Assessment 3: Page no 9 and 10 of the pdfGroup assessment
KING’S OWN INSTITUTE* Success in Higher Education ACC300 AUDITING AND ASSURANCE SERVICES T220 02/07/2020 11:59 PAGE 1 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A ACC300 AUDITING AND ASSURANCE SERVICES T220 All information in the Subject Outline is correct at the time of approval. KOI reserves the right to make changes to the Subject Outline if they become necessary. Any changes require the approval of the KOI Academic Board and will be formally advised to those students who may be affected by email and via Moodle. Information contained within this Subject Outline applies to students enrolled in the trimester as indicated 1. General Information 1.1 Administrative Details Associated HE Award(s) Duration Level Subject Coordinator B Bus (Accg) 1 trimester Level 3 Dr Demi Chung demi.chung@koi.edu.au P: 92833583 L: Level 1, 545 Kent St. Consultation: via Moodle or by appointment 1.2 Core/Elective This is a core subject for B Bus (Accg). 1.3 Subject Weighting Indicated below is the weighting of this subject and the total course points. Subject Credit Points Total Course Credit Points 4 B Bus (Accg) 96 1.4 Student Workload Indicated below is the expected student workload per week for this subject. No. Timetabled Hours/Week* No. Personal Study Hours/Week** Total Workload Hours/Week*** 4 hours/week (2 hour Lecture + 2 hour Tutorial) 6 hours/week 10 hours/week * Total time spent per week at lectures and tutorials ** Total time students are expected to spend per week in studying, completing assignments, etc. *** Combination of timetable hours and personal study. 1.5 Mode of Delivery Blended, that is face-to-face/online 1.6 Pre-requisites ACC100 Introduction to Accounting and ACC101 Introduction to Financial Accounting and ACC201 Financial Accounting 1.7 General Study and Resource Requirements o Students are expected to attend classes with the weekly worksheets and subject support material provided in Moodle. Students should read this material before coming to class to improve their ability to participate in the weekly activities. o Students will require access to the internet and their KOI email and should have basic skills in word processing software such as MS Word, spreadsheet software such as MS Excel and visual presentation software such as MS PowerPoint. o Computers and WIFI facilities are extensively available for student use throughout KOI. Students are encouraged to make use of the campus Library for reference materials. Approved by KOI Academic Board for T2 2020 mailto:demi.chung@koi.edu.au ACC300 ACC300 AUDITING AND ASSURANCE SERVICES T220 02/07/2020 11:59 PAGE 2 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A Resource requirements specific to this subject: Students should have a non-programmable calculator. Applications in smart phones will not be sufficient to perform the required calculations. 2. Academic Details 2.1 Overview of the Subject This subject examines the audit and assurance environment in which organisations operate. Critical issues relating to professional ethics, the legal liability of auditors, audit planning and client evaluation are explored. The roles and responsibilities of auditors as well as the technical aspects of audit and auditing principles are examined. 2.2 Graduate Attributes for Undergraduate Courses Graduates of the Bachelor of Business (Accounting), and the Bachelor of Business (Management and Finance) courses from King’s Own Institute will achieve the graduate attributes expected from successful completion of a Bachelor’s degree under the Australian Qualifications Framework (2nd edition, January 2013). Graduates at this level will be able to apply an advanced body of knowledge in a range of contexts for professional practice or scholarship and as a pathway for further learning. King’s Own Institute’s key generic graduate attributes for a bachelor’s level degree are summarised below: Across the course, these skills are developed across 3 levels. These are: o Level 1 Foundation – Students learn the basic skills, theories and techniques of the subject and apply them in basic, stand-alone contexts. o Level 2 Intermediate – Students further develop skills, theories and techniques of the subject and apply them in