Auditing

General Information

The primary focus of this subject is the external audit of corporate financial statements while also covering other assurance services. The subject presents the fundamental philosophy, concepts, procedures and regulatory framework for auditing in the public accounting domain integrating Australian and International Auditing Standards. In particular, emphasis is placed throughout the subject on ethical considerations, independence and corporate governance. The seminars are presented to correspond with auditing process in theory and practice.

  • Academic unit: Bond Business School
    Subject code: ACCT71-305
    Subject title: Auditing
    Subject level: Postgraduate
    Semester/Year: January 2018
    Credit points: 10.000
  • Timetable: https://bond.edu.au/timetable
    Delivery mode: Standard
    Workload items:
    • Seminar: x12 (Total hours: 24) - Seminar 1
    • Seminar: x12 (Total hours: 24) - Seminar 2
    • Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
    Attendance and learning activities:
  • Prescribed resources:

    Books

    • Robyn Moroney,Fiona Margaret Campbell,Jane Maree Hamilton Auditing a Practical Approach. 3rd,
    After enrolment, students can check the Books and Tools area in iLearn for the full Resource List.
    iLearn@Bond & Email: iLearn@Bond is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.

    To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Academic unit: Bond Business School
Subject code: ACCT71-305
Subject title: Auditing
Subject level: Postgraduate
Semester/Year: January 2018
Credit points: 10.000

Enrolment requirements

Requisites:

Nil
Assumed knowledge:

Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.

Restrictions:

Nil

Assurance of learning

Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.

At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.

Program Learning Outcomes (PLOs)

Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.

Find your program

Subject Learning Outcomes (SLOs)

On successful completion of this subject the learner will be able to:

  1. This subject examines the role of auditing in assessing the reliability of corporate financial information primarily in the Australian regulatory environment but also in an international auditing context. At the conclusion of the subject students will have knowledge of and the ability to discuss the nature and functions of auditing, why it is demanded and how assurance relates to auditing including the benefits and limitations of audits of financial statements. (Graduate attributes 1, 3 ,4 and 5)
  2. Demonstrate an understanding of the Code of Ethics for Professional Accountants, along with Corporate Law as it affects the independent auditor and other accountants. (Graduate attributes 1, 3 ,4 and 5)
  3. Evaluate what is communicated in an auditor's report to financial statement users, and how an audit meets the needs of users. Further, students will understand the role of those charged with governance of an entity in financial reporting, and the role of the auditor in governance. Students will also understand the roles of internal audit in the governance processes. (Graduate attributes 1, 3, 4 and 5)
  4. Explain the stages of an audit, and how understanding an entity and its environment assists the auditor in developing audit strategies and obtaining evidence. The student will also be able to make decisions about various elements of the audit risk model, and determine how those decisions influence subsequent decisions about the nature, timing, and extent of audit procedures. (Graduate attributes 1, 2, 3, 4 and 5)
  5. Explain the elements of a system of internal control, the importance of the control environment, and how information technology is used in implementing a system of internal control. Students will also be able to analyse a system of internal control, and explain how internal controls influence decisions about audit evidence. (Graduate attributes 1, 2, 3, 4 and 5)
  6. Make decisions about the nature, timing, and extent of audit evidence related to audits of the revenue cycle, and determine the appropriate substantive tests for a variety of financial statement accounts. (Graduate attributes 1, 2, 3, 4 and 5)
  7. Demonstrate the ability to explain the auditor's responsibilities in completing the audit, and make decisions about what should be included in the auditor's report on financial statements. (Graduate attributes 1, 3, 4 and 5)

Generative Artificial Intelligence in Assessment

The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.

  • Type Task % Timing* Outcomes assessed
    Paper-based Examination (Closed) Final Examination 30% Final Examination Period 1,2,3,4,5,6,7
    Paper-based Examination (Closed) Mid-semester Examination 25% Mid-Semester Examination Period 1,2,3,4,5,6,7
    Case Analysis Audit Case 1 20% Week 5 2,4
    Learning Log N/A 10% Week 12 1,2,3,4,5,6,7
    Activity Audit Decision Making Exercises 15% Ongoing 1,2,3,4,5,6,7
    • * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
    • C = Students must reach a level of competency to successfully complete this assessment.

  • Assessment criteria

    High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.
    Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.
    Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.
    Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment.
    Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.

    Quality assurance

    For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.

Type Task % Timing* Outcomes assessed
Paper-based Examination (Closed) Final Examination 30% Final Examination Period 1,2,3,4,5,6,7
Paper-based Examination (Closed) Mid-semester Examination 25% Mid-Semester Examination Period 1,2,3,4,5,6,7
Case Analysis Audit Case 1 20% Week 5 2,4
Learning Log N/A 10% Week 12 1,2,3,4,5,6,7
Activity Audit Decision Making Exercises 15% Ongoing 1,2,3,4,5,6,7
  • * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
  • C = Students must reach a level of competency to successfully complete this assessment.

Study Information

Submission procedures

Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.

Policy on late submission and extensions

A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.

Academic Integrity

University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.

Bond University utilises Originality Reporting software to inform academic integrity.

Feedback on assessment

Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.

Accessibility and Inclusion Support

If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.

Additional subject information

Subject curriculum

Approved on: Nov 28, 2017. Edition: 3.2
Last updated: Oct 10, 2022
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