Australian National Institute of

Management and Commerce

Unit Outline

TACC301 Auditing and Professional Practice

Year 2022
Term Term 3
Unit Coordinator Michael Matthew

Location Sydney and Hobart

Introduction
Welcome to the Australian National Institute of Management and Commerce (IMC) and TACC301
- Auditing and Professional Practice.

This document provides you with information relevant to the successful completion of this unit,
including learning outcomes, schedule of lecture topics, prescribed texts and recommended
readings, assessment tasks and policies, examinations and learning support facilities, as well as
how your classes will be conducted.

IMC holds academic integrity as a core value for staff and students. Therefore, you must read and
understand the academic integrity section below.

Academic Administration Office

The Academic Administration Office is on Level 1, Bay 3 Locomotive St., South Eveleigh 2015. The
administration office is your point of contact for advice, enrolment and access to student support
facilities. IMC's staff is available to assist you personally during office hours.

Unit Description
This unit provides knowledge, principles, skills and an appreciation of auditing and assurance
services.

It presents an overview of various aspects of the auditing process, and examines the objectives of
audit and the environment within which an auditor operates.

The aim of this unit is to provide students with the opportunity to acquire knowledge and skills in the
performance of an audit.

In addition to the technical material, cases etc. in the text we will include additional case studies,
materials and discussions in lectures. Much of this will be based on the experience of the lecture as
former ‘Big 4’ audit partner. These will reinforce understanding of auditing concepts.

The unit aims to lay a foundation for those students who will proceed to an audit working
environment by enabling them to apply and build on the concepts learnt in this unit.

Those students who do not wish to enter public practice will nevertheless gain an appreciation of
governance, control environments and the audit function and its important role in the business and
assurance arena. This will also be relevant to both students working in industry and those desiring
to run their own businesses.

AQF Level
The teaching, the required learning and assessments are conducted at Level 9 (Master’s Degree) of
the Australian Qualifications Framework. https://www.aqf.edu.au/

Assumed Knowledge

TACC202 Management Accounting and TACC203 Financial Accounting and Reporting are
prerequisites.

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Learning Outcomes
The learning outcomes (i.e., the learning goals and objectives) of this unit are shown below.
Learning outcomes of this unit contribute to the achievement of the learning outcomes of the course
as a whole and the personal qualities (or attributes) graduates of the course are expected to
acquire.

After successfully completing this Course Learning Graduate Attributes

unit, a student will be able to: Outcomes achieved
achieved
1. Discuss and evaluate the theoretical
basis of assurance services and 1. Acquire 3. Apply discipline
auditing, its role as a risk management knowledge of knowledge, principles,
function and legal, professional and contemporary concepts and skills
social environment related to assurance accounting theory
services and auditing.

2. Apply professional judgments required 5. Solve non- 4. Think critically,

in assessing business risks and in the routine and analytically, creatively,
preparation of audit plans and audit complex strategically and
procedures. accounting and reflectively
business problems
5. Solve problems and
make sound decisions
based on theoretical
foundations and
discipline-specific
knowledge

3. Demonstrate understanding of the 6. Apply theory to 1. Act honestly, ethically

audit process to use appropriate audit commercial and morally in personal
procedures to collect audit evidence practice and work contexts
through an analysis of business risks,
internal control and substantive tests. 4. Think critically,
analytically, creatively,
Including understanding audit sampling strategically and
techniques. reflectively

5. Solve problems and

make sound decisions
based on theoretical
foundations and
discipline-specific
knowledge

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4. Strengthen key management 8. Communicate 2. Manage personal and
competencies in decision-making, oral effectively in professional
and written communication, report professional development to maintain
writing, critical thinking, problem-solving, settings discipline knowledge and
planning and teamwork. skills

Including communicating effectively 7. Communicate

arguments concerning issues in a range effectively in personal
of audit-related contexts. and work contexts

5. Evaluate and critique key research 7. Research and 1. Act honestly, ethically
developments in auditing such as find solutions to and morally in personal
expectation gaps, auditor independence, accounting and work contexts
accounting materiality, going concern problems in
and other relevant issues. complex 4. Think critically,
professional analytically, creatively,
settings strategically and
reflectively

5. Solve problems and

make sound decisions
based on theoretical
foundations and
discipline-specific
knowledge

