La Trobe Business School

ADVANCED AUDITING & ASSURANCE

SERVICES
ACC5AAS

Subject Learning Guide

Semester 1,2019
Melbourne

Subject Coordinator(s): Mr Justin Lachal

Table of Contents
SUBJECT DETAILS 3

GENERAL DETAILS 3
ENROLMENT REQUIREMENTS 3
STAFF CONTACTS 3
SUBJECT DESCRIPTION 3
SUBJECT INTENDED LEARNING OUTCOMES (SILOS) 3
GRADUATE CAPABILITIES 4
LEARNING ACTIVITY SUMMARY 4
ASSESSMENT AND FEEDBACK SUMMARY 4
LEARNING RESOURCES 5
STUDENT FEEDBACK ON SUBJECT SURVEY 5
SUMMARY OF SFS FEEDBACK FROM LAST YEAR 5

POLICIES, PROCEDURES AND GUIDELINES 6

ACADEMIC INTEGRITY 6
SPECIAL CONSIDERATION 6
EXTENSIONS, LATE SUBMISSIONS AND PENALTIES 6
STUDENT COMPLAINT 7
STUDENT LEARNING UNIT (SL) 7
ERROR! BOOKMARK NOT DEFINED.
LEARNING MANAGEMENT SYSTEM (LMS) 7
LIBRARY 7
STUDENT SUPPORT SERVICES 8
PEER LEARNING ADVISERS 8

SCHEDULE OF LEARNING ACTIVITIES 9

SESSION PLAN 9
LEARNING ACTIVITY DETAILS 11

DETAILED GRADING CRITERIA 12

ASSESSMENT TASK 1 12
ASSESSMENT TASK 2 12
ASSESSMENT TASK 3 13

Document1 La Trobe University 2

Subject Details
GENERAL DETAILS
Subject Code: ACC5AAS Subject Title: Advanced Auditing & Assurance Services

Teaching Period: Semester 1 Location(s): Melbourne

Credit Points: 15 Mode: Lecture/tutorial Level: Postgraduate

ENROLMENT REQUIREMENTS

Co-requisites: ACC5CRE

Incompatibles: nil

Assumed Skills & Knowledge: Students are expected to have a good understanding of financial accounting
techniques/principles and reporting requirements covered in financial and/or
corporate accounting subjects.
Special Study Requirements: nil

STAFF CONTACTS
Role Campus Name Email Telephone
Subject Melbourne Justin Lachal [email protected] 94795915
Coordinator/Lecturer

Tutor Melbourne Seema Miglani [email protected] 94792683

SUBJECT DESCRIPTION

This subject seeks to enhance students understanding of the nature and purpose of auditing and the
responsibilities of auditors in fulfilling their duties in the context of reporting quality information to
stakeholders. Students will explore underlying concepts of auditing, including the role of auditors in
governance and sustainability.

SUBJECT INTENDED LEARNING OUTCOMES (SILOS)

Upon successful completion of this subject, you should be able to :

Demonstrate an understanding of the role of the auditors by explaining the different types of audit
1
and assurance services
Identify the ethical issues for the audit professional and propose an appropriate course of action to
2
resolve any dilemmas
3 Critically evaluate the impact of risk and materiality in conducting a financial statement audit
Analyse and evaluate the internal controls and substantive testing procedures in conducting a
4
financial statement audit
Critically evaluate the evidence gathered during the auditing process and propose an appropriate
5
audit opinion
Interpret the relevant auditing standards and statutory provisions and apply them appropriately to
6
the relevant audit situation

Document1 La Trobe University 3

 GRADUATE CAPABILITIES
The following Graduate Capabilities (GCs) are evaluated in this subject:
GC GC

a Writing e Team-work

b Critical thinking f Discipline-specific knowledge and skills

c Creative problem-solving g Ethical behaviour

d Inquiry/Research

LEARNING ACTIVITY SUMMARY

Learning Activity: Schedule

Lectures Weeks 1-12
Tutorials Weeks 2-12
Further information is available at http://www.latrobe.edu.au/students/timetables

ASSESSMENT AND FEEDBACK SUMMARY

Assessment Due Date SILOs GCs % Comments
Tasks:
Mid-Semester Week 6 1,2,3, 6 a, b, c, f, 20 Duration: 1 hour.
test To be held during the g This is a closed book test, based on
lecture time. materials covered in chapters 1, 2, 3, 4, 5,
6 & 7.
Wednesday,
Further details regarding the format of the
10 April
mid-semester test will be advised closer to
the date of the mid-semester test.
Students will be marked according to the
detailed grading criteria located at p. 12 of
the Subject Learning Guide.
Assignment Week 8 1,2,3,6 a, b, c, d, 20 Assignment details will be provided on
(equivalent to e ,f, g LMS. You need to work in groups of two.
Tuesday , April 30
2,000 words The assignment must be submitted via
5.00pm
in total) LMS through Turnitin.
(2 students Word length: 2,000 words
per group, Students will be marked according to
1,000 per detailed grading criteria located at p. 12 of
student) the Subject Learning Guide.

