HI6026 Audit, Assurance and Compliance ASSIGNMENT 1代写

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HI6026 Audit, Assurance and Compliance  ASSIGNMENT 1代写

  HI6026 Audit, Assurance and Compliance TRIMESTER 2, 2017 INDIVIDUAL ASSIGNMENT 1 Assessment Value: 20% Instructions: • This assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook. • It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence. Students should submit all assignments for plagiarism checking on Blackboard before final submission in the subject. For further details, please refer to the Subject Outline and Student Handbook. • Answer all questions. • Maximum marks available: 20 marks. • Due date of submission: Week 6, Friday at 5.00 p.m. 2 Case Study on Double Ink Printers Ltd (DIPL) Background Information You are a senior manager with Stewart and Kathy and you have been approached to undertake the audit of Double Ink Printers Ltd (DIPL). For the year ended 2015, taking over from the small audit firm of Jay and Associates. DIPL print books, magazines and advertising materials for the publishing, educational and advertising industries on a print-on-demand basis. Printing on demand means that publishers can print the exact quantities ordered by retail outlets, rather than estimating in advance how many books are required and often printing too few or too many. The average printing turnaround time for DIPL is two business days for small orders and five to ten business days for large orders. In addition, five years ago, DIPL further expanded its earnings base by having publisher’s titles available as searchable ‘e- books’ that could be downloaded directly by readers from DIPL’s website. Purchase and Inventory DIPL purchases 50% of its inventory requirements of paper, ink and binding materials from Australian sources and 50% from Asian countries. When inventory received at DIPL’s warehouse (whether it is purchased from Australia or Asia), the accounts payable clerk, Bill Jimmy, records the arrival of the inventory and also its value and quantity in the accounts payable system. Inventory is paid for the relevant currency of the country from which it is purchased. Raw materials have been valued at average cost and an allowance for inventory obsolescence has existed in previous years to cover the estimated decline in value from the effects of storage hazards. Work in progress is immaterial due to the quick turn- around time of printing jobs. Any work in progress is assessed at the cost of raw materials and labour and proportion of manufacturing overheads based on normal capacity. At year end, the warehouse is closed from 28 to 30 June for stocktake, so sales must be invoiced in the system by close of business on 27 June. The stock must have been sent to the customer (that is, it must either be on track, ship or plane on its way to the customer, or it must already have arrived at the customer; it must no longer be in DIPL’s warehouse). 3 ‘Print on Demand’ revenue and receivables Each time a publisher wants to add a book to DIPL’s ‘digital library’ (a server storing all of the publisher’s books in a digital format, ready to print), it emails the book to DIPL in PDF format. The digital library is backed up at the close of business every day, with the backup tapes kept off site. Once the book is stored in the digital library, the publishers can order copies to be printed as required. When the publishers confirm the order, the accounting system automatically retrieves details of the publisher’s credit record and stops any orders from publishers that have exceeded their credit terms and limits. A printout of the transactions history of the publishers is generated and must be signed by both Helena keng, the head of publishing, and Jane Roger, the head of accounts at DIPL, before the order can continue, after the transaction history has been signed and dated, accounts receivable staff file it. If there are no credit problems with the order, it is processed and printed by casual staff in the relevant warehouse, who then load the books onto pallets for shipping. When printing is finished, the sales clerk, Brown Pall, prepares an invoice and dispatch docket and forwards them to the accounts receivable department. The accounts receivable clerk Gay Chan, checks the prices and arithmetic accuracy of the invoices and signs the invoice as evidence of her check. Gay records the sales both the accounts receivables subsidiary ledger and the general ledger and books are shipped to the publisher’s nominated destination (or the publisher will arrange pick up at the warehouse if has its own distributors). The client accepts liability for the goods when they are received in accordance with the purchase order, and signs the dispatch docket as proof of delivery. ‘E-book’ Revenue The proceeds from each e-book sale are paid to the publisher’s net of a 5% commission. Proceeds are sent to publishers automatically upon download (the commission is withheld by DIPL). Revenue from the commission is recognised when is withheld from payment to the publishers. DIPL also charge publishers an annual “storage fee” payable 12 months in advance, for keeping the e-book on DIPL’s website. Publishers are invoiced on the date the first download 4 of a title occurs. As new books are downloaded on an ongoing basis, the storage fee is invoiced at different times of the year. Revenue from storage fees has been recognised in the month the fees are invoiced, notwithstanding the fact that the fees are charged 12 months in advance. In September 2014, DIPL acquired Nuclear Publishing Ltd (NPL). The main rationale behind the lay in the value of the copyright NPL held over a large range of specialised medical textbooks. Although the potential print run for the textbook was not large, each textbook had a high profit margin and had been used in universities across the world for many years. DIPL acquired the business operation of NPL (not the shares), paying net assets (including the right to the copyright). However, in June 2015 an article was published in a medical journal about a new theory that could result in NPL’s medical textbooks becoming obsolete. If the new theory is valid, the textbooks are unlikely to be reprinted or used as textbooks at universities in the future, effectively making them unviable as e-books. Cash Receipts Some Payments from accounts receivables are received by cheque through the mail, and the cashier, Judy Bones, record these in an inwards remittance register when the mail is opened. She then banks the cheques and forwards the payment advices to Gay Chan for posting ton the accounts receivable ledger. Most payments, however, are received by electronic funds transfer (EFT). Each day, Judy downloaded the previous day’s receipts from online banking and provides a copy to Gary for posting. Judy then reconciles the total of the batch postings to accounts receivable to the amount banked for the day. The assistant accountant, Boby Roger, prepares a bank reconciliation at the end of each month. Fixed Assets Since DIPL’s incorporation, depreciation on assets has been calculated using the straight-line method to allocate their cost over their estimated useful lives, as follows: • Printing presses up to 20 years • Other production equipment up to 15 years • Other equipment up to 10 years 5 Finance During 2015, DIPL has entered into a 7.5 million loan from BDO Finance Ltd (BDO Finance). The loan has debt covenant’s requiring DIPL to maintain a current ratio of at least 1.5 and a debt to equity ratio of less than 1. Failure to maintain these key financial ratios under the specified benchmarks would result in BDO Finance having the right to recall the loan. Appointment of New CEO and internal Audit William Jackson was appointed the new chief executive officer (CEO) of DIPL in January 2015. William has extensive experience in the printing business. The previous CEO, Rebecca Styles, who is now semi- retired, will remain on the board as a non-executive director. A component of William’s remuneration package is a performance bonus based DIPL achieving an annual growth of 10% in total revenue and 10% in net profit after tax. Based on William’s recommendation, the board also established a new internal audit department headed up by Cody Baines, an ex-audit manager with a Big Four audit firm and two other recently qualified chartered accountants. Cody reports directly to the board. New IT System During 2015, DIPL decided to invest in a new IT system that would fully computerised and integrate all the current accounting processes across the organisation, including integration into the general ledger system. Under extreme pressure from the board, the IT department at DIPL managed to get the new accounting system installed in June, although IT manager, Andy Rogers, complained several times about how the installation was handled. Andy claimed that excess pressure had been placed on staff to get the system installed and that there was simply not enough staff to do the proper reconciliation’s and testing before the new system went live prior to year-end. Andy preliminary testing showed that some transactions conducted around year-end were not being allocated to the correct period. The problem appeared to be the interface between the new accounting system and one of the existing software systems. A software ‘patch’ had to be written to fix the problem. 