8. Engage with
transformative digital
technologies

6. Applying auditing theory and 2. Acquire 3. Apply discipline

techniques to the auditing of knowledge of knowledge, principles,
contemporary Australian businesses. contemporary concepts and skills
accounting practice
12. Take leadership
roles in the workplace
and community, and
engage constructively on
local, national and global
issues

7. Apply critical thinking, problem solving 12. Apply 6. Apply interpersonal

and presentation skills to individual and / knowledge and skills to work
or group activities dealing with auditing skills with constructively as a team
and assurance. accountability member

7. Communicate
effectively in personal
and work contexts

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Teaching Staff
Lecturer: Michael Matthew, 0402 409 454, michael.matthew@imc.edu.au

Learning and Teaching

You are responsible for your own learning. The Institute creates the learning environment by
providing accredited courses with contemporary content aligned to knowledge and skills relevant to
employment today and in the near future, thereby supporting your life-long learning. The Institute
provides appropriately qualified subject matter experts to facilitate your education throughout your
course of study. The Institute offers physical and virtual resources in the form of technology
platforms to support and manage your learning, a repository for learning resources, and physical
spaces for collaborative learning and interaction with subject matter experts. Learning and teaching
at the Institute are structured in this way:

a) Before-class learning activities:

In each unit of study, learning materials are made available through the learning experience
platform known as Moodle. These resources are accessible at any time and from anywhere.
The resources will be in multi-media formats, including videos, slide decks, audio and text.
You must complete all before-class learning before attending in-class sessions, including
any weekly assignments.

b) In-class learning activities:

Scheduled classes will be held each week of the teaching term. Classes may be on-campus
if conditions permit or live-streamed through a video platform such as Zoom. Classes held
on campus are optional and will be live-streamed to off-campus students. In addition,
classes will be recorded and available on Moodle after the class concludes.
Class time will be devoted to various activities revolving around, but not limited to,
discussing the module topics and prescribed assignments. So, the quality of class
discussion, your learning and your achievement of grades depends upon the amount of
preparation you do and the level and quality of interactions that you have during these
classes
All classes will have a learning facilitator who is a subject matter expert. Classes will embody
active learning principles, in which you, the student, participate in a proactive, responsive
and motivated manner whilst personally reflecting on your learning. You must complete all
before-class activities before attending scheduled classes to make the most of these
interactions.
The learning facilitator for this unit is:
Staff Name: Michael Matthew
Staff Contact Email: michael.matthew@imc.edu.au
Consultation availability: before/after class

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Scheduled classes (on-campus and/or online) will be held as follows:
Class:

• Wednesdays from 9:30 a.m. to 12:30 a.m. online via Zoom.

Consultation: Before/after class

It is expected that you will be punctual in arriving at classes. To facilitate learning and remove
disturbances to class you may be refused entry while the class is in progress if you are more than
10 minutes late.

Also – a ‘special surprise’ awaits students who are late!

You are expected to demonstrate courtesy to the lecturer and other students by turning off mobile
phones and all internet-connected devices in class unless the lecturer permits their use for teaching
and learning purposes.

Note: due to the COVID-19 situation we will start this semester by conducting classes via
Zoom online in the unit’s Moodle site.

Students will (obviously) be advised should circumstances change and we will revert to the
physical classroom indicated above for ‘face to face’ conducts.

Also – IF we have to conduct the unit online for the entire term we MAY have to change some
of the assessment items e.g.:

• Option for students to do individual assignments

Please follow the instructions of IMC Management and your government(s) and authorities –
they have your best interests at heart.

You are expected to be punctual in arriving at on-campus and/or online classes. For on-campus
classes, you must turn off mobile phones and any other internet-connected device while attending
an on-campus class unless they are specifically required for teaching and learning purposes. For
online classes, you should attend using a laptop or desktop computer with webcam. You are
required to leave your video camera switched on during the full period of the online session.
Connection by a mobile or smart phone or a tablet computer without a physical keyboard will not
provide the functionality expected, nor provide the platform to meaningfully engage with your
lecturer or other students.

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 c) After-class learning activities:
Your learning facilitator has identified a range of activities that you should undertake as part
of your active learning responsibilities. These are specified in this unit's Moodle site for each
Week
In addition, this unit has assessment tasks with a completion date shown in this unit outline.
Your responsibility is to complete assessment tasks by the due date. Otherwise, penalties
will apply or the assessment task may not be graded.

