pg.

1


ACCT3014 Audit and Assurance Services
Semester 2, 2014
Detailed Weekly Course Guide
Lecture
Week
Begin

Materials

*essential reading
**Audit Standards
+optional reading
Lecture content
Tutorial
Assigned
Questions

*BE Prepared

Assessments
Due
1

28 Jul







*Arens et al,
Ch1
Ch3
Ch4 (pp112-113)

**ASA 200,
APES 110: S291.1-
1.6



The Auditing and
Assurance Environment

Course Overview
Audit Function & Role of
the Audit Standards
Audit Profession
Auditor Independence
Auditor Professional
Scepticism


NO tutorials
in Week 1.


Tutorials
commence
Week 2,
beginning
4
th
Aug 2014.

none
2

4
th
Aug






*Arens et al,
Ch6 (pp184-200)
Ch7
Ch8 (pp264-286)

ASA 300.4,
315.11

)

Planning the Audit

The Business Risk (BR)
approach to the audit
process
Understanding the
Entity and its
environment
BR assessment
Initial Internal
Control
assessment



Enjoy meeting
your Tutor!
3.23 (e only)

6.31 (c only)

7.10
Students to form
Groups of 3 or 4
(within the same
tutorial time) by
Week 4 for the
Group Assignment
Assessment
3

11
th
Aug





*Arens et al,
Ch 4 (p122)
Ch5 (pp158-164)
Ch6 (pp197-198)
Ch7 (pp232-262)

**ASA 315, ASA 520,
ASA240

Audit Risk Assessment

Auditor Risk
Assessment
Analytical Procedures
Linkage to Key
accounts
Introduction to
Assertions


4.26 (c only)

4.27

5.34 (2 to 6
only), (part a
only)
none
4

18
h
Aug




*Arens et al,
Ch5 (pp142-157)
Ch13 (pp470-
479)

ASA 501, ASA502,
ASA505, ASA580

Audit Evidence

What is audit evidence
Critical link to
Assertions
Internal and external
evidence
Concept of materiality


5.24

13.11

13.25 (a Only)
Tutors to record
final student groups
for the group
assignment.


pg. 2


5

25
th
Aug




*Arens et al,
Ch11 (pp388-
402)
Ch15 (pp566-
573)
Ch15 (p599)
Ch16 (647-659)
**ASA 500, ASA 501,
ASA502, ASA505 &
ASA620

Audit Evidence and
evaluation

Developing audit tests
of internal controls
Substantive testing to
validate assertions
Using the work of
experts
Audit evaluation of
accounting estimates


11.24 (a only)


13.26 (b only)

16.44 (a only)
Group
assessment
details on
blackboard

6

1
st
Sept


Refer course
material
Weeks 1 to 5

Further development of
audit testing procedures
In lecture questions 15.37
& 15.44
&
Mid Semester Review


Tutorials will
focus on a
practice mid
semester
exam
See Blackboard
for extra
consultation
times

On-Line Quiz No.
1 opens 9:00am
Monday 1
st
Sept
& closes 5:00pm
Tuesday 2
nd

Sept.

Saturday
6
th
Sept


Mid Semester
Examination
Saturday
6
th
Sept 2014,
10:00am to 11:30am
(1.5 hours in duration)

Mid
Semester
Examination
Location and
Details will be
posted on
Blackboard
in Week 5



7

8
th
Sept




*Arens et al,
Ch10

**ASA
500,501,502,505






Audit Evidence and
Designing Procedures in
the IT Environment

How to test IT Internal
Controls
Using computer-
assisted auditing
(CAATs)
Using CAATs as
substantive procedures






8.26(part c
only)

10.23 (part b
only)

Plus handout


8

15
th
Sept







*Arens et al,
Ch9
Ch10
Ch 14 (pp498-
509)

Reading - the fraud
triangle


More on IT audit tests
and procedures
Introduction to audit
sampling
Reflection on Fraud as a
special risk

9.15

9.23

10.26 (part b
only)

14.1

14.3

14.6




pg. 3


9

22
nd

Sept






Ch18

**ASA 560, 600,610
620, 700,701,705,706


Completing the Audit Part
1
The Auditors Report,
Limitation of Scope and the
going concern principle
Understanding the
types of audit reports
What is a limitation of
scope
The effect of a potential
going concern issue


18.24 (1 to 4
only)

18.25 (part b
only)


none

Common Week
29
th
Sept to 5
th
Oct.




10

6
th
Oct








*Arens et al,
Ch17 (pp680-
689)
As Monday 6
th
Oct is a
public holiday on lecture
The topic below will be
covered in the tutorials
this week
Understanding
subsequent events






17.28
17.33
Group
Assessment Due
Friday 10
th
Oct
by 5pm.
Submit one
assignment per
group via Turnitin
Blackboard
11

13
th
Oct






*Arens et al,
Ch3
Ch18

**ASA 500, ASA 570,
ASA 706.6 & 706.7 &
706 (A1)

+Audit Quality In
Australia March 2010
Treasury (pp7-18)
Completing the Audit Part
2

The Going Concern
assumption certain or
uncertain?
Audit substantive
procedures likely to be
undertaken
Effect on the auditors
report
Audit Quality and the
expectation gap

3.3

3.4

18.17

18.18

Plus Handout
Centro


12

20
th
Oct




*Arens et al,
Ch2

Ch19 (pp761-
781)



The Auditor
Responsibility for
Professional Due Care
and potential Legal
Liability

Professional Ethics &
Code of Conduct
Auditors Legal Liability
Other assurance
services




2.10

2.18

2.24


13

27
th
Oct







A course review
Course Review

Final Exam preparation
Attempt Mini Final
Practice Exam before
Tutorial.
This weeks tutorial will
be used to discuss
student answers to the
practice final exam and
any other Qs on course
material


On-Line Quiz No.
2 opens 9:00am
Monday 27
th
Oct
& closes 5:00pm
Tuesday 28
th
Oct.
Final Examination Details will have been provided to students via central
examination division