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
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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
Lecturer Melbourne
Campus
Lecturer Sydney Campus Mainul Ahsan
Sudamathy V
Lecturer Brisbane Campus Khokan Bepari
Rowena Raynor
Lecturer Gold Coast
Campus
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
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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
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
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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.
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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:
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
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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.
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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
