Course Title: Audit and report on financial systems and records
Part B: Course Detail
Teaching Period: Term1 2013
Course Code: ACCT5322C
Course Title: Audit and report on financial systems and records
School: 650T TAFE Business
Campus: City Campus
Program: C6113 - Advanced Diploma of Accounting
Course Contact : Claudio Marasco
Course Contact Phone: 9925 1651
Course Contact Email:claudio.marasco@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Colin Byron
Linda Boyce
linda.boyce@rmit.edu.au
Nominal Hours: 40
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
FNSACC506A : Implement and maintain internal control procedures.
Course Description
This unit describes the performance outcomes, skills and knowledge required to supervise an audit of financial systems and prepare the appropriate reports, including assessing options, identifying information sources, determining audit strategies, monitoring progress, reviewing data, verifying financial statements and determining appropriate reporting formats.
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.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC602A Audit and report on financial systems and records |
Element: |
1. Assess options |
Performance Criteria: |
1. Assess options |
Element: |
ELEMENT PERFORMANCE CRITERIA |
Performance Criteria: |
1.1.Statutory requirements are identified from assessment of terms of reference and client objectives and obligations
3.1.Client financial business characteristics are established from analysis of the general economy, the industry and the client’s provided information 4.1.Timeframes are established and personnel allocated to functions and tasks based on audit lines of inquiry 5.1.Significant strengths and weaknesses are identified in the controls and ranked in accordance to audit objectives 6.1.Financial operational functions, services and systems are identified and documented in accordance with standard formats |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this unit, including self paced and collobarative based activities. The unit builds up week by week, as students progressively undertake the exercises, questions and prescribed assignments, the later forming part of the competency requirements (as outlined in the Teaching Schedule), at the end of which they may sit for a graded test.
Teaching Schedule
Week |
Week Commecing |
Topic Outline | Class work to be completed | Part Time Class |
Assessment Timetable All Students |
1 | 11/2/2013 | Introduction to Auditing - An Overview ( Chapters 2) | Introduction, Class expectations
Review Questions 2.11 - 2.20 Professional Applications 2.21 & 2.22 Underpinning knowledge |
Workshop 1 Online Lectures Overview of topics 1,2,3
|
|
2 | 18/2/2013 | Professional ethics/independence & quality (Chapter 3) | Review questions 3.11 - 3.20
Professional Application questions Underpinning knowledge |
Consult blackboard online lecture.Complete text questions Review questions 3.11 - 3.20 Professional Application questions |
|
3 | 25/2/2013 | Assurance/quality standards & legal liability (Chapters 4& 5) | Review questions 4.11 - 4.20
Professional Application questions 4.21, 4.23, 4.25. Elements 1.1, 1.2, 1.3 |
Consult blackboard online lecture.
Complete Course Work. Review questions 4.11 - 4.20 Professional Application questions 4.21, 4.23, 4.25. |
|
4 | 4/3/2013 | Overview of financial statements audit (Chapters 6 & 7) | Review Questions 5.11 - 5.20
Professional application questions Elements 1.1 |
Workshop 2 Review Questions 5.11 - 5.20
Professional application questions Discussion of areas of concern or further clarity, discussion about assignment topics 1, 2, 3 Overview of topics 4, 5, 6, 7 |
Assignment Part A handout |
5 | 11/3/2013 | Client evaluation & audit planning (Chapter 8) | Review Questions 8.11 - 8.20
Professional application Q’s 8.21, 8.22, 8.24, 8.28, elements 2.2, 3.1, 3.2, 3.4 |
Consult blackboard online lecture.
Complete Course Work. Review Questions 8.11 - 8.20 Professional application Q’s 8.21, 8.22, 8.24, 8.28 |
Part A of Assignment due in Blackboard through Turnitin |
6 | 18/3/2013 | Audit Risk assessment (Chapter 9) | Review Questions 9.11 - 9.18
Professional Application Q’s 9.19, 9.20, 9.22, 9.23, 9.26. Elements 3.3, 5.3, 5.5 |
Consult blackboard online lecture.
Complete Course Work. Review Questions 9.11 - 9.18 Professional Application Q’s 9.19, 9.20, 9.22, 9.23, 9.26. |
Assignment Part B handout |
7 | 25/3/2013 | Materiality & audit evidence (Chapter 10) | Review Questions 10.11 - 10.20
Professional Application Questions 10.21, 10.22, 10.24, 10.25, 10.26, 10.27 elements 4.1, 4.2, 5.1, 5.2, 5.4 |
Consult blackboard online lecture.