Achievement of learning outcomes requires you to prepare for each class, participate in all group
work, complete all assignments and assessment tasks and undertake an adequate amount of
private study. As a guide, you should expect to allocate at least ten hours each week to study this
unit. Study time will generally be apportioned as follows:
• Five hours of before-class learning, viewing pre-recordings, completing required readings,
and preparing for in-class learning.
• Two to three hours of in-class active learning for all units, plus an additional scheduled
consultation hour for undergraduate units for one-on-one and group Q&A sessions.
• Three hours of work on major assessment tasks, either individually or with other class
members if it is a group assessment task.

Academic Integrity
All IMC students must complete the Academic Integrity Module (AIM) before submitting their first
assignment in their first unit of study (which may be this unit or another unit). Having completed the
AIM is a pre-requisite for submitting any piece of assessment work.

The AIM is an online module available through Moodle that introduces the principles of ethical
academic practice and IMC's values and expectations of correct academic conduct. No credit points
are awarded for completing the AIM, but your successful completion of the module will be recorded
on your Academic Record for future reference. If you have not completed the AIM by week 6 in your
first unit of study, your results for the assignment may be withheld. Students are asked to attach the
email confirmation of successful completion of the AIM to their first assignment.

IMC is committed to ensuring academic integrity and urges students to avoid contact with external
people or organisations that offer to assist with students' completion of exams or assignments
(whether for payment or not). An association of this nature is seen as contract cheating and will be
penalised.

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Prescribed and Recommended Readings:

Prescribed Textbook:
Students will obtain an understanding of auditing and the process of performing audits.

This will be achieved via lectures based on the lecturer’s experience and using text:
• Audit and Assurance, 1st Edition; Philomena Leung, Paul Coram, Barry J. Cooper, Peter
Richardson
- ISBN: 9780730363477, 9780730354925
- Available in both book and eBook formats
- https://www.wileydirect.com.au/buy/audit-and-assurance-1st-edition/

Students are strongly recommended to buy the abovementioned textbook.

In addition to providing additional reading material to supplement lecture material, the books also
contain case study material that we will be discussing in class and in the online forums.

Recommended Reference Books and Journal Articles:

Auditing & Assurance Services In Australia 7th Edition, Grant Gay and Roger Simnett (2019), R, 7th
edition + Connect. McGraw Hill Education (Australia). ISBN 9781760422035

CPA Handbook Assurance Services and Auditing unit (2022) CPA Australia
Certified Information Systems Auditor manual (2022) - ISACA
Messier FW, Glover S, Prawitt D, Auditing & Assurance Services: A Systematic Approach 11th ed.,
2019, McGraw Hill

Auditing, Assurance Services and Ethics in Australia: An integrated approach (10e), Arens, Best,
Shailer, Fiedler, Elder, Beasley 2016 Pearson Australia
Martinov-Bennie, Roebuck, Soh (2016) Auditing and Assurance – A Case Studies Approach revised
6th ed. text., LexisNexis Butterworths

Australian Auditing Standards and the Guidance Statements issued by the Auditing and Assurance
Standards Board (AUASB) are available under the 'pronouncements' section on the AUASB
website. Link to the website is http://www.auasb.gov.au/Home.aspx

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Additional Resources:
• Additional resources on the Moodle
• CPA Australia: http:// www.cpaaustralia.com.au
• ISACA (Information Systems Audit and Control Association): http:// www.isaca.com
• Chartered Accountants in Australia and New Zealand:
http://www.charteredaccountants.com.au/
• Institute of Internal Auditors in Australia: http://www.iia.org.au/
Assessment Tasks

a) Summary of tasks

Assessment tasks are an integral part of the learning framework. Assessment tasks measure
student progress in achieving competency in all or selected unit learning outcomes. Unless
otherwise stated, the pass mark in each assessment task is 50%.

Assessment type Week Proportion of Unit Learning

assessment is total marks Outcomes assessed
due

Assessment Item 1
Class Involvement and
Discussion
Marks will be awarded on the basis Weeks 1 -11 10% 1 to 7
of participation in the ‘face to face’
classes and the online discussion
forums.

Assessment Item 2
Self-study quizzes online (Moodle).

A quiz for each chapter from the

Weeks 2 -11 20% 1 to 4, 6 and 7
Leung text (13) will be set up during
the semester.

Assessment Item 3
Major Audit Risk Areas

Groups are to be of 4 students.

Each group will select a listed public

company from the ASX200.
Week 9 20% 2, 3, 6 and 7
Your group will identify the major
audit risk areas (at least 2) for your
selected company and how you
would address them.

