HI6026 Audit, Assurance and Compliance ASSIGNMENT 1代写

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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.

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).

‘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

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

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.

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).

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

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

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

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

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

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

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

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

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

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

Assurance and auditing: an overview

No Tutorial Chapter 1

Auditing Profession and Legal Liability

Tutorial 1 Chapter 2

Ethics, Independence and Corporate

Governance

Tutorial 2 Chapter 3

Financial report audit process, Materiality

and Audit Evidence

Tutorial 3 Chapter 4

Business Risk

Tutorial 4 Chapter 5

Inherent Risk

Individual

Assignment

Tutorial 5

Chapter 6

HI6026 Auditing and Assurance Services T2 2017

Internal control and Test of Control

Tutorial 6 Chapter 7 and

Chapter 8

Substantive tests of transactions and

balances

Tutorial 7 Chapter 9

Audit sampling

Class test

Tutorial 8 Chapter 10

Completion and review

Tutorial 9 Chapter 11

The auditor’s reporting obligations

Tutorial 10 Chapter 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:

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

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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

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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)

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