Outline

Overview

The focus of this unit is the development of knowledge and understanding of the key elements of the 'corporate financial report' audit process with particular reference to Australian Auditing Standards. Auditor's duties and responsibilities are considered before moving to planning the audit, performing the audit and arriving at an audit opinion. Students are exposed to the techniques used by auditors in carrying out audit procedures and evaluating audit evidence. Students are expected to further develop their critical thinking skills through applying technical audit principles to real-world auditing problems and corporate case studies. Students develop an appreciation for the essential role the auditor and the audit function play in enhancing the quality of financial statements and corporate governance. In this context, the unit critically examines contemporary audit issues, recent audit headlines and challenges faced by the audit profession in the Australian and global environment.

Unit details and rules

Unit code	ACCT6007
Academic unit	Accounting
Credit points	6
Prohibitions ?	None
Prerequisites ?	ACCT6001
Corequisites ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Robert Morley, robert.morley@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Live+ supervised)	Final exam Short answer and MCQ	50%	Formal exam period	2 hours
Outcomes assessed:
Participation	Participation Participation	5%	Ongoing	Ongoing
Outcomes assessed:
In-semester test (Record+)	Mid-semester exam Short answer and MCQ	30%	Week 07 Due date: 09 Apr 2022 at 09:00	1 hour
Outcomes assessed:
Presentation	Group current issues presentation Presentation	15%	Week 11	2000 words
Outcomes assessed:
= hurdle task ? = group assignment ? = Type A final exam ? = Type B in-semester exam ?

Assessment summary

Mid-semester exam: This exam will cover material from weeks 1-5 inclusive.
Presentation: The Group current issues presentation is designed to encourage you to work in a team to research and present to the larger student cohort, in your assigned workshop, contemporary issues which are relevant to the auditing profession. This will require you not only to understand the contemporary issue, but to consider the impact of it on auditors as they conduct their engagements. Students working in groups of 5/6, from the same workshop, are expected to undertake both independent and collaborative research.
Final exam: The final exam is based on all the material and work covered in this unit for the entire semester. This exam will be closed book and calculators will not be permitted. This assessment is listed as a HURDLE task. An assessment that is listed as HURDLE TASK means you must undertake the assessment and achieve a mark above a minimum standard. Students who fail to achieve this minimum standard in this assessment, even when their aggregate mark for the entire unit is above 50%, will be given a Fail grade for the unit. As a result the student's academic transcript will show a fail grade and the actual mark achieved if between 0-49 and a fail grade and a capped moderated mark of 49 for all other marks. The hurdle mark for this assessment is 45%.

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Distinction	75 - 84	Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Credit	65 - 74	Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Pass	50 - 64	Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction and the world of auditing	Lecture and tutorial (3 hr)
Week 02	Accounting and risk of misstatement	Lecture and tutorial (3 hr)
Week 03	Business and audit risk	Lecture and tutorial (3 hr)
Week 04	Fraud and going concern risk	Lecture and tutorial (3 hr)
Week 05	Risk mitigation strategies	Lecture and tutorial (3 hr)
Week 06	Audit strategy	Lecture and tutorial (3 hr)
Week 07	Audit testing	Lecture and tutorial (3 hr)
Week 08	Audit testing	Lecture and tutorial (3 hr)
Week 09	Audit testing	Lecture and tutorial (3 hr)
Week 10	Reporting	Lecture and tutorial (3 hr)
Week 11	Current issues	Lecture and tutorial (3 hr)
Week 12	Revision	Lecture and tutorial (3 hr)

Attendance and class requirements

Lecture recordings: All lectures are recorded and will be available on Canvas for student use. This is a blended learning unit with various student resources pre/post and within workshops. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all workshops.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit can be accessed through the Library eReserve, available on Canvas.

Moroney, R., Campbell, F. and Hamilton, J. (2017), Auditing: A Practical Approach, Wiley, Milton, 4th Edition.

We recommend the E-Book as there are some great short EY Videos so you can gain insights from current audit practitioners-see Canvas for details.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

LO1. Explain the audit and assurance framework, audit processes, and the assurance function impact on users of corporate financial statements
LO2. Describe and critically evaluate the concepts of audit risk and assurance, and follow audit testing procedures (including computer-assisted auditing testing techniques) grouped by financial report and audit assertions, for major transaction types and account balances across the accounting cycles
LO3. Demonstrate an understanding of ethical challenges surrounding the audit profession and follow the development of case law in respect of the definition of auditor's responsibilities to clients and to third parties.
LO4. Research and present to the workshop specific contemporary audit related issues
LO5. Apply a critical understanding of the relationship between accounting and auditing in theory and in practice.
LO6. Critically evaluate audit evidence, solve routine and complex auditing problems in straightforward and/or unfamiliar contexts using social, ethical, economic, regulatory, and global perspectives to make reasonable judgements both in an individual and group setting.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

CPA Australia and Chartered Accountants Australia and New Zealand -

Competency code	Taught, Practiced or Assessed	Competency standard
TCA03		Audit and assurance

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered.

Additional information

More information can be found on Canvas.

Work, health and safety

Please attend your allocated Workshop as per your Timetable as class size cannot be exceeded due to WHS Standards and Student Safety.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Work, health and safety

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

ACCT6007: Contemporary Issues in Auditing

Semester 1, 2022 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Work, health and safety

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect