22522 Assurance Services and Audit

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SUBJECT OUTLINE

22522 Assurance Services and Audit

Course area UTS: Business

Delivery Autumn 2024; standard mode; City

Credit points 6cp

Requisite(s)

22320 Accounting for Business Combinations AND 22420 Accounting Standards and Regulations

These requisites may not apply to students in certain courses.

There are also course requisites for this subject. See access conditions.

Result type Grade and marks

Subject description

This subject addresses the provision of assurance services, specifically reasonable assurance over the general purpose financial statements of an entity. The subject examines the history and origins of the audit and then moves on to the examination of contemporary audit practices. During the subject, students are exposed to the entire audit process – from gathering an understanding of the client's operations and risks, planning and then executing an audit and reporting on their findings to relevant parties. The subject provides an understanding of professional, ethical and legal requirements and responsibilities in completing and reporting on assurance tasks. It is accredited by the accounting professional bodies.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1. Explain the role of auditors and auditing in providing financial statement audits on the information contained within firms' annual financial reports

2. Demonstrate practice-based methodologies necessary to provide assurance and audit services in conjunction with the criteria used to measure information quality and authenticity, especially in the areas of risk assessment, audit planning, audit execution and the formulation of opinions

3. Analyse and evaluate the professional legal and ethical requirements and responsibilities in completing and reporting on assurance and audit tasks

4. Demonstrate an ability to work effectively with others as a member of an assurance/audit team in designing audit tasks and making judgments, and in communicating assurance/auditing findings to appropriate users in multiple communication formats that are part of the global business environment

Course intended learning outcomes (CILOs)

This subject also contributes specifically to the following program learning objectives:

Communicate information clearly in a form appropriate for its audience (2.1)

Contribution to the development of graduate attributes

This subject imparts both a theoretical foundation of auditing as well as practical skills necessary to work effectively as a graduate auditor in an assurance team. It gives students an understanding of the essential role that assurance services, such as auditing, play in business in achieving good corporate governance by ensuring the integrity of information and internal control systems. It also provides students with training in real audit scenarios and procedures by working individually and in teams to solve complex audit issues.

This subject contributes to the development of the following graduate attributes:

Communication and collaboration

Professional and technical competence

Teaching and learning strategies

This subject uses both teacher and student-led approaches to help students understand and apply the concepts of assurance and auditing. This subject is taught in a blended mode – using both online platforms (and technologies) along with face to face workshops. Instead of a traditional physical lecture format, all subject learning content will be provided online through videos, documents, weblinks and quizzes (available through our subject site). This content will convey important theoretical and practical concepts which will then be built upon and analysed further through interactive activities carried out within the face-to-face workshops. These workshops are designed to help students develop skills in applying the learning content to practical and complex business situations.

Student preparation prior to workshops: This subject does not contain homework in a traditional sense. Instead, students should use their time prior to class to watch and understand the online learning content and then read any preparation materials for the workshop. Support is provided through interactive discussions attached to various pieces of learning content and live streams by the teaching staff between face to face classes.

Workshops: The first component of every workshop provides students with the opportunity to demonstrate their understanding of the week’s learning content by completing an assessable learning quiz. The quiz is given in two parts – first, students will complete a number of problem questions individually. Then, the students will work in teams - analysing their responses to the problem questions and coming to a consensus on the most appropriate answer.

The second component of the weekly workshop will involve complex activities that are intended to be a simulation of real-world audit tasks and experiences. These experiences will require students to work in groups and potentially with external parties such as live clients, real auditors and industry experts.

What should you bring to class? Students will need a wifi-enabled device for class activities – this can be a smartphone, tablet or laptop. If you do not have access to one of these devices – please contact your coordinator so that one can be made available to you for the session. We also recommend students bring the following:

Curiosity

Pens and paper

An open mind

Support for students: To accommodate the wide variety of student learning styles – support is available to students in multiple ways. These methods include:

Video learning content (subtitles available)

Online quizzes to check your understanding

Discussion forums

Staff consultation sessions

An aim of this subject is to help you develop academic and professional language and communication skills to succeed at university and in the workplace. During the course of this subject, you will complete a milestone assessment task that will, in addition to assessing your subject-specific learning objectives, assess your English language proficiency.

Content (topics)

Understanding of the basic principles of assurance and the assurance environment.

Identifying an entity's risks and controls as part of audit planning and strategy.

Gathering evidence to support the auditor's opinion

Completing the audit and communicating the findings of the audit with stakeholders and the entity

Additional information

Your enrolment in this subject indicates a commitment to accounting as a career. You are encouraged to join, as a student member, the below professional accounting associations. Membership is generally free and it is a great way to gain access to resources and meet future employers.

CPA Australia is one of the world’s largest accounting bodies with a global membership of over 160,000 finance, accounting and business professionals in 118 countries. The work of professional accountants is fundamental to the stability, efficiency and sustainability of individual companies, financial markets and economies. CPA Australia Network gives you access to exclusive events, mentoring and graduate employment opportunities to help you develop your career. Connecting you to business leaders and CPAs, join the CPA Australia Network and get the career edge you’ve been wanting. Subscribe at: cpaaustralia.com.au/network

CAANZ: Chartered Accountants Australia and New Zealand represents 117,000 current and aspiring business leaders working in diverse roles in commerce and industry, academia, government, and public practice across the world. Members have completed CA’s internationally recognised qualification providing them with exceptional commercial acumen, professional scepticism, critical thinking methodology and a framework for making ethical decisions. Free student membership gives access to resources including employer evenings. https://www.charteredaccountantsanz.com/become-a-member/memberships/student.

IPA: The Institute of Public Accountants is one of three professional accounting bodies recognised in Australian legislation. The IPA has contributed significantly to the profession and corporate life since the inception in 1923. Uniquely IPA is 100% Australian and focus on supporting and servicing accountants and practitioners running their own practice (SME/SMP). Free student membership provides access to: IPA's Weekly Job Boards; Invitations to Events, Discussion Groups and Networking Forums with Top Accounting and Finance Leaders and more. For free student membership & Student Pulse https://www.publicaccountants.org.au/students.

ACCA: Association of Chartered Certified Accountants is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business. ACCA works through a network of 101 offices and centres with more than 7,300 Approved Employers worldwide. For more information please go to http://www.accaglobal.com/an/en/student/sa.html

CIMA: By studying CIMA, you will develop the critical knowledge and skills that employers are looking for and be ready to work in any business – large or small, public or private, all around the world. We have more than 229,000 members and students in 176 countries, and with the formation of a new accounting association, once you become a Chartered Global Management Accountant, you'll become part of a world-wide community of over 600,000 current and next generation finance professionals.

https://www.cimaglobal.com/Starting-CIMA/Starting-CIMA/Entry-Routes/undergraduates-and-graduates/

Data collection and research on teaching and learning

During this subject you may be asked to complete surveys or other assessment tasks that may be used in academic research on teaching and learning. Each time this occurs - you will be notified and asked whether you would like to participate. Choosing to participate or not to participate will not affect your results in this subject. Your responses and assessments will never be directly attributed to you, nor will you be able to be identified in any research with most data being aggregated. Any comments made by individual students will be anonymised when reported in research or reports.

You may also be filmed or photographed in lectures, tutorials or other subject related activities. Such digital media may be used for promotion, in cases of academic misconduct, academic publications or research. If you do not give permission for use of your image in video or photographs please contact the subject coordinator at any point in time.

Assessment

X grades are awarded in this subject

Assessment task 1: Weekly class quiz (7.5% Individual + 7.5% Group)*

Objective(s): This addresses subject learning objective(s):

1, 2, 3 and 4

Weight: 15%

Task:

At the beginning of each workshop, students will be required to complete a number of practical application quiz questions and submit their responses. Students complete these questions individually but can access and use their own paper notes and electronic resources to assist them in answering the questions. At the end of the quiz period, students will discuss their responses with a group of students in order to come to a consensus on the correct answer for each question. Students will also be asked to self-reflect on their learnings during the week and their performance in the quiz.

The first half of the quiz is to be completed INDIVIDUALLY. You should not be chatting with or collaborating with others during this time. The second half of the quiz will require you to be in TEAMS of 4-6 students to complete the quiz questions.You will not need to form group for the assessment (for online students, you will be randomly assigned to a group each week; for students in the classroom, you are often grouped by tables or desks). One student will enter the group's responses. Your total score for the week will consist of 50% based on your individual results and 50% based on your TEAM results. The teacher will also call on students randomly to discuss a question from the quiz. Failing to respond when called or being unwilling or unable to engage in the discussion will result in a 0 mark allocated to that student for that quiz.

There will be 11 quizzes throughout the session (one each week from Weeks 2 to 12). Each student's best 9 quiz results will be used to calculate their mark for this assessment task.

This assessment task is reflective of audit practice, where teams work together to solve complex problems and present their solutions to senior staff members for review.

We will be using Qualtrics to complete the quizzes individually and in teams/groups. Each student must have an internet connection and a device to be able to participate. You will be required to log in to Qualtrics using your UTS credientials.

Instructions will be provided in Workshop 1 on how to access the weekly quiz. Students will also be given a practice quiz in Week 2 prior to the real quiz to allow them to become familiar with the technology and style of the activity.

Students must remember that the UTS rules and regulations related to Academic Integrity apply to our quiz assessment. The individual portion of this quiz must be done individually. Cheating on this task will only result in you lacking the understanding and skills needed to succesfully complete the final exam.

Length:

11 in-class quizzes comprise of 10 minutes individual quiz and 12 minutes group quiz each week (total of 242 minutes).

Due: Week 2 to Week 12

Criteria:

*Note: Late submission of the assessment task will not be marked and awarded a mark of zero.

Students who do not attend one half (6) of the total number of faculty based quizzes will have the weighting of that assessment added to the final examination conditional on the students submitting, receiving approval and complying with the requirements of special consideration in accordance with the UTS rules. If the composite mark for the final exam totals more than 50 percent and the student is in the final subject of their degree, the UTS rules on borderline result (range of 45-49) shall apply whereby students will be allowed to undertake a supplementary final examination. Where a student completes and passes a supplementary examination, the maximum mark awarded for the subject will be 50 Pass.

Assessment task 2: Oral communication skills (Individual)

Objective(s): This addresses subject learning objective(s): 2

This addresses program learning objectives(s): 2.1

Weight: 25%

Task:

Students are required to demonstrate their skill in using oral communication to convey their ability to apply the theory of auditing to practical situations. Students should be able to demonstrate their understanding of the subject matter, its application and impact.

Students will select one of three options to assess their communication skills. All of these assessments are designed to evaluate a student’s ability to clearly communicate audit-related information to their audience. These assessment options are intended to provide students with the ability to select an assessment task that best suits their academic study pattern, work responsibilities, family responsibilities and learning goals for the subject.

We will be conducting further discussion and analysis of these assessment choices during the workshops to help you select the best assessment for your circumstances. Students will have to confirm their selection by the end of Week 3.

Option 1 – an online video interview. In this task, students will be simulating a graduate employment task in which they must read and interpret questions provided to them on the subject matter and then, after 90 seconds of thinking time, record a response on video. This assessment task will be held in Week 5 of session.

Option 2 – an interview of a business professional or workshop guest. In this task, students will be simulating the task of interviewing staff at an audit client. Due to the move to online learning per social distancing requirements, students who select this option must find a guest themselves and interview the relevant guest over Zoom outside of the class time (in an attempt to work with the schedules of our guests who are also working remotely). Students will have a set period of time to interview the guest and gather information for the class to use in an activity. This task involves the ability to listen to the responses by the interviewee and adjust their questions and discussion accordingly. This assessment will be held throughout the session – from Week 6 through to Week 11. The subject coordinator will notify students that they will be completing this task 7 days before the workshop/class.

Option 3 – a video explaining a current topic or event in the world of audit. In this task, students will be simulating the task of preparing a briefing for a supervisor or client in an audit firm. You will create a 3-minute video that must include footage of yourself speaking on camera as well as a transcript of your speech and associated references. You will be provided with a small selection of topics. This assessment task will be due in Week 11. Students will have the opportunity to receive peer feedback prior to submission of the assessment.

NOTE: All students will be required to complete Option 1 as part of the English language milestone assessment. If you have chosen Option 2 or Option 3, no mark will be received for Option 1, however, you will be assessed for your English language proficiency. You may be guided to further language support after the completion of Option 1 if your results in completing the interview indicate you need more assistance with your language skills. This support is provided free of charge by UTS.

Formal feedback for each of these options will be provided in Canvas.

See the Assessment module in Canvas for further details and the marking guidelines.

Students must remember that the UTS rules and regulations related to Academic Integrity apply to all oral communication skills assessments. These assessments should be completed individually unless otherwise indicated. You can find out more about Academic Integrity on Canvas.

Length: 3 minutes video.

Due: Option 1 - Week 5; Option 2 - From Weeks 6 to 11; Option 3 - Week 11

Further information:

Further information on the marking criteria, calculation of marks, resources available to improve communication skills and expectations of students is available in the "Assessments" Module on Canvas.

This task includes a milestone assessment component that evaluates English language proficiency. You may be guided to further language support after the completion of this subject if your results in this milestone task indicate you need more help with your language skills.

Assessment task 3: Final Exam (Individual)

Intent:

This assessment task is a compulsory component of the subject. A student must attain no less than 40% of the marks in this assessment to pass the subject irrespective of the subject’s total marks.

Objective(s): This addresses subject learning objective(s): 1, 2 and 3

Weight: 60%

Task:

The final exam will cover the entire subject, including all work and material covered in both on Canvas and in workshops. Students will be asked to undertake tasks and problems similar to what they would experience on an actual audit engagement. This will require students to analyse information provided to them and use that information in combination with the skills gained in the subject to complete audit-based tasks.

The final exam is a Formal Examination conducted by the University. Students must check their Exam Timetable for details of the exam date, time and location. Please do not book domestic or overseas travel until your exam dates are known. Alternative examinations are not provided for students who have booked holidays during exam times.

The location of the exams (on campus or online) will be made during the session based on advice received from the NSW Department of Health and university policy.

Consistent with exam information provided in Financial Statement Analysis (22319) and Management Decisions and Control (22421), students will not receive information on the exact exam question topics. Students will be assessed on the following criteria:

* Ability to explain and apply relevant theoretical concepts in practical scenarios

* Ability to support or justify judgements and decisions with reasonable arguments and auditing standards

* Ability to provide an opinion on the application or interpretation of auditing standards and auditing theory

* Ability to convey their answers using appropriate English and technical language of the area of study

Length: 2 hours

Further information:

The final examination is RESTRICTED OPEN BOOK. This means that students will be able to use notes, standards and any textbooks they have access to. These notes may be paper based or electronic notes - however the format is restricted to Word or PDF format (no Google drive files, PowerPoint files) - and all files must be on your computer. You are not permitted to access files stored in the cloud (for example, Google Drive or Microsoft OneDrive).

Students will also have access to the AUASB website so that they may refer to the auditing standards that form the basis of this subject. However, you will not have general internet access.

Students will be permitted to have blank/scratch paper for note taking.

Other electronic devices such as laptops, tablets, smart phones or smart watches are prohibited. Students cannot share notes or resources with one another during the exam.

All exam responses must be submitted in English.

Students who require a space on campus at UTS to sit exams will be able to apply for a space by contacting the Subject Coordinator.