Not to exceed 15 pages.

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Assessment type Week Proportion of Unit Learning
assessment is total marks Outcomes assessed
due

Assessment Item 4
Final Examination
3 hours (plus 10 minutes
reading time.

20 multiple choice questions. Week 12 50% 1 to 6

5 essay type questions worth
10 marks each.

1 case study question worth 20

marks.

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b) Constructive Alignment
Assessment 1: Class involvement and discussion.

Encourages students to regularly attend class and to actively participate both during class and in
the online (Moodle) forums

It is a summative assessment with the mark awarded at the end of semester.

Assessment 2: Chapter quizzes

Students will complete a quiz for each of the chapters from the prescribed text. This will give them
an indication of how well they understood the material in the weekly lectures.

It is a formative assessment with their results being communicated at the conclusion of each quiz.

A summative assessment will also be provided at the end of semester when all the quizzes are
completed and a final mark awarded.

Assessment 3: Group assignment

Enables students to research audit issues and approaches for a company (ASX200) that they are
interested in.

It is a summative assessment.

Assessment 4: Final Examination

A summative assessment which will let students know how well they understood the material
covered during the term.

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c) Details of each assessment task

Assessment number 1. Class Involvement and Discussion (10%)

and title
Purpose, description
Purpose: The purpose of this assessment is to ensure that
and topics covered students attend class and actively participate in class room and
online discussion forums.

Contribution in class and to these forums will display your

knowledge of the subject matter.

Description: Students are expected to attend class (including

Moodle) regularly and actively participate in the ‘face to face’ class
and the online forum discussions.

Topics to be covered: all topics.

Criteria to grade quality

A marking rubric is provided on the unit’s Moodle site.

Marks for participation will be awarded based on the quality of active

contribution to learning in class, as evidenced by a demonstration of a
mastery of topics, a willingness to lead discussion and debate,
engagement with subject material and a supportive attitude to group
learning.

Specifically - students can earn participation marks in relation to the

following activities:

1. Asking /answering general questions in class

2. ‘Homework questions’

3. Case studies (including online discussion forums)

The lecturer will assign a number of cases which require students to do

their own research and to practically apply what is learnt in the lectures.

Some of these cases will be discussed / presented by (assigned) groups

of students in class. These cases should be researched by all other
students as well. They will be expected to be able to ask questions of the
presenting group(s).

The lecturer will also prescribe other cases which should be attempted by
all students who are expected to contribute to the in class (and online)
discussions.

Note: you do not get marks purely for attendance – your marks are
for your contributions.

Not attending class will have an influence on this portion of a

student’s grade since they can’t participate if they don’t attend.

Feedback provided Students will be appraised of their mark in class and on the unit’s
Moodle site before the end of semester.

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Assessment number 2. Chapter Quizzes (20%)
and title

Purpose: The purpose of this assessment is to test

Purpose, description students understanding of audit theory
and topics covered
Description: Throughout the semester a series of
quizzes will be released to students on the unit’s Moodle
site.
Students will be able to access these and answer the
questions in the time periods advised by the lecturer.
It will normally being during the lecture the week following
the lecture on the related chapter.
Students’ marks will be based on their correct answering of
the quiz questions.

Topics to be covered There will be one quiz for each of the 13

chapters covered from the Leung, Coram, Cooper, Richardson
text.

Assessment length Each quiz will consist of 10 multiple choice questions with a 20
minute time limit.

Criteria to grade quality Students’ marks will be based on their correct answering of the quiz
questions.

Submission method Online in Moodle

Return method Students will be informed of their mark once they have completed
each quiz.

Feedback provided Lecturer will also provide a summary (total) mark at the end of the
semester.

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Assessment number 3. Group Assignment - major audit risk areas (20%)
and title

Purpose, description Purpose: The purpose of this assessment is to have students

and topics covered display the practical application of auditing theory to an actual
company.

Description: Students are to form groups of 4 students to perform

this analysis.

Each group will select a listed public company from the ASX200.

Your group will identify the major audit risk areas (at least 2) for
your selected company.

For each audit risk, your assignment should:

• explain the potential impact of the audit risk on the
company’s financial statements and
• detail the auditing procedures to verify the account balances
impacted by the risk

Topics to be covered: all topics applied to an actual company.

Assessment length Full details including assignment length (15 pages) and a marking
rubric are on the unit’s Moodle site.

