| View teaching periods | ||
| EFTSL | Credit points | Faculty |
| 0.125 | 3 | Faculty Of Business, Government & Law |
| Discipline | Study level | HECS Bands |
| Canberra Business School | Post Graduate Level | Band 4 2021 (Commenced After 1 Jan 2021) Band 4 2021 (Commenced After 1 Jan Social Work_Exclude 0905) Band 5 2021 (Commenced Before 1 Jan 2021) |
From 2021, 6223 Auditing PG will be offered each year in Semester 2 only.
Learning outcomes
Students who successfully complete this unit will be able to: 1. Discuss and evaluate the theoretical basis of assurance services and auditing, its role as a risk management function and legal, professional and social environment related to assurance services and auditing;2. Apply professional judgments required in assessing business risks and in the preparation of audit plans and audit procedures;
3. Use appropriate audit procedures to collect audit evidence through an analysis of business risks, internal control and substantive tests;
4. strengthen key management competencies in decision-making, oral and written communication, report writing, critical thinking, problem-solving, planning and teamwork.
5. Evaluate and critique key research developments in auditing such as expectation gaps, auditor independence, accounting materiality, going concern and other relevant issues.
Graduate attributes
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills1. UC graduates are professional - communicate effectively
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - take pride in their professional and personal integrity
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - think globally about issues in their profession
2. UC graduates are global citizens - understand issues in their profession from the perspective of other cultures
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - evaluate and adopt new technology
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development
Skills development
Auditing and Assurance provides a study of the role of audit systems and assurance activities, as well as providing a critical evaluation of the values and assumptions underlying audit and assurance within the context of professional, legal, regulatory, social, political and ethical responsibilities and requirements. The unit draws on practical and theoretical components relevant to audit and assurance and draws on accounting skills and knowledge developed within business and accounting units in the programme. Students demonstrate work-integrated knowledge through their ability to apply and evaluate audit practice concepts, theories, methodologies, and skills to business problems and challenges that emerge in professional practice.
Prerequisites
6222 Accounting Systems and Practices G.Corequisites
None.Incompatible units
11218 Auditing, 6398 Auditing.Equivalent units
None.Assumed knowledge
None.| Year | Location | Teaching period | Teaching start date | Delivery mode | Unit convener |
|---|
Required texts
Prescribed textbook:
Gay, G., & Simnett, R. (2018). Auditing & Assurance Services in Australia (7th ed.). Sydney, Australia: McGraw-Hill.
Details on how to acquire the text are included https://www.mheducation.com.au/ebook-auditing-assurance-services
Recommended readings:
You may find it useful to consult Australian financial and business media, professional journals such as the Australian Financial Review, Business Review Weekly, National Accountant, CA Magazine, Auditing and Standards Board of Australia. A range of excellent textbooks available in this area which include:
Alvin, A. A. (2013). Auditing and Assurance Services in Australia, 9th edition, Prentice Hall: Sydney.
Australian Auditing and Assurance Standards Board (2016), Auditing and Assurance Standards (AUSs), available at: http://www.auasb.gov.au/Pronouncements/Auditing-and-Assurance-Standards.aspx
Chartered Accountants of Australia and New Zealand (2016), Auditing, Assurance and Ethics Handbook 2017.
Jubb, C., Rittenberg, L.E., Johnstone, K.M. & Gamling, A (2012). Auditing: a business risk approach, Thomson/South-Western, Mason, Ohio. USA.
Louwers, T., Ramsay, R., Sinason, D. & Strawser, J. (2005). Auditing and Assurance Services, 1st Ed.; McGraw-Hill Irwin, Boston.
Moroney, Campbell & Hamilton (2020). Auditing: A Practical Approach (4rd ed.), John Willey and Sons: Milton, Australia.
Power, M. (1997). The Audit Society: Rituals of Verification, Oxford University Press, Oxford, UK.
Soltani, B. (2007). Auditing: an international approach, Financial Times Prentice Hall, Harlow, England; New York.
Journal Articles
There is relevant research in this area that we will draw upon in the unit. The main journal databases for auditing (and these can be accessed through the library as well) include:
ScienceDirect: www.sciencedirect.com
On ScienceDirect, you have access to major accounting journals including Accounting, Organizations and Society, Critical Perspectives on Accounting, the British Accounting Review and others. Use the advanced search function.
Emerald: http://www.emeraldinsight.com/
On Emerald, there are a number of accounting journals, but the most useful for this unit is Accounting, Auditing and Accountability Journal.
You can also access these through the library website.
The following journal articles are also recommended (but not limited to):
Amran, A., Manaf Rosli Bin, B Che Haat & Mohd Hassan (2009) Risk reporting: An exploratory study on risk management disclosure in Malaysian annual reports, Managerial Auditing Journal, Volume 24 (1): 39-57.
Arnold, B. & Paul de Lange (2004), Enron: an examination of agency problems, Critical Perspectives on Accounting, Volume 15, (6–7), August–October: 751-765.
Carey, P., W. Robert Knechel & George Tanewski (2013), Costs and Benefits of Mandatory Auditing of For-profit Private and Not-for-profit Companies in Australia, Australian Accounting Review, Volume 23, (1): 43–53.
Chabrak, C., & Nabyla Daidj (2007), Enron: Widespread myopia, Critical Perspectives on Accounting, Volume 18, (5): 539-557.
Christopher, J., Gerrit Sarens & Philomena Leung (2009), A critical analysis of the independence of the internal audit function: evidence from Australia, Accounting, Auditing & Accountability Journal, Volume 22 (2); 200 – 220.
Cooper, David J., Tina Dacin & Donald Palmer (2003), Fraud in accounting, organizations, and society: Extending the boundaries of research, Accounting, Organizations and Society, Volume 38 (6–7): 440-457
Deegan, C. & Michaela Rankin (1997), The materiality of environmental information to users of annual reports, Accounting, Auditing & Accountability Journal, Volume (10): 562 – 583.
El-Mary, E. & Kathryn A. Hansen (2008), Factors affecting auditors' utilization of evidential cues: Taxonomy and future research directions, Managerial Auditing Journal, Volume 23 (1): 26-50.
Ettredge, M., Elizabeth Emeigh Fuerherm and Chan Li (2014), Fee pressure and audit quality, Accounting, Organizations and Society, Volume 39 (4): 247-263.
Fischer, M. J. (1996), Realizing the benefits of new technologies as a source of audit evidence: An interpretive field study, Accounting, Organizations and Society, Volume 21 (1-2): 219-242.
Guénin-Paracini, H., Bertrand Malsch, Anne & Marché Paillé (2014), Fear and risk in the audit process, Accounting, Organizations and Society, Volume 39 (4): 264-288.
Guiral, A; Ruiz, W. & , Choi, H.J., (2014), Audit report information content and the provision of non-audit services: Evidence from Spanish lending decisions, Journal of International Accounting, Auditing and Taxation, Volume 23 (1): 44-57.
Humphrey, C., Anne Loft & Margaret Woods (2009), The global audit profession and the international financial architecture: Understanding regulatory relationships at a time of financial crisis, Accounting, Organizations and Society, Volume 34 (6-7): 810-825.
Jamal, J. & Shyam Sunder (2011), Is mandated independence necessary for audit quality?, Accounting, Organizations and Society, Volume 36 (4-5): 284-292.
Knechel, W.R. (2007), The business risk audit: Origins, obstacles and opportunities, Accounting, Organizations and Society Volume 32 (4): 383-408.
Koh, H.C. & E-Sah Woo, (1999), The expectation gap in auditing, Managerial Auditing Journal, Volume 13 (3):147–154.
McLeod, R. & Harun Harun (2014), Public Sector Accounting Reform at Local Government Level in Indonesia. Financial Accountability & Management, 30 (2): 238–258.
Unerman, J. & Brendan O'Dwyer (2004), Enron, WorldCom, Andersen et al.: a challenge to modernity, Critical Perspectives on Accounting, Volume 15 (6-7): 971-993.
Students must apply academic integrity in their learning and research activities at UC. This includes submitting authentic and original work for assessments and properly acknowledging any sources used.
Academic integrity involves the ethical, honest and responsible use, creation and sharing of information. It is critical to the quality of higher education. Our academic integrity values are honesty, trust, fairness, respect, responsibility and courage.
UC students have to complete the Academic Integrity Module annually to learn about academic integrity and to understand the consequences of academic integrity breaches (or academic misconduct).
UC uses various strategies and systems, including detection software, to identify potential breaches of academic integrity. Suspected breaches may be investigated, and action can be taken when misconduct is found to have occurred.
Information is provided in the Academic Integrity Policy, Academic Integrity Procedure, and University of Canberra (Student Conduct) Rules 2023. For further advice, visit Study Skills.
Inclusion and engagement
This unit follows UC policies and procedures.
Participation requirements
You are encouraged to prepare for, attend and participate actively (comment, take notes, be active) in all workshops and tutorials. Active attendance involves note-taking, answering questions, sharing ideas and learning from others in the class. This is the best method of preparing your own personal viewpoints for the purposes of the assessment, including the exam. Reading someone else's notes or watching a recording is pedagogically less useful than actively participating. Students are expected to be on time for classes and please note the class is interactive.
Required IT skills
Students are expected to be able to use Microsoft Word (or similar platforms) in addition to University systems available over the Internet (e.g. MyUC, Email, E-Reserve, LearnOnline, Library Catalogue, and Library Databases).
Students are encouraged to use Zotero, Endnote or RefWorks for managing references for their assignment work.
As is common in the professional world, we will also be using Zoom or Blackboard Collaborate (Virtual
Room). As this unit involves online meetings in real-time using Virtual Room in your UCLearn teaching site or via Zoom, you will be able to communicate in real time with your lecturer and other students. To participate verbally, rather than just typing, you will need a microphone. For best audio quality we recommend a microphone and speaker headset. For more information and to test your computer, go to the Virtual Room in your UCLearn site and 'Join Course Room'. This will trigger a tutorial to help familiarise you with the functionality of the virtual room.
When you enter the meeting room, please mute your microphone.
Please also note that as this is a unit associated with professional training, it makes sense that when you
enter the Virtual Room, you turn on your camera to introduce yourself to the class. Equally, as is good professional training, when asking a question, seeking clarification or adding to our discussion, it would be appropriate to turn on your camera and participate actively. This is considered more appropriate than merely typing into the chat function. A professional courtesy includes practicing your professional skills by having a visual presence.
Work placement, internships or practicums
None
