Acct 3708 Lecture Pdf

Topics: Audit, Auditing, Financial audit Pages: 11 (1688 words) Published: March 21, 2013
University of New South Wales
School of Accounting
Auditing and Assurance Services
Introduction to the Audit Function
Assurance Framework
Australian Corporate Audits
Auditing Standards

Lecture Overview
• Announcements
• Overview course requirements
• Introduction to the course
– Assurance
– Auditing
– Legal requirements
– Auditing standards

• 1. Tutorial Allocation
– Once classes are full no more will be admitted
– No new classes will be scheduled
– Staff-assisted changes
• Will be allowed for exceptional circumstances only; and only where the class is not already at maximum size

• 2. Student email address
• used for course announcements including offer of supplementary final exam where applicable so ensure it is linked to your regular email address

Review Course Requirements
• Refer Course outline
- Staff – p.3
• Consultation Hours posted to web by week 2

– Course aims and outcomes – p.4
• understand the audit function and why there is a demand for it • establish the legal, professional and regulatory framework for audits in the Australian environment
• familiarise students with techniques such as risk analysis, evidence collection and evaluation, and audit reporting
• review current developments relating to audit practice

• NOTE: this is a very practical course. Rote learning is
inappropriate. Need to apply skills to specific scenarios

Review Course Requirements
Course Structure/Teaching strategies – p.5
- 1 x 2-hour lecture + 1 x 1-hour tutorial/week
2 Note: tutorials will run in parallel with lectures (i.e. your tutorial during week 2 will cover the material presented in lecture 2.

- Refer p.21 for weekly structure
1. Reading guide – expected prior to Lecture
3 components:
Lecture Examples.
2. Tutorial Questions
It is expected that you will have attempted these questions prior to class. They will be discussed in class.

Review Course Requirements
• Resources – p.9
- Blackboard
- 3 Texts
• Gay and Simnett – 5th ED
• Roebuck and Martinov – 5th ED – case book - bring each week • ICAA or CPAA Auditing Handbook 2013
– Note: It is NOT recommended to use handbooks from prior years. The auditing standards have been substantially changed since last year.
– Standards can also be downloaded from the AUASB website at

Review Course Requirements
• Assessment – p.6
– Three class quizzes – 24%
• To be held in your tutorials in weeks 5, 8 and 11
• Each quiz to be worth 8% of the final grade

– Assignment – 20% – due in week 11
• To be completed in groups of four students.
• Students will be assigned to groups by their tutor. Groups will be formed in the tutorial in Week 5
• The assignment is in Part D of the Course Outline (page 61).

– Final Exam – 56%
• Details to be provided in Lecture 12

ACCT3718 Auditing Honours
• ACCT3718 is an honours stream of ACCT3708.
• It involves an additional seminar class and additional
assessment tasks
– Fri 10:00 – 12:00 – ASBus 118 (from week 2)
• Seminars run every second week.

• It introduces students to current research areas and
research methods in Auditing
• Entry is open to students with an average of 75 in 1st and 2nd yr accounting courses.
• For further information, contact:
– Assoc Professor Wendy Green (

Financial Reporting
• Financial statements are prepared by
company management
• They are presented to shareholders
• (Most) shareholders have no way of checking
that they present a true and fair view of the
• This gives rise to agency costs

• Agency costs can be reduced by having an
independent third party provide assurance as
to whether the financial statements are true
and fair.
• The third party:
– Conducts procedures to determine the truth and
fairness of the financial statements
– Issues an opinion on their truth...
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