6 Board year-end reporting discussions As a board meeting held in June 2015, issues relating to the forthcoming year end were discussed. William stated that he believed that the valuation of raw materials inventories at average cost was no longer appropriate as the current cost of paper was substantially above the average cost. Further, he argued that the allowance for obsolescence of inventory to cover the estimated decline in value from the effects of storage hazards was necessary, as such a loss was unlikely. William also stated that based on his experience in the printing industry he believed that DIPL’s printing presses had a potential maximum life of 30 years, although he noted that another leading entity in the printing industry adopted the policy of depreciating its printing presses over a 20-year period on a straight-line basis, similar to what DIPL had done in the past. After much discussion, the board resolved that the allowance for obsolescence of inventory be written back and that raw materials be valued based on a first- in, first-out (FIFO) basis. In addition, following a review of the e-book facilities by internal audit, Cody recommended that in a report to the board that DIPL change the method it used to account for its revenue from e-book publication to ensure compliance with the applicable accounting standard. The board agreed that the revenue from e-book would be recognised in accordance with the stage of completion of each transaction (i.e. percentage of completion method). 7 Statement of Financial Position Note  2013  2014  2015 (Unadjusted) Current Assets Cash 647250  517788  347120 Accounts Receivables  1  2482500  4320000  5073309 Inventories  2  2256188  2671362  4180500 Total 5385938  7509150  9600929 Non-Current Assets Property, Plant and Equipment  3  7544062  8394750  15572062 Intangible Assets -------  -------  975000 7544062  8394750  16547062 Total Assets 12930000  15903900  26147991 Current Liabilities Accounts Payable 1950000  3035250  3525000 Deferred revenue ----  ----  697500 Interest-bearing liabilities 937500  862500  787500 Provisions 810000  1125000  1267500 Accruals 82500  97500  120000 Total 3780000  5120250  6397500 Non-current Liabilities Interest-bearing liabilities ----  ----  7500000 8 Total Liabilities 3780000  5120250  13897500 Net Assets 9150000  10783650  12250491 Equity Shareholders Fund 2250000  2250000  2250000 Retained Profits 6900000  8533650  10000491 Total Equity 9150000  10783650  12250491 Income Statement 2013  2014  2015 Revenues Revenue from Operations 34212000 37699500 43459500 Cost of Sales  28207500 31620000 36855000 Gross Profit  6004500  6079500  6604500 Allowance for inventory obsolescence written back  -------  -------  155588 Commission Income  108000  123000  130500 E-book storage fees  667500  1027500  1417500 Income from operating activities  6780000  7230000  8308088 Expenses Advertising  83725  115923  125778 Audit Fees  112500  127500  135000 Bad Debt  150000  195000  210000 Depreciation  249375  274312  472688 Discounts allowed 195000  285000  335500 Legal Fees  74000  111500  137000 Foreign Exchange loss  38500  49750 ---- Rates  98500  106000  113500 9 Repairs and maintenance  224000  276500  306500 Salaries  1965000  2190000  2445000 Telecommunication costs  134750  141478  159785 Total expenses  3325350  3872963  4440751 Net income before interest and tax  3454650  3357037  3867337 Interest expense  84379  83663  808038 Profit before tax  3370271  3273374  3059299 Income tax  1011081  982012  87116 Profit after tax  2359190  2291362  2972183 Notes to the Financial Report 2013  2014  2015 (Unadjusted) Account Receivable  2647500  453000  5313309 1 Allowance for doubtful debts  -165000  -210000  -240000 2482500  243000  5073309 Inventory  2362500 2797238  4180500 2 Allowance for obsolescence  -106312  -125876 ------ 2256188 2671362  4180500 3 Property, Plant & Equipment Land  2775000 3375000  3375000 Plant and Equipment 5250000 5775000  13425000 Accumulated Depreciation  -480938  -755250  -1227938 7544062 8394750  15572062 10 Required: Question 1: As an auditor, you are conducting your preliminary analytical procedures based on the background information for DIPL contained in the case. Apply analytical procedures to the financial report information of DIPL for the last three years. Explain how your results influence your planning decisions for the audit for the year ending 30 June 2015 (10 marks). Question 2: You are conducting your risk assessment of DIPL, as part of the planning for your audit for the year ended 30 June. Identify two inherent risk factors that arise from the nature of DIPL’s business operations. Explain why it is a risk and how it may affect the risk of material misstatement in the financial report (5 marks). Question 3: As part of your audit of DIPL for the year ended 30 June 2015, you are considering the risk that fraud may have occurred (a) Based on the background information for DIPL contained in the case, identify and explain two key fraud risk factors relating to misstatements arising from fraudulent financial reporting to which DIPL may be susceptible. (b) Explain how the risk factors identified in (a) above would affect the conduct of the (a) audit. (5 marks).

  HI5026 Auditing and Assurance Services T2 2017 ___________________________________________________________________________________________________ ___ HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION POSTGRADUATE PROGRAM SUBJECT OUTLINE HI6026 AUDITING AND ASSURANCE SERVICES TRIMESTER 2 / 2017 Holmes Institute is committed to providing the highest quality education in a dynamic, student-centred learning environment. Holmes Institute fosters in its students rational thought, intellectual integrity and social responsibility. www.holmes.edu.au HI6026 Auditing and Assurance Services T2 2017 2 FACULTY OF HIGHER EDUCATION Holmes Institute Faculty of Higher Education offers business courses that combine discipline-based excellence with practical applications. The faculty operates on campuses in Melbourne, Sydney, Brisbane and Hong Kong. The faculty offers a Bachelor of Business, a Bachelor of Professional Accounting, a Master of Professional Accounting, a Master of Business Administration and a Graduate Diploma in Business. Details about the members of the faculty can be found on the faculty’s home page at www.holmes.edu.au. HOLMES INSTITUTE POSTGRADUATE PROGRAMS At Holmes Institute, the Master of Business Administration, the Graduate Diploma in Business and the Master of Professional Accounting offer domestic and international students the opportunity to study a set of contemporary subjects in the field of business. These subjects prepare students for the challenges in business environments of the 21st century. These programs emphasize the global and cross-cultural dimensions of business. Teaching utilizes a combination of delivery methods and includes critical analysis and case study methods. A combination of exams, case studies and company analysis are used in assessment. The Masters’ programs of Holmes Institute focus on:   Developing career related capabilities   Emphasis on business numeracy and literacy   Managerial proficiency   The new economy   Leadership   Entrepreneurship   Social responsibility and ethics SUBJECT OVERVIEW & RATIONALE Welcome from the Subject Coordinator, Lucy Ferdous Auditors play an extremely vital role in the current economic environment, with increasing responsibility for market integrity. Understanding the significance of auditing, the role of the auditor and the skill base required for the changing role is essential for any business or finance position. Therefore, the key objective of this course is to provide you with a comprehensive guide to the essential principles and practices of auditing and assurance services in Australia. The principal aim of this course is to give you an enhanced understanding of the essential audit function, and the practice of financial statement audits. This course places an emphasis on the fundamental and independent role of the auditor and his impact on real world business and financial reporting functions. This course will introduce students to key external auditing principles and procedures including objectives and limitations of auditing. Students will also gain an appreciation of key issues relating to ethical and legal considerations. In particular, topics of the auditing & assurance services profession, planning & risk, tests of controls & details and completion & communication are covered. Lots of case studies will be used and discussed in lectures and tutorials so as to further enhance students to learn and develop problem solving skills. HI6026 Auditing and Assurance Services T2 2017 3 SUBJECT OBJECTIVES & LEARNING OUTCOMES On completion of this subject you will be able to: 1.  demonstrate an understanding of the reporting requirements of auditing standards 2.  demonstrate an understanding of the auditor's professional, legal and ethical responsibilities to their clients and third parties 3.  identify the elements of the financial report audit process 4.  understand the audit planning procedures, evaluate the business risk and assess the internal control 5.  prepare auditing procedures for transactions and balances by conducting control and substantive tests 6.  understand the auditor’s reporting obligations SUBJECT ADMINISTRATION Awards  Duration  Core/Elective  Subject weight GradDip, MBA, MPA  1 semester  Elective  4 credit points Mode of delivery  On campus Prerequisites  HI5020 Corporate Accounting Workload  Students are expected to attend all classes Delivery  2 hrs of lectures and 1 hr tutorial or equivalent Independent study  5 hrs CONTACT DETAILS Subject Coordinator  Lucy Ferdous  Lferdous@holmes.edu.au Lecturer Melbourne Campus Lucy Ferdous  Lferdous@holmes.edu.au Lecturer Sydney Campus  Mainul Ahsan Sudamathy V MAhsan@holmes.edu.au svaratharajah@my.holmes.edu.au Lecturer Brisbane Campus  Khokan Bepari Rowena Raynor KBepari@holmes.edu.au rrayner@my.holmes.edu.au Lecturer Gold Coast Campus Eflinna Cross  ECross@my.holmes.edu.au Students please note: Holmes Institute provides each student with a Holmes webmail. Faculty and Administrative staff can only communicate with you using your Holmes Institute mail address. Emails from private and/or business email accounts cannot be used and may not be answered. HI6026 Auditing and Assurance Services T2 2017 4 CONSULTATION TIMES* Please check with your lecturer Monday  Tuesday  