The University of Sydney Business School

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ACCT3014 - Auditing and Assurance
Semester 1, 2013

Week 6 Lecture Mid Semester Review

Course Recap Mid Semester Format Mid Semester Practice Exam Held and Discussed in Class

Business School Auditing and Assurance

Lecture Outline
Learning's to date
Mid Semester Admin

Mid Semester Format

Practice Mid Semester Held in Lecture

Good Luck comes from some smart HARDWORK!

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Learning's So Far?
Week Topic Issues Discussed 1 The Auditing and Assurance Environment The Professional Auditor What is the function and principles underlying an Audit How is the Profession set up and regulated Why is Auditor Independence important? Principles of Code of Ethics Auditors Legal Liability positions to client and third party Audit Quality

Planning the Audit

Do you understand the Audit Process? Planning Procedures Assessing BR-most important!!!
BR Audit Risk Internal Controls Audit and Materiality Audit Evidence Audit Assertions Audit Procedures Can you apply the knowledge in a Mini-Mid Semester Practice Exam?
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Planning the Audit

Audit Evidence

Mid Semester Practice Exam

Mid Semester Admin

Date:
Time: Locations:

Saturday 20 April 2013

1pm to 2.30pm (1.5 hours duration including reading time) MLR 4 and MLR 5

Student Allocation to Rooms: MLR 4 All students in Tuesday and Wednesday Tutorials (Tutors: Eric and Angela) MLR 5 All Students in Thursday Tutorials (Tutor: Peter)

Mid Semester Admin

Students must have their current 2013 student card to gain admission to the examination rooms
No calculators permitted in the examination rooms The examination is closed book, only University approved hard copy language dictionaries are allowed. Please, take items of value to your desk. Bags etc are to be placed at front of each Lecture Room. Staff supervising the examination will NOT be responsible for any valuables left in bags placed at the front of the examination rooms. Mobiles phones MUST be off for the full duration of the examination. Only pens / pencils etc may be taken to the desks. No written material is to be taken to desks by students.

Mid Semester Admin

Students may leave the examination room if they finish early. Note however, that students are NOT permitted to leave during the last 10 minutes of the examination period. Students arriving late are permitted to undertake the Mid Semester Examination, but must finish at the scheduled time of 2.30pm. No extra time will be granted for a late arrival. Students must complete both the MCQ answer sheet and the front page of the examination paper in the time allowed for the examination, no extra time will be granted for this task. Students are to write their answers on the MCQ answer sheet supplied and in the spaces provided on the examination paper. Answers may be completed in either pen or pencil at the choice of the student. Please be at the assigned examination room by 12.45pm for prompt examination start time of 1pm.
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Mid Semester Format

Part A MC Part B 1 2 3 4 5
TOTAL

/15 /12 /7 /6 /6 /4

Multiple Choice Business Risk 2 Mini Questions Explain risk, Account, Assertion, ST 7 Accounts/Procedures You name the Assertion Internal Controls Business Risk Explain/Assertion (with analytics) 4 Procedures You name the Assertion Worth 30% of Total Grade

/50

Mini Practice Mid Semester Exam held and answers discussed in Lecture on 27th May 2013
...it is designed to give you feedback, and provide an idea of format/content of the Real Exam, which of course will be a bit longer!
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