Criteria to grade quality A detailed marking rubric is on the unit’s Moodle site.

The assessment will contribute 20% to your final mark in this unit.

All students are expected to contribute equally to the

assignment and any problems with group member
participation should be brought to the lecturer’s attention as
soon as possible. In addition each group member will be
expected to complete the (confidential) GROUP ASSIGNMENT:
PEER AND SELF ASSESSMENT OF TEAMWORK which is
attached to the assignment details on the unit’s Moodle site.

Submission method (Covid permitting) a physical copy of the assignment is to be given

to the lecturer prior to the commencement of class in week 9.

An ‘electronic’ (soft) copy must also be submitted by this time using

Turnitin on the unit’s Moodle site.

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 Return method Marked in Turnitin by the lecturer in weeks 10 or 11.

Feedback provided Lecturer will advise the groups of their marks for the assignment as
well as providing detailed feedback on the assignment.

Assessment number 4. Final Examination (50%)

and title
Purpose, description Purpose: The purpose of the final examination is to assess
and topics covered students’ understanding of concepts and the appropriate uses, and
to test the students’ abilities of using the knowledge of auditing and
assurance.

Description: The final examination will also give students the

opportunity to demonstrate their capacities of auditing and
assurance.

Topics to be covered: The final examination will cover material

drawn from the unit’s subject matter.

Assessment length The examination will consist of:

• 20 multiple choice questions worth 1 mark each.

• 5 essay type questions worth 10 marks each.

• 1 case study question worth 20 marks.

The final examination will be 3 hours long (plus 10 minutes reading

time) and is worth 50% of the total marks in the unit.

d)

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e) General Information
(a) Late submission of assignments: It is IMC policy that assignments cannot be submitted late
without prior approval of the unit coordinator and only in extenuating circumstances
supported by evidence. Assignments submitted late without prior approval from the lecturer
will not be graded (AP007 Assessment Policy and Procedure).

(b) Example final examination: A sample final examination will not be provided. Questions will
be similar to those covered in class and numerous study aids will be provided.
(c) Group Work forms part of an assessment in this unit. Group work assessment tasks are
important for students in developing skills, including:
• Teamwork and leadership.
• Analysing, questioning and evaluating the work of others.
• Collaborative skills such as conflict management, negotiation and justifying opinion;
and
• Time management, personal and organisational skills.

These skills are highly regarded by employers in professional settings and form part of the
learning goals of the degree program.

Each student in a group will complete a Group Assignment Peer and Self-Assessment
Form at the completion of the group work task.

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Schedule of Topics – Details

Topics Readings

Week 1 Introduction to unit

n/a –
Auditing – what is it? Lecturer’s
presentation
Chapter 1 - Assurance and auditing -
an overview Gay and
Simnett text

Week 2 An overview of auditing Chapter 1

(Leung text)
• explains what an audit is, what it
provides, and why it is demanded
• describes how assurance relates to
auditing
• evaluates whether audits meet the
demands of users
• discusses the importance of the
environment, case law and regulation
to auditing
• explains the importance of national
and international auditing standards.

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Week 3 Governance and the auditor Chapter 2

• describes the nature of governance

• explains the role of the auditor in
governance
• discusses the issues of internal control,
risks and earnings management in
governance that concern the auditor
• explains the roles of internal and
operational audits in the governance
processes
• explains the significance of the role of
the audit committee in governance
• describes the nature of governance and
the type of audits in the public sector.

Professional ethics, regulation and

liability
Chapter 3
• explains the role and duties of the
professional auditor
• discusses the basic ethical principles for
auditors
• explains the principles to be used for
ethical threats and apply the Coder of
Ethics for Professional Accountants
• describes the regulatory and conceptual
framework of professional independence
and the key guidelines
• describes the legal framework for auditor
liability
• explains the auditor’s liabilities to
shareholders and auditees
• explains the concept of due care and the
circumstances giving rise to negligence in
the conduct of an audit
• identifies issues and rulings of legal
cases with respect to the auditor’s liability
to third parties
• enumerates the precautions the auditor
should take to avoid litigation.

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Week 4 Quality and standards of assurance
Chapter 4
engagements

• describes the framework on assurance

engagements other than those relating to
general purpose financial report audits
• discusses assurance engagements for
historical financial information other than
those relating to general purpose financial
report audits
• discusses the features and extent of other
assurance engagements
• discusses examples to illustrate the scope
of assurance engagements other than those
relating to historical financial information
• describes some of the professional quality
standards applicable to assurance
engagements
• stresses the importance of technical and
ethical competence to enhance audit quality.

Overview of the audit of financial reports

Chapter 5
• discusses the legal and professional issues
in appointing independent auditors
• states the statutory and other duties of the
independent auditor
• indicates the current auditing standards
and their major concepts
• describes the auditor’s relationship with the
shareholders, audit committee and
other important groups
• describes the benefits and limitations of
audits of financial reports
• describe the overall audit process.

19
Week 5 Client evaluation and planning the Chapter 7
audit

• describes the steps involved in client

acceptance and continuance
• states the purpose and content of an
engagement letter
• explains the steps in planning an audit
• identifies the risks of misstatement
through understanding the entity and its
environment
• explains the role of analytical
procedures in audit planning
• describes the requirements to consider
the risk of fraud in the audit planning
process
• explain the purpose and function of
audit working papers.

Audit risk assessment Chapter 8

• describes the importance of audit risk

assessment and why it is linked to
financial statement assertions
• explains the importance of business
risks in audit planning
• describes the procedures performed by
an auditor to assess risk
• describes the importance of internal
control to an entity and to its independent
auditors
• indicates the procedures for obtaining
and documenting an understanding of the
entity’s internal control
• explains why and how a preliminary
assessment of control risk is made
• explains the importance of the concept
of audit risk and its three components.

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Week 6 Materiality and audit evidence Chapter 9

• defines the concept of

materiality and its relationship
with audit evidence
• describes alternative audit
strategies
• indicates the factors that affect
the sufficiency and
appropriateness of audit
evidence
• describes the types and
classifications of auditing
procedures that may be used in
an audit.

Week 7 Tests of controls

Chapter 10
• explains the relationship between
control risk assessment and audit
strategy
• describes the purpose of tests of
controls and the nature, timing and
extent of such tests
• clarifies how the work of internal
auditing may be used in tests of
controls
• explains the process of assessing
control risk and documenting the
conclusion
• indicates the appropriate
communications the auditor makes on
internal control matters
• describes the types of controls you
would expect to see in an
information technology environment
• identifies the alternate types of
computer-assisted audit techniques.

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Week 8 Designing substantive Chapter 11
procedures

• describes how various risk

factors relate to the type of
potential misstatement
• explains the process for
determining the appropriate level
of substantive procedures based
on the assessment of detection
risk, inherent risk and control risk
• explains how the auditor designs
substantive procedures for each
audit and uses the nature, timing
and extent of substantive
procedures to achieve an
acceptable level of detection risk
• describes and applies a general
framework for developing audit
programs for substantive
procedures and explains which
substantive procedures may
normally be included in an audit
program
• describes special considerations
when designing substantive
procedures.

Managing audit data Chapter 12

• defines audit sampling and discuss its
applicability
• distinguishes between sampling and
non-sampling risks
• distinguishes between statistical and
non-statistical sampling
• explains the steps in planning to
select a sample
• describes the main methods of
statistical sampling used in auditing
• indicates why auditors may use non-
statistical sampling
• discusses the impact of technological
disruption on managing audit data
• discusses integrated reporting and
related audit issues.

22
Week 9 Completing the audit
Chapter 13
• describes the auditor’s responsibilities
when completing audit fieldwork
Individual
• describes the auditor’s responsibilities assignment
with respect to events occurring after due
the end of the reporting period
• explains the different types of
accounting treatments for events
occurring after the end of the reporting
period
• explains the procedures in ensuring
that the going concern basis is
appropriate
• explains the procedures in ensuring
that all contingent liabilities have been
properly identified and disclosed
• describes and states the purpose of a
management representation letter
• indicates why analytical procedures
are important in undertaking the overall
review of the financial statements
• identifies the steps in evaluating audit
findings
• indicates the appropriate
communication with the entity at the
conclusion of the audit.

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Week 10 The auditor’s report Chapter 6

• outlines the reporting standards for a Chapter 12

financial report audit (Gay and
• explains what is stated in the audit Simnett)
opinion of an auditor’s report
• explains the background to the
change in the audit reporting model
and key changes
• describes the key components of an
unmodified auditor’s report
• explains the concept of a key audit
matter and the circumstances under
which they are issued
• identifies the various circumstances
when auditors should issue modified
audit opinions
• describes the circumstances where
an emphasis of matter or other matter
paragraph are included in the auditor’s
report.