Wednesday  Thursday  Friday Melbourne Campus  TBA Sydney Campus  TBA  Brisbane Campus  TBA Gold Coast Campus  TBA *by appointment only STUDENT ASSESSMENT ASSESSMENT TYPE  DUE DATE  WEIGHT  LEARNING OUTCOMES Individual Assignment Week 6  20%  1 ,2 & 3 Class test  Week 9  20%  1, 3, 4 & 5 Final Examination  Exam period  60%  1, 2, 3, 4, 5 & 6 Class Tests For subjects for which a class test is part of the assessments, you need to follow the instructions by your lecturer to confirm any material allowed in the class test. You also need to follow any relevant announcement on Blackboard that confirm the date/time and venue of the class test. Final Examinations Each trimester concludes with the final examinations that are held during a designated examination period. You are expected to be present for the final examinations, which are held during Examination Week, the exact dates/times and venues are announced via your Blackboard. For each subject you will be allocated a designated seat in one of the examination venues. Your examination venue and seat will be confirmed by the end the teaching period of each trimester via your Blackboard. ASSESSMENT POLICY AND LATE PENALTY To be eligible to pass this subject, students must complete all forms of assessment and demonstrate achievement of the learning outcomes. All assignments must be submitted electronically using a word processor, uploaded to Blackboard via Safe Assign. No hard copy of assignment will be accepted. The assignment cover sheet must include the student/s name, number, subject code and subject name, subject lecturer’s name, assignment due date and time of submission. All assignment must be submitted to the designated Assignment Safe Assign final Submission link through Blackboard. Submission deadlines are strictly enforced and late submission incurs penalties of 5 (five) % of the assessment value per calendar day unless an extension and/or special consideration has been granted by the Subject Coordinator prior to the assessment deadline . U nless an extension and/or special consideration has been granted by the Subject Coordinator prior to the assessment deadline, no assessments are accepted after 14 calendar days of the due date or the end of the trimester for assessments due later in a trimester. Students are requested to familiarize themselves with the Holmes Institute Assessment Policy located on the HI6026 Auditing and Assurance Services T2 2017 5 Blackboard Student Subject: HE-General Study Information (HGEN_HE) > General Information > Policies and Procedures > Holmes Institute Student Assessment Policy v1.pdf. VIEWING STUDENT GRADES AND ASSESSMENTS Results, including the final grade, can be viewed via the Grade Centre on Blackboard. Results for all assessments are usually published within two weeks of the due date of the assessment, and the final examination respectively. Students who wish to appeal their mark for any assessment are advised to do so within 14 days of the publication of results (please follow the procedures outlined in the Student Handbook). Please note that students are eligible to view any of their assessments. For continuous assessments during the teaching period, students need to contact their lecturer immediately after the publication of results. For viewing of the final examination script, students need to complete the respective form (available on your Blackboard) and pay the applicable administrative fee. The form needs to be submitted within 14 days of the publication of the final/overall results. Please note that there is no review/remark option available for any student assessments. ACADEMIC MISCONDUCT AND PLAGIARISM Holmes Institute views any forms of academic misconduct as most serious offences. Academic misconduct in any form, including plagiarism, contract cheating and cheating in a class test or examination, is not tolerated and will be dealt with according to the policies and procedures set out in the Holmes Institute Student Handbook. Plagiarism occurs when one uses another person’s ideas or manner of expressing them and passes them off as one’s own work by failing to give appropriate acknowledgement (that is, referencing the source). It is important that student reference their work appropriately. The Faculty of Higher Education at Holmes Institute uses the Harvard style of referencing. A detailed guide to referencing can be found in the Student Handbook and Resource Centres. It is expected that you will be familiar with the Harvard style of referencing. HI6026 Auditing and Assurance Services T2 2017 6 STANDARD GRADING SYSTEM AND DISTRIBUTION GRADE LETTER  RANGE High Distinction  HD  80% and above Distinction  D  70 – 79% Credit  CR  60 – 69% Pass  P  50 – 59% Fail  NN  0-45% (did not meet the standard required according to the learning outcomes in the Subject Guide ) Faculty Pass*  FP  46-49% (Awarded by Board of Examiners in exceptional circumstances) Supplementary Exam Granted (a temporary grade) NS  Supplementary