Final TBA at end of 1,2,3,4, a, b, c, f, 60 The final examination will be based on

Examination semester 5,6 g, h material covered during the WHOLE
Please refer to semester.
University Examination Duration: 3 hours writing time and 15
Timetables minutes reading time.
Further details regarding the format of the
final examination will be advised closer to
the date of the final examination.

There is no hurdle requirement.

Document1 La Trobe University 4

 Students must obtain a minimum
aggregate mark of 50% for the subject in
order to gain a passing grade for the
subject.

This is a closed book examination. You are

not permitted any notes or reference
material in the examination room.

LEARNING RESOURCES
Reading Type Title Author and Year Publisher
Prescribed Auditing, Assurance Services & Ethics in Australia Arens, Best, Pearson Education
Shailer, Fiedler,
(essential)
Elder & Beasley
(2017) 10th edition

e-Text link http://www.pearson.com.au/9781488611193 Arens, Best, Pearson Education

Shailer, Fiedler,
Elder & Beasley
(2017) 10th edition
Prescribed Auditing Standards Auditing and
(essential) Assurance
Standards Board
http://www.auasb.gov.au/Pronouncements/Australian-
Auditing-Standards.aspx
Standards can be downloaded via this link.

STUDENT FEEDBACK ON SUBJECT SURVEY

The Student Feedback on Subjects (SFS) Survey is part of the quality assurance process that occurs across the university. In
this survey you are invited to tell us about your learning experiences in this subject. We want you to tell us of your
experience in this subject. Your views will be taken seriously and will assist us to enhance this subject for the next group of
students. Your feedback will also contribute to the text for ‘Summary of Previous Student Feedback’ below so please take the
time to tell us your views. The surveys are anonymous and will be distributed prior to the end of the teaching period.
For information on Student Feedback on Subjects refer to:
http://www.latrobe.edu.au/students/leadership-volunteering/speak-up/subjects-teaching

SUMMARY OF SFS FEEDBACK FROM LAST YEAR

The text book has been replaced with an updated version incorporating recent changes to auditing standards.
The assignment submission date has been changed to week 8 to ensure that students receive earlier feedback to
assist in exam preparation.

Document1 La Trobe University 5

Policies, Procedures and Guidelines

The University has a comprehensive policy framework to which both staff and students must adhere. You should familiarise
yourself with those policies, procedures and guidelines likely to affect you especially the following:
 Academic Integrity
 Academic Progress
 Assessment and Feedback
 Extension to Submission Dates
 Late Submission of Assessment Tasks
 Occupational, Health and Safety [OHS]
 Privacy
 Special Consideration
 Student Charter
 Use of Electronic Mail
The relevant policies, procedures and guidelines can be found on the website at: https://policies.latrobe.edu.au/home

Academic Integrity
Academic integrity means being honest in academic work and taking responsibility for learning the conventions of scholarship.
La Trobe University views this seriously as evidenced by the following extract:
Academic honesty is a fundamental principle in teaching, learning, research and scholarship. The University
requires its academic staff and students to observe the highest ethical standards in all aspects of academic
work and it demonstrates its commitment to these values by awarding due credit for honestly conducted
scholarly work, and by penalising academic misconduct and all forms of cheating.
Academic Integrity Procedures (2012, p. 1 of 6)
Academic misconduct includes improper referencing, plagiarism, copying and cheating. You should familiarise yourself with
your responsibilities in relation to Academic Integrity and if you have any questions, direct them to your Course Coordinator.
Information can be found on the website at: www.latrobe.edu.au/students/academic-integrity
All hard copy assignments should be accompanied by the Academic Integrity Assignment Declaration Form available at:
http://www.latrobe.edu.au/__data/assets/pdf_file/0017/711152/Assignment-Declaration-Form.pdf
For assistance with referencing visit http://www.latrobe.edu.au/students/academic-integrity/referencing-help