more complex contexts, beginning to integrate the application with other subjects. o Level 3 Advanced – Students have a demonstrated ability to plan, research and apply the skills, theories and techniques of the subject in complex situations, integrating the subject content with a range of other subject disciplines within the context of the course. KOI Bachelor Degree Graduate Attributes Detailed Description Knowledge Current, comprehensive and coherent knowledge Critical Thinking Critical thinking and creative skills to analyse and synthesise information and evaluate new problems Communication Communication skills for effective reading, writing, listening and presenting in varied modes and contexts and for transferring knowledge and skills to a variety of audiences Information Literacy Information and technological skills for accessing, evaluating, managing and using information professionally Problem Solving Skills Skills to apply logical and creative thinking to solve problems and evaluate solutions Ethical and Cultural Sensitivity Appreciation of ethical principles, cultural sensitivity and social responsibility, both personally and professionally Teamwork Leadership and teamwork skills to collaborate, inspire colleagues and manage responsibly with positive results Professional Skills Professional skills to exercise judgement in planning, problem solving and decision making Approved by KOI Academic Board for T2 2020 ACC300 ACC300 AUDITING AND ASSURANCE SERVICES T220 02/07/2020 11:59 PAGE 3 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A 2.3 Subject Learning Outcomes This is a Level 3 subject. Listed below, are key knowledge and skills students are expected to attain by successfully completing this subject: Subject Learning Outcomes Contribution to Graduate Attributes a) Analyse various audit standards, procedures and audit environments b) Critically evaluate internal controls, testing procedures and audit sampling techniques c) Examine audit situations leading to a range of audit opinions d) Critically review ethical issues in an audit environment. 2.4 Subject Content and Structure Below are details of the subject content and how it is structured, including specific topics covered in lectures and tutorials. Reading refers to the text unless otherwise indicated. Weekly Planner: Week (beginning) Topic covered in each week’s lecture Reading(s) Expected work as listed in Moodle 1 06 Jul Auditing, assurance services and their evolution Ch. 1 ASA 101; ASA 200 Tutorial exercises 2 13 Jul Audit regulation, structure of the profession and auditors’ liability Ch. 2 ASQC 1; APES 210; APES 320 Tutorial exercises 3 20 Jul Ethics, independence and corporate governance Ch. 3 APES 110; APES 320; ASA 102; ASA 200; ASA 240 Tutorial exercises 4 27 Jul Audit responsibilities, objectives and fraud Ch. 4 ASA 200; ASA 230; ASA 315; ASA 320; ASA 330; ASA 500; ASA 580; ASA 600 Assessment 1: Online Quiz 1 due on Moodle Tutorial exercises 5 03 Aug Audit evidence, planning and risk assessment Chs. 5, 6 ASA 210; ASA 220; ASA 300; ASA 315; ASA 510; ASA 710; ASQ C 1 Tutorial exercises Approved by KOI Academic Board for T2 2020 ACC300 ACC300 AUDITING AND ASSURANCE SERVICES T220 02/07/2020 11:59 PAGE 4 OF 14 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © ABN: 72 132 629 979 CRICOS 03171A 6 10 Aug Mid trimester test Mid trimester exams 16 Aug 2020 – 23 Aug 2020 Mid-trimester break 7 24 Aug Assessing internal control and control testing Chs. 7, 8 ASA 300; ASA 315; ASA 402; ASA 500; ASA 610 Tutorial exercises 8 31 Aug Testing strategies: audit sampling and substantive testing Chs.12, 14 ASA 315; ASA 330; ASA 500; ASA 520; ASA 530; ASA 560; ASA 620 Tutorial exercises 9 07 Sep Audit finalisation, completion and reviews Ch. 17 ASA 570; ASA 580; ASA 720; ISA 501; AASB 110; AASB 124; AASB 137 Tutorial exercises Deferred mid trimester exams for all subjects - see Section 2.6 below for more information 10 14 Sep Auditor’s reporting obligations to stake holders Ch. 18 ASA 101; ASA 260; ASA 700; ASA 701 ASA 705; ASA 706 Tutorial exercises 11 21 Sep Contemporary assurance services and internal auditing Ch. 19 ASA 800; ASA 805; ASA 810 Assessment 1: Online Quiz 2 due on Moodle Assessment 3 due: Group assignment - Case Study. Tutorial exercises 12