examination granted Deferred Exam (a temporary grade) ND  Officially Deferred examination Fail  NA  Student did not submit any work according to the schedule in the Subject Guide Result Withheld  RW  Additional assessment and/or work required Result Withheld  WH  Outstanding fees or non-return of Holmes Institute materials * This grade is sometimes referred to as a conceded pass at other institutions Explanation of Letter Grade HD Outstanding work which exhibits sophisticated understanding and critical synthesis, analysis and evaluation of the subject matter. While the work utilizes opinions of others, judgements about the value of the subject matter are made and drawn together in an organized whole. Gaps in the subject matter might also be identified and the implications discussed. D Substantial work of high quality, which demonstrates a clear understanding of the subject matter, in which the relationship between the constituent elements are identified clearly and discussed with some level of critical analysis. The work also applies abstract ideas in concrete situations. CR Sound and competent work, which demonstrates a reasonable but not complete grasp of the subject matter. The work utilizes recall and paraphrases the work of others concerning the subject matter. Some basic level of critical analysis is evident. Originality in the work is rarely evident. P Work that demonstrates a satisfactory engagement with the subject matter such that the student is said to have a general understanding of the field. Provides an adequate basis for further study. NN Did not meet the learning objective of the subject HI6026 Auditing and Assurance Services T2 2017 HI6026 Audit, Assurance and Compliance  ASSIGNMENT 1代写 USE OF BLACKBOARD Holmes Institute uses Blackboard Learn as its online learning platform. All students enrolled have access to Blackboard and it is imperative that students log onto their Blackboard immediately after they enrol for the trimester. Blackboard Learn allows students to view and download their lecture material, grades, important announcements on their subjects and discussion rooms for selected subjects. Please note that it is the student’s responsibility to check Blackboard on a regular basis. It is expected that students will have viewed lecture materials and additional readings before class. All students are advised to familiarize themselves with the use of Blackboard. Guides to Blackboard are available in the Resource Centre on each campus. Should you have difficulties accessing and/or using Blackboard, please contact your lecturer or the Holmes Institute Blackboard Helpdesk on: bbhelpdesk@holmes.edu.au. USE OF RESOURCE CENTER AND PROQUEST As part of their degree studies, students are expected to engage in additional research. Textbooks and teaching materials available in the Resource Centre will be of use here. In addition, current students have access to a range of electronic academic journals via ProQuest, which is accessible once you log into Blackboard. Holmes Institute also supports students using Google Scholar. Should you require any assistance with the use of ProQuest and/or online research, please contact your lecturer and/or the Resource Centre staff on your campus. STUDY SKILLS & ACADEMIC SUPPORT Students who have difficulties with their studies and/or specific forms of assessment are encouraged to contact their lecturer/tutor, academic mentor or the Student Engagement and Support Coordinator. Holmes Institute offers regular Academic and Study Skills Workshops throughout the semester, which are useful addressing important academic skills and are free for any student to attend. Students with insufficient academic progress may be required to attend these workshops and sessions with the Academic Progress Team. Academic and Study Skills Workshops are offered throughout the trimester for essay writing, doing research using ProQuest, giving business presentations, referencing and examination preparations. Announcements are made on your Blackboard and on noticeboards on campus. HI6026 Auditing and Assurance Services T2 2017 8 DETAILED INFORMATION ON SUBJECT ASSESSMENTS Item  Due date  Weighting  Length Individual Assignment Week 6  20%  2,000 words Class test based on topics 4-8  Week 9  20 % One hour Final Examination This is a closed book examination. Details will be provided to students by the lecturer in due course. Exam week  60%  3 hours 10 minutes SUBJECT RESOURCES Prescribed Textbook (compulsory) Gay, G. & Simnett, R. (2015), Auditing & Assurance Services in Australia, 6 th ed., McGraw-Hill Australia. References   Kemp, S. (2016), Auditing, Assurance and Ethics Handbook 2016 Australia, John Wiley & Sons Australia.   Leung, P., Coram, P., Cooper, B. & Richardson, P. (2014), Modern Auditing and Assurance Services, 6 th ed., John Wiley & Sons Australia.   Beasley, M., Buckless, F., Glover, S. M. & Prawitt, D. F. (2011), Auditing Cases: An Interactive Learning Approach, 5 th ed., Pearson Education Australia. Students should also refer to CAANZ and CPAA websites for updates LECTURE SCHEDULE/SYLLABUS Wk  Topics scheduled  Assessment  Tutorial Activities  Chapters 1 Assurance and auditing: an overview No Tutorial Chapter 1 2 Auditing Profession and Legal Liability Tutorial 1  Chapter 2 3 Ethics, Independence and Corporate Governance Tutorial 2  Chapter 3 4 Financial report audit process, Materiality and Audit Evidence Tutorial 3  Chapter 4 5 Business Risk Tutorial 4  Chapter 5 6 Inherent Risk Individual Assignment Tutorial 5 Chapter 6 HI6026 Auditing and Assurance Services T2 2017 9 7 Internal control and Test of Control Tutorial 6  Chapter 7 and Chapter 8 8 Substantive tests of transactions and balances Tutorial 7  Chapter 9 9 Audit sampling Class test Tutorial 8  Chapter 10 10 Completion and review Tutorial 9  Chapter 11 11 The auditor’s reporting obligations Tutorial 10  Chapter 12 12 Revision Week Tutorial 11  Exam week* * Note: Students must consult the Academic Calendar and Blackboard for the dates of the Examination Week. FREQUENTLY ASKED QUESTIONS - FAQs Do I need to obtain 50% in each assessment to pass a subject? NO, in order to pass any subject, you need to meet two requirements, namely achieve an overall mark of 50 or more AND obtain at least 40% of possible marks in the final examination (hurdle or threshold requirement). There is no hurdle or threshold requirement for assessments other than the final examination though and you can still pass the subject if you got less than 50% in any assessment – excluding the final examination. I missed an assessment for a subject, do I now fail the subject? Whilst Holmes Institute requires that you attempt all pieces of assessments prescribed for any subject, there may be circumstances, where you can still pass a subject even if you have missed an assessment. When you miss a class test due to medical reasons and you submit a medical certificate within three working days, for example, you may be eligible to have the weight of the class test added to the final examination. Please see the Student Handbook for details. Can I view my assessments? As a student, you are entitled to view any of your assessments, that is any assignment but also the class test for any subject, and upon request/application also the final examination script. Please note that viewing any assessment is an administrative process and no academic advice is given and students are neither allowed to take pictures or notes of the assessment. Students are only allowed to view any assessment with an administrator present, and for a limited period of time (please check the Student Handbook for details). Other than assignments, the class test and examination script remains the property of Holmes Institute. Where can I see my marks and grades? All your results will be available via the Grade Centre on your Blackboard. You can access the results for each subject in the respective folder. Please ensure that you familiarise yourself with the letter grades, especially for the temporary grades of NS (supplementary examination awarded) and ND (deferred examination), which can be found earlier in this subject outline. I got a final result of 52/NS. Have I passed the subject? NO, as the letter grade NS (supplementary examination awarded) indicates, you have not passed the subject, but you have been awarded the opportunity to pass the subject if you successfully pass the supplementary examination. Please familiarise yourself with the Supplementary Examination Policy in the Student Handbook. HI6026 Auditing and Assurance Services T2 2017 10 When do I need to attempt a NS/supplementary or ND/deferred examination? If you have been awarded a supplementary (NS) or deferred (ND) examination, you are required to sit the examination during the next examination period for these examinations, which is different from the final examination period at the end of the teaching period each trimester. I missed to sit for a NS/supplementary or ND/deferred examination, do I have to repeat the subject? YES, if you do not attempt any supplementary or deferred examination during the designated examination period, you will receive a Fail/NN grade and you have to repeat the subject. I have a question about the subject material and/or assessments, who do I contact? For any questions related to any subject you study, the first point of contact is always your lecturer. The subject outline includes the contact details of each lecturer on each campus. Please ensure that you use your Holmes Webmail for any email correspondence with your lecturer. I did not submit my assignment by the due date, can I still submit and receive marks? If you submit your assignment after the due date, penalties of 5% of the weight of the assignment apply per day that you submit late. A maximum penalty of 50% applies. Your lecturer may not accept your assignment if you submit later than 14 days after the due date. If you are late with your