Special Consideration
Special Consideration is the term used to describe a process that applies an equity measure to ensure that where any temporary
adverse circumstances beyond the control of a student, that impact negatively on that student’s ability to demonstrate their
learning achievement for an assessment task, is taken into account.
Eligibility to apply for Special Consideration does not automatically imply eligibility to receive it. Certain criteria must be
satisfied in order to receive Special Consideration.
Please refer to the relevant policies, procedures and guidelines website at https://policies.latrobe.edu.au/home
Submission of special consideration applications for assignments, mid-semester tests and final examinations should be made
online at: http://www.latrobe.edu.au/special-consideration

Extensions, Late Submissions and Penalties

There are policies and procedures to guarantee fair, consistent and transparent treatment of late submission of assessment
tasks provide equity around extensions to submission dates and penalties associated with not submitting assessment by the due
date and time.
The University requires fair, consistent and transparent treatment of late submission of assessment tasks. The procedure for late
submission is documented in the Late Submission of Assessment Tasks document (Ref. no. 112027D). It states:

The standard penalty for late submission of assessment tasks is 5% of the marks for that task for each delay
in submission of a day or partial day up to a maximum of five (5) working days after the due date.
Assessment tasks will not be accepted after the earlier of the following occurrences:

Document1 La Trobe University 6

  The fifth (5th) working day after the due date; or
 Feedback on the assessment task has been returned to any student by the Teaching Team member.

These penalties apply only to individual assessment tasks worth 15% or more of the total assessment for the
subject. Late submission of take home examinations is not permitted.
Submission of special consideration applications for assignments, mid-semester tests and final examinations should be
made online at: https://www.latrobe.edu.au/students/admin/forms/special-consideration/submit-or-review-
application.
Please refer to the relevant policies, procedures and guidelines website at: https://policies.latrobe.edu.au/home

Student Complaint
La Trobe University is committed to an effective complaints handling mechanism for students in line with its policy of creating a
harmonious and productive study environment. Feedback stemming from student complaints is a valuable source of information
that helps the University improve the quality of its service.
You should lodge a complaint if:

 you are unhappy about something specific in your academic life (eg not enough seating in a lecture, staff not available
during office hours, cancelled lectures...)
 you don't think 'the rules' (university policy or procedure) are being followed
 a university staff member has been rude or their behaviour to you was inappropriate
 you have a dispute about a process used during an appeal
 you have reported something to I&O, security or academic staff and you have not received a response after a
reasonable amount of time
 you are a victim of bullying or harassment

For more information on student complaint process and to lodge a formal complaint visit:
http://www.latrobe.edu.au/students/complaints

Student Learning Unit (SL)

The Student Learning Unit (SL) works closely with teaching staff in the Schools and on the Melbourne and regional campuses to
ensure that all La Trobe students – including those from non-English-speaking backgrounds – develop high-level academic
speaking, writing, reading, and numeracy skills required for successful learning in their courses. For further information, please
see the website at: http://www.latrobe.edu.au/students/learning/

Learning Management System (LMS)

The Learning Management System (LMS) is an Internet based system which allows you access to learning materials and to
interact with other students and teaching staff in activities related to your studies from any location with Internet access. Most
subjects have a LMS site into which you are automatically added as part of your enrolment into the subject.
The LMS can be accessed at: https://www.latrobe.edu.au/lms/login/ by using your Username and Password provided to you on
your Statement of Account. If you are having trouble accessing the LMS or want to find out more about LMS, please see the
website at: http://www.latrobe.edu.au/students/it/teaching/lms

Library
Your Library offers many ways to support your study. Play Library Quest lib.latrobe.edu.au/libraryquest to discover more about
how we can help, or visit our website and explore these essential resources:

 Achieve@ Uni [latrobe.edu.au/students/support/achieve] – learn important skills needed at university, includes

finding and using information in your assessment tasks, referencing, reading, writing and presenting, academic
language, and maths skills;
 Assignment Calculator [latrobe.edu.au/library/assignment-thesis-support/assignment-calculator] – plan your
assignment schedule and submit on time;
 Referencing [latrobe.libguides.com/referencing] - understand why and how we reference, includes the four major
styles;
Document1 La Trobe University 7
  Expert Help [latrobe.libguides.com] – provides expert discipline and specialist help; get help here with assessment
tasks;
 Live chat to library staff [lib.latrobe.edu.au/chat] – live chat for help; during semester hours only;

Student Support Services

If you have special needs due to disability or other factors the Equality and Diversity Centre can provide advice and support.
This Centre can be contacted by telephone on (03) 9479 2900 (Melbourne); (03) 5444 7410 (Bendigo); (02) 6024 9628 (Albury-
Wodonga); National Relay Service Deaf and Hearing Impaired: T: 133677 (within Australia only). Email:
[email protected] or refer to the website at: http://www.latrobe.edu.au/students/support .