The auditor’s reporting obligations

Week 11 Unit Review Revision

of all
unit
topics
Week 12
FINAL EXAMINATION

24
Requirements to Pass the Unit

To achieve a passing grade in this unit, a student must:

(a) Attempt all within-term assessment tasks to the satisfaction of the lecturer-in-charge.
(b) Attend the final examination and submit a completed examination script; and
(c) Achieve an overall mark of at least 50% in the unit.

Grades

A final grade and mark will be awarded in the unit as follows:

Grade %Mark
High Distinction (HD) 85 - 100
Distinction (D) 75 - 84
Credit (CR) 65 - 74
Pass (P) 50 - 64
Fail (F)* 00 - 49

*The alternate grades of Fail Absent, Fail Incomplete and Fail Withdrawn may be awarded in
appropriate circumstances.

The definition and interpretation of the above grades can be found in Assessment Policy and
Procedure (Coursework) on IMC's website at http://www.top.edu.au/current-students/top-policies-
and-procedures

Recent Changes to this Unit

To improve teaching and learning within this unit, the following recent changes have been
made:
• Quizzes for all 13 chapters of the Leung text which must be completed the week after the
chapter is covered in class
• Videos featuring an EY partner
• All quizzes being open for an hour at the end of semester – to enable students who missed
quizzes e.g. due to illness to complete them.
• Expanded supporting readings – esp.. case studies

Online Learning Support

A great deal of online learning support is provided. A list of subject-specific and general information
guides containing the best databases and resources available are accessible via the Library
website: library.top.edu.au. In addition, the online Library Course on Moodle helps learn about
available services and how to conduct research successfully. Many valuable support materials can
also be found within Moodle's Academic Skills Development Module.

For more information or further support, please get in touch with our English Language and
Academic Skills Coordinator at learning@imc.edu.au

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Academic English Support Program

An extensive Academic English program is provided. This program aims to develop skills and an
understanding of the rules and conventions that form the basis of academic work. The program
includes:

• The Academic Skills Development Module (available on Moodle)

• Academic English and Study Skills workshops held throughout the term
• Individual consultations available by appointment
• Academic English Support Guide (accessible in the online library)
If you have any queries or would like to book a consultation, please get in touch with our English
Language and Academic Skills Coordinator at learning@imc.edu.au

Early Intervention for Students at Risk

Your performance within each teaching period will be monitored to assist you towards the
successful completion of the units in which you are enrolled. IMC's early intervention strategy will
identify students whose performance is such that they are deemed at risk of not successfully
completing the unit. Indicators of students at risk of not successfully completing the unit include:
• Not attending lectures and/or tutorials
• Not performing adequately in assessment tasks
• Lack of engagement in the learning process
• Poor language skills
Where you are identified as being at risk of failure, IMC will advise you of an appropriate remedial
strategy and provide access to support services appropriate to your needs.

Policy on Special Consideration for Examinations

Students may apply for Special Consideration when they cannot sit an examination or if their
performance in the examination is severely affected by extraordinary circumstances beyond their
control. Students are not allowed to decide whether or not they will sit an examination. Students
may only apply for special consideration when they have evidence that they could not sit for the
exam owing to significant unforeseen circumstances.

Acceptable evidence of a student's inability to sit an exam, or a severe adverse effect on their
performance in an examination, includes a stamped medical certificate with the date of consultation,
the state or extent of the medical condition, and the period covered by the doctor's certificate. IMC
administration staff will contact the medical professional's office to verify the certificate's authenticity.
Only medical certificates that involve a personal (not online) consultation with a medical
professional will be accepted. Please note:
• Misreading the examination timetable is not a sufficient reason to approve a Special
Consideration application.
• Sitting consecutive exams (e.g. two exams on one day) is not a sufficient reason to approve
a Special Consideration application.
An application form for Special Consideration is available from Moodle. Applications for Special
Consideration must be received by the IMC Academic Administration Office no later than five
working days after the last day of the examination period.

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If Special Consideration is approved for a final examination, a student will be permitted to sit a
Supplementary Examination. However, for mid-term exams, the unit coordinator has the discretion
to determine how Special Consideration, if granted, will be applied.

A student can take only one supplementary examination in this unit each term.

Re-sit Assessment Task

If a student has achieved an overall mark of between 40% and 49% or a Fail Incomplete grade with
an aggregate mark of at least 40%, the lecturer-in-charge may prescribe a re-sit assessment task to
determine whether acceptable competency in expected learning outcomes has been achieved. The
assessment will typically be in the form of a re-sit final examination. However, it might be another
form of re-sit evaluation if the student has performed satisfactorily on the first attempt at the final
examination.

Student Satisfaction Survey

At the end of each term, students will be asked to complete a Student Satisfaction Survey. Student
responses will assist IMC in improving teaching and learning content and processes. The survey will
include questions about unit content, the assessment system, teaching quality and other items.
Students will also have an opportunity to make open-ended comments. Student evaluations are
essential to IMC and are taken seriously. Note that all student evaluations are anonymous to ensure
privacy.

Academic Misconduct

(a) Plagiarism

Plagiarism is using another person's ideas or works without appropriate acknowledgement or credit.
Plagiarism may be intentional or unintentional.

Intentional plagiarism is deliberately using text, ideas or concepts attributable to another person
obtained from any source (including internet sources) without referencing the author and the
publication. Intentional plagiarism is a serious matter, amounting to academic fraud. Student work
established and proven as containing deliberate plagiarism will result in a zero grade and be
reported to the Academic Integrity Officer. In addition, the student's enrolment in the unit will be
reviewed.

Unintentional plagiarism may occur if you do not understand appropriate ways of acknowledging
sourced reference materials. If unsure, you should consult the lecturer, IMC's academic skills
coordinator and available publications to learn how to reference appropriately.

All written assignments must be submitted online through the Turnitin anti-plagiarism software
(unless otherwise advised by the lecturer). The link for Turnitin can be found on IMC's Moodle site.

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(b) Cheating

Cheating is an attempt to gain an unfair advantage over other students. Cheating includes copying,
plagiarism and third-party assistance in preparing assignments. All work submitted must be a
student's own work. In an on-campus exam, cheating includes communicating with anyone other
than supervisors during the exam period and using dictionaries, electronic devices, books or notes
in the exam room where these are not authorised. Technology-assisted methods are used in an
online exam to ensure academic integrity is maintained. Cheating in any form will not be tolerated at
IMC. Any student suspected of cheating on an examination will be reported to the Academic
Integrity Officer for investigation, which may result in a Fail grade for the unit.

(c) Third-party assistance

Academic misconduct includes submitting work that has been prepared or assisted by a third party
(e.g. through the purchase of assignment submissions). Where a lecturer has evidence that a
submitted assignment is not the student's own work, the lecturer may interview the student to
ascertain whether third-party assistance has been obtained and, if so, report the incident to
Academic Integrity Officer for further action to be determined.

Students must read and understand IMC's Academic Integrity Policy and ensure that all the work
complies with the policy before submitting assessments. The policy is available at
http://www.top.edu.au/current-students/top-policies-and-procedures

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GRADUATE ATTRIBUTES
Graduate attributes are the personal qualities that IMC endeavours to develop in its students as
they progress through a higher education program. Graduate attributes nurtured within IMC's
environment of advanced learning are integrity, capability, curiosity, and responsibility. Graduate
attributes are fostered through a framework of learning outcomes starting with graduate learning
outcomes (or goals) through to course and unit learning outcomes (or goals). The learning
outcomes framework, together with unit content and assessments that encourage and measure the
achievement of learning outcomes, are aligned to ensure competencies are achieved at each level.
IMC expects its graduates to have developed a measure of each of the four graduate attributes
through completing any of IMC's AQF Level 7 or higher-level courses.

Graduate Graduate Learning Outcomes (GLO)

Attributes (GA)

A. Integrity 1. Act honestly, ethically and morally in personal and work contexts.

2. Manage personal and professional development to maintain

discipline knowledge and skills

B. Capability 3. Apply discipline knowledge, principles, concepts and skills

4. Think critically, analytically, creatively, strategically and reflectively

5. Solve problems and make sound decisions based on theoretical

foundations and discipline-specific knowledge

6. Apply interpersonal skills to work constructively as a team member

7. Communicate effectively in personal and work contexts

8. Engage with transformative digital technologies

C. Curiosity 9. Commit to continuous learning and intellectual curiosity

10. Derive knowledge through systematic and scientific methods of

enquiry

D. Responsibility 11. Apply knowledge and skills in a manner that demonstrates national,
international and intercultural awareness and understanding

12. Take leadership roles in the workplace and community, and engage
constructively on local, national and global issues

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