assignment, please contact your lecturer. I am not a member of a group for my group assignment. What do I do, can I submit individually? If you work submit a group assignment individually, you may be penalized and only receive 50% of the mark of your assignment. If you don’t have a group to work with, please urgently consult your lecturer. I have problems with members in my group. What can I do, who do I contact? Each group is required to manage its members and contributions. In exceptional circumstances, however, and where initial negotiation attempts of the group members were unsuccessful, you should contact your lecturer. STUDENT ASSISTANCE Studying at degree level, you may experience a number of difficulties and/or challenges. These might involve academic, personal and/or professional issues. At Holmes Institute, we have a range of people who can help you with various challenges. The following table identifies contact points should you require any support. Although we may be able to help on the spot, please note that we can help best if you make an appointment. Please use your Holmes webmail to communicate with staff at the institute at all times. SUPPORT REQUIRED WHO TO CONTACT Information for Current Students  Holmes Institute Student Handbook Academic Probation / Mentoring  Academic Mentors, Dean Accommodation Holmes Institute Home Stay Computers, Blackboard, Email  IT and Blackboard Help Desk emails: ithelpdesk@holmes.edu.au; bbhelpdesk@holmes.edu.au Disability Needs  Holmes Institute Campus Directors Employment and Careers  Career Development Team Enrolment  Registrar, Higher Education Coordinator on Campus Exams  Registrar, Higher Education Coordinator on Campus Financial Issues  Holmes Institute Campus Directors Personal Issues  Dean, Student Engagement and Support Team, Campus Director Proquest Database  Librarian on Campus Study Skills  Student Engagement and Support Team Visa Issues, COEs etc.  Registrar, Higher Education Coordinator on Campus HI6026 Auditing and Assurance Services T2 2017 11 This subject outline was prepared by the Course Development Team for the Undergraduate Programs, Faculty of Higher Education, Holmes Institute. It was correct at the time of publication. Change to the Subject Outline may occur at any time. However, the Faculty of Higher Education endeavours to inform the students accordingly. This publication is copyright. Apart from any fair dealing for the purpose of private study, research, criticism, or review as permitted under the Copyright Act, no part may be reproduced by any process or placed in computer memory without written permission. Enquires should be made to Holmes Institute Faculty of Higher Education. © Copyright 2017. HI6026 Auditing and Assurance Services T2 2017 12 GLOSSARY OF DIRECTION WORDS FOR ASSESSMENT QUESTIONS Analyse Show the nature of something identifying the essential elements and g how they are related. Argue Present the case for and/or against a particular proposition. Compare  Identify the characteristics/qualities that resemble each other. Look for similarities but also differences. Contrast Emphasize differences between things, events, problems, or qualities. Criticise Express your judgement about the truth of factors or views mentioned. Come to conclusions and discuss the positive points as well as possible limitations. Define Give clear and concise meanings of an item. Do not provide a detailed explanation but include limits of the definition and how the item defined differs from other items. Describe Recount, characterise, outline, and relate in sequence. Discuss Examine, analyse and give reasons for and against. Be comprehensive in your answer and give details, usually to assess how satisfactory something is. Evaluate Carefully appraise in relation to some standard including advantages, limitations, the costs and benefits as appropriate; attempt to make a judgement. Examine Investigate critically, appraise a subject or matter in detail. Explain Clarify, interpret, and elaborate on the material presented. Give reasons for differences of opinion or results, and try to analyse reasons behind it. Illustrate Use a concrete example, diagram, or figure to explain or clarify a problem or issue. Indicate Identify and then focus attention so as to clarify. Justify Prove or give reasons for particular conclusions or decisions. Outline Present the main features or aspects showing main points and subordinate points. Do not include minor details and emphasize the classification of things. Review Examine a subject critically, analysing and commenting on important or controversial statements. State Present the main points in a brief and clear sequence. Do not give specific details or examples. Summarise Give the main points or facts in a condensed, concise form. (Source: Adapted from Monash University, http://www.monash.edu.au/lls/llonline/quickrefs/29-direction-words.xml, accessed 14 February 2013)  HI6026 Audit, Assurance and Compliance  ASSIGNMENT 1代写