Peer Learning Advisers

Peer Learning Advisers (PLAs) are experienced students who can help you with assignment and thesis writing, maths and
statistics and other academic skills. PLAs are friendly and approachable and come from many disciplines; e.g. health sciences,
business or education. Their drop-in service is available at these campuses: Bundoora, Bendigo, Albury-Wodonga, Mildura and
Shepparton. Their timetable is available online: latrobe.edu.au/students/learning/drop-in-learning-support.

Document1 La Trobe University 8

 Schedule of Learning Activities
Session Plan
Week Lecture Date Assessments Reading Tutorial Questions
Lecture Topic
due dates (from textbook)
1 6th March Introduction Chapter 1

Audit & assurance services

2 13th March Legal environment Chapters 2 & 3 1.1, 1.3,1.8, 1.14, 1.19, 1.24, 1.27, 1.33

Audit quality & ethics

3 20th March Responsibilities & Objectives Chapters 4 & 5 2.9, 2.10, 2.12, 2.22

Evidence 3.2; 3.5; 3.9; 3.20; 3.24

4 27th March Chapters 6 & 7 4.18; 4.26; 4.27

Planning & documentation
5.5; 5.24; 5.27; 5.36
Materiality & risk
5 3rd April Internal control & control risk Chapter 8 & 9 6.4,6.14,6.17,6.30

Fraud auditing 7.10;7.12;7.28;7.29

6 10th April Semester test to be held during 8.2; 8.7; 8.15; 8.26; 8.30
lecture time

7 17th April Impact of information technology Chapters 10 & 11 9.3; 9.4; 9.7; 9.23; 9.28

Audit plan & program

24th April
Semester break
Week Lecture Date Assessments Reading Tutorial Questions
Lecture Topic
due dates (from textbook)
8 1st May Group Chapter 12 10.6; 10.11; 10.24
Sales & collection cycle
assignment
Wednesday, 1st 11.20; 11.28; 11.35
May, 5.00pm
9 8th May Completing sales cycle Chapters 13 & 14 12.1; 12.2; 12.3; 12.12; 12.13; 12.20;
12.26; 12.28; 12.32
Audit sampling

10 15th May Chapters 15 & 16 13.9; 13.10; 13.11; 13.17; 13.23;

Transaction cycles & balances I
13.29;13.31; 13.34
Transaction cycles & balances II
14.2, 14.3, 14.6, 14.12

11 22nd May Completing the audit Chapter 17 & 18 15.8; 15.38; 15.53

Audit reporting 16.11; 16.36; 16.41

12 29th May Revision TBA 17.7; 17.19; 17.29; 17.33

18.10;18.11;18.19; 18.24, 18.25

Document1 La Trobe University 10

Learning Activity Details
The above chapter readings and tutorial questions are from the prescribed textbook: Auditing, Assurance
Services & Ethics in Australia 10th edition. The lecture PowerPoints are a summary of the topics that you
need to understand. You must read the textbook.
It is recommended that you read the relevant chapter/s to familiarise yourself with the topic prior to attending
the lectures. In addition, please attempt the tutorial questions listed prior to attending the tutorial class. You
should also attempt all the questions listed above in the Session Plan including the multiple-choice questions.
The tutor will cover selected questions and problems. Due to time constraints, it is not possible to cover all
the questions and problems in the tutorial class. Therefore, solutions will be available for all the questions
and problems listed above including the multiple-choice questions on LMS. The question 1.25 refers to
chapter 1; question number 25.
You should also regularly check [at least once per week] the ACC5AAS subject’s LMS website site for
updated information. It is recommended that your study preparation is at least 5 hours per week in this subject
outside of class times.
Detailed Grading Criteria
The assessment criteria below outline the factors or qualities that are used to determine the levels of understanding
and performance being demonstrated and to differentiate between the various grades.
Assessment task 1: Semester test (20%)
The short answer/application questions will be graded according to the assessment criteria for task 3 detailed below.

Assessment task 2: Group assignment (20%)

SILO No Criteria Excellent Very good Good Pass Fail

(80-100%) (70-79%) (60-69%)
(50-59%) (0-49%)
1, Issues/problems Demonstrated Very good Good analysis Good Poor analysis of
2, identified and excellent analysis of topic of topic attempt at topic
3, explained understanding Most issues Main issues analysis of Did not
6 of issues by identified with a identified the topic understand the
using the source critical and with Some main issues
information and comprehensive satisfactory issues
developing a analysis. analysis. identified
critical and with limited
comprehensive analysis.
analysis

1, Knowledge of Applied Applied Applied Applied some Did not apply

2, appropriate appropriate appropriate appropriate appropriate any standards
3, standards and standards and standards and standards and standards and guidelines.
6 regulations guidelines guidelines guidelines to and Or applied
correctly to the correctly to the main guidelines to inappropriately
issues most of the issues the issues due to lack of
issues identified identified identified understanding
1, Referencing Academic Academic Academic Basic Referencing is
2, referencing referencing referencing academic absent or
3, accurately and mostly applied provided with referencing poorly
6 consistently accurately and some errors. provided with presented
applied consistently. limited
sources of
references.
1, Structure Material written Material written Material Material Material
2, very fluently fluently and written is written is written is
3, and clearly with clearly with mostly fluent somewhat difficult to
6 appropriate use appropriate use with fluent with understand due
language and of language and appropriate some errors to frequent
grammar. grammar. use of in grammar errors and/or is
language and and spelling. not suited to
grammar. the task
1, Teamwork Excellent group Very good group Satisfactory Some limited No cooperation
2, cooperation cooperation group group Fails to meet
3, Engages pro- with team cooperation cooperation task deadlines
6 actively with decisions to meet task in and the work
team members making tasks deadlines and contributing does not reflect
in team decision and contributes work reflects to the setting an integrated
making and to an equitable an agreed or contribution to
facilitates the distribution of contribution achievement the team
achievement of the workload of all group project
agreed group goals outcomes
outcomes

Document1 La Trobe University 12

Assessment tasks 3: Final examination (60%)

Students will be awarded 1.0 mark for each correct multiple choice answer. The short answer/application questions
will be graded according to the assessment criteria detailed below.
The assessment criteria below outline the factors or qualities that are used to determine the levels of understanding
and performance being demonstrated and to differentiate between the various grades.
SIL Criteria Excellent/ Relational/ Multi- Uni- Pre-structural/
O Abstract Very Good structural/Good structural/Pass Fail
no ( 0-49%)
(A 80-100%) (B 70-79%) (C 60-69%)
(D 50-59%)
1-6 Fulfilment All the Concepts are Mostly logical Overall Understanding of
of overall concepts are linked, and coherent completion of the task is not
task clearly linked logically linking of tasks with some apparent due to
Intent and organised organised and concepts. inconsistencies in confused or
in a given answers are Problems have linking and underdeveloped
framework and supported by been addressed organising answers not
conclusions theory and satisfactorily in concepts or supported by
/answers are data a standard supporting theory or data or
well supported format. conclusions with answers have not
by theory and data or theory. been attempted
all available
data.
1.6 Use of Evidence of Evidence of Most General Either no evidence
information critical some critical information is application of or irrelevant use
(examples application of application of supported by standards, some of standards
of evidence evidence. evidence. use of inconsistent
and Comprehensiv Mostly standards information
accounting e and accurate accurate use
and use of the of the
auditing standards standards,
standards) some minor
omissions
1.6 Application Critical and Critical and Relevant Limited Either no
of theories evaluative evaluative concepts and applications of application of
and/or thinking thinking theories relevant theories relevant theories
concepts applied i.e. applied with generally and concepts, and concepts or
dealt with able to little applied some major omissions
in the topic demonstrate inaccuracy appropriately, misunderstandin or
or subject understanding no major g misunderstanding
of how and omissions s
why theories
and concepts
are applied.
1-6 Structure Structure and Ideas are Ideas and Reasonably Lack of structure,
and sequence are logically structure are structured and ideas not
organisatio used sequenced in a logical. organised, organised or
n effectively to satisfying way. Integrations of requires more irrelevant.
integrate ideas Integration of themes focus on the
resulting in a themes/sectio /sections are topic. Some
clear, logical ns is well generally instances of
argument made. satisfactory. irrelevance.

Document1 La Trobe University 13

1-6 Use of Fluent, Mainly fluent Academic/ Academic/ Difficult to
language confident and and precise professional professional understand the
and precise use of use of language is language is clear expression used
adherence academic/ academic/ generally enough to be Unstructured or
to academic professional Professional consistent; understood, unfocussed
conventions language, language. sound and clear some unclear meaning, or in a
mastery of throughout. expressions format
style and tone. inappropriate to
the task.

Document1 La Trobe University 14