Course Title: Conduct internal audit
Part B: Course Detail
Teaching Period: Term2 2013
Course Code: ACCT5321C
Course Title: Conduct internal audit
School: 650T TAFE Business
Campus: City Campus
Program: C6113 - Advanced Diploma of Accounting
Course Contact : Maurice Sheridan
Course Contact Phone: +61 3 99255455
Course Contact Email:firstname.lastname@example.org
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 40
Pre-requisites and Co-requisites
FNSACC506A - Implement and maintain internal control procedures.
This unit describes the performance outcomes, skills and knowledge required to evaluate information systems and assess an organisation’s risks as part of an internal audit process. This unit has application to a variety of financial services sectors and is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title:
FNSACC606A Conduct internal audit
ELEMENT PERFORMANCE CRITERIA
1. Evaluate information systems
1.1. System specifications are evaluated against user requirements and feedback to identify redundancies and constraints, and capacities of information technology
2. Develop implementation plans
2.1. Principles, procedures and processes arising from internal control systems are examined to determine implementation issues relevant to organisational processes
3. Review resource use
3.1. Sources of data input are monitored to identify influences and variations in returns and costs
4. Monitor plans
4.1. Implementation is adjusted to take account of emerging external influences and the establishment of alternative targets
Details of Learning Activities
Students will be required to read the course text before coming to class, the class is structured so that the reading is completed out of class
Disscusion will revolve around the review questions, which students will be required to partake in. Student will needd to submit a weekly blog that indicates their understanding of the material and the course case study.
There will be three online tests that the students need to pass in order to be deemed competent. Completion of the BLOG will also contribute to competency
|Week||Week Commencing||Topic Outline||Class work||BLOG|
|1||08-July-2013||Introduction and Overview of Audit and Assurance|| "Review Questions|
1.1, 1.2, 1.3, 1.5, 1.7, 1.8"
|2||15-July-2013||Ethics, legal liability and client acceptance|| "Review Questions|
2.1, 2.2, 2.3, 2.4, 2.7
|3||22-July-2013||Audit planning 1|| "Review Questions|
3.1, 3.3, 3.4, 3.5, 3.9"
|4||29-July-2013||Online Test topics one and two|
|5||05-August-2013||Audit planning 2|| "Review Questions|
4.1, 4.2, 4.3, 4.5, 4.8"
|6||12-August-2013||Audit Evidence|| "Review Questions|
5.1, 5.2, 5.3, 5.5, 5.8"
|7||19-August-2013||Overview of test of controls, substantive procedures and sampling|| "Review Questions|
6.1, 6.2, 6.3, 6.4, 6.6"
|8||26-August-2013||Gaining an understanding of the client’s systems of internal controls|| "Review Questions|
7.1, 7.2, 7.4, 7.6, 7.7, 7.10"
|9||09-September-2013||Online Test topics 3, 4, 5, 6, 7|
|10||16-September-2013||Execution of Audit - Testing of controls|| "Review Questions|
8.1, 8.2, 8.3, 8.5, 8.6, 8.9"
|11||23-September-2013||Execution of Audit - performing substantive procedure|| "Review Questions|
9.2, 9.3, 9.4, 9.5, 9.6"
|12||30-September-2013||Substantive testing and balance sheet accounts|| "Review Questions|
10.1, 10.3, 10.4, 10.5, 10.7"
|13||07-October-2013||Substantive testing andincome statement accounts|| "Review Questions|
11.1, 11.2, 11.3, 11.4, 11.6"
|14||14-October-2013||Completing and reporting on the audit|| "Review Questions|
12.1, 12.2, 12.3, 12.4, 12.5."
|15||21-October-2013||Online Test topics 8, 9, 10, 11, 12|
Auditing a practical approach, Moroney, Cambell, Hamilton
All other resources are provided on Blackboard.
Overview of Assessment
Overview of Assessment
Students must demonstrate an understanding of all elements of competency to be deemed competent.
A range of assessment methods are used to assess practical skills and knowledge, for example:
• direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
• review of authenticated documents from the workplace or training environment
• demonstration of techniques
Critical aspects of assessment
Evidence of the ability to:
- use internal control systems and meet organisational policies and procedures
- apply professional accounting standards in identifying strengths and weaknesses within organisational policies and procedures
- evaluate information systems
- develop implementation plans
- review resources and monitor plans.
This unit will be co-delivered and co-assessed with two other units, namely FNSACC602A ( Audit and report on financial systems and records ) and FNSACC604A ( Monitor corporate governance activities ).
Online test one, the test will consist of MQC and True/False questions, the student has one week to complete the assessment
Online test two the test will consist of MQC and True/False questions, the student has one week to complete the assessment
Online test three the test will consist of MQC and True/False questions, the student has one week to complete the assessment
Weekly BLOG. A blog of the Cloud 9 case study will need to be completed on a weekly basis, these blogs will be formed from the class discussions on the case.
Course Overview: Access Course Overview