Complete Course Work. Review Questions 10.11 - 10.20 Professional Application Questions 10.21, 10.22, 10.24, 10.25, 10.26, 10.27 |
Part B of Assignment due in Blackboard through Turnitin |
8 | 8/4/2013 | Test of Controls (Chapter 11) | Review Question 11.11 - 11.20
Professional Application Questions 11.22, 11.23, 11.27, 11.28 elements 5.2, 5.3, 5.4 |
Workshop 3
Review Question 11.11 - 11.20 Professional Application Questions 11.22, 11.23, 11.27, 11.28.
Discussion of area needing clarity topics 4, 5, 6, 7. Overview of topics 8, 9, 10, 11. |
|
9 | 15/4/2013 | Audit Sampling (Chapter 13) | Review Questions 13.11 - 13.20
Professional Application Q’s 13.21, 13.23, 13.25, 13.27, 13.28 elements 2.1, 3.4 |
Consult blackboard online lecture.
Complete Course Work. Review Questions 13.11 - 13.20 Professional Application Q’s 13.21, 13.23, 13.25, 13.27, 13.28 |
|
10 | 22/4/2013 | Auditing sales/receivables/payables/purchases etc (Chapters 14,15) | Review Questions 14.11 - 14.20
Professional Application Q’s 14.22, 14.25 Elements 6.1 |
Consult blackboard online lecture.
Complete Course Work Review Questions 14.11 - 14.20 Professional Application Q’s 14.22, 14.25 |
Assignment Part C handout |
11 | 29/4/2013 | Auditing sales/receivables/payables/purchases etc (Chapters 15) | Review Questions 15.11 - 15.20
Professional Application questions 15.23, 15.26 Elements 6.1 |
Consult blackboard online lecture.
Complete Course Work.Review Questions 15.11 - 15.20 Professional Application questions 15.23, 15.26 |
Part C of assignment due in Blackboard through Turnitin |
12 | 6/5/2013 | Auditing Cash and investments (Chapter 17) | Review Questions 17.11 - 17.20
Professional Application Q’s 17.21, 17.22, 17.23, 17.24, 17.25, 17.29. Elements 6.1 |
Workshop 4 In-class activities Review Questions 17.11 - 17.20 Professional Application Q’s 17.21, 17.22, 17.23, 17.24, 17.25, 17.29. Discussion of areas needing clarity topics 8, 9, 10, 11. Overview of topics 12, 13. |
|
13 | 13/5/2013 | Completing the Audit (Chapter 18) | Review Questions 18.11 - 18.20
Professional Applications Questions 18.21, 18.23, 18.26. Elements 6.2, 6.3 |
Consult blackboard online lecture.
Complete Course Work. Review Questions 18.11 - 18.20 Professional Applications Questions 18.21, 18.23, 18.26. |
|
14 | 20/5/2013 | Revision/Assessment Preparation | |||
15 | 27/5/2013 | Test -Assessment | Online test to be completed by students | Online test to be completed by students | |
16 | 3/6/2013 | Re assessments | Resubmissions due | ||
17 | 10/6/2013 | Feedback on Assessment Results | |||
Learning Resources
Prescribed Texts
Modern Auditing & Assurance Services - 5th Edition - By Leung/Coram/Cooper/Richardson - Digital - 5th eBook edition + ISG flashdrive + Study Guide |
9781118345245 |
References
Other Resources
In addition to the prescribed eBook text, students will need to access the Blackboard for weekly notes. Any handouts will be provided on Blackboard and should be printed off by students and brought to class
Overview of Assessment
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
The unit will have 2 assessment tasks, comprising 1 Assignments and one online test.
For information on the timeline of the 2 assessments, refer to the Teaching Schedule.
The assignment is to be submitted via Blackboard by the due date as outlined in the Teaching Schedule. The test is scheduled for week 16 and will be online. It will cover all topics covered in the Teaching Schedule.
Assignment 1 (due throughout the semester see teaching schedule) consists of a case study related to the topics covered in the Teaching Schedule. To prepare for the assignment, students need to have studied the materials placed on the Blackboard and the prescribed textbook.
* Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms are available on the RMIT website.
* Always retain a copy of your assessment tasks. (Hard copy and soft copy).
Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as "competency" based training (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.
You need to demonstrate you are competent in each element of the unit of competency you are studing.
You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.
Marking Guide (Grading):
After achieving competency we then grade your performance in the unit. This gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:
1. Level of independence, initiative, enterprise and performance of work task.
We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in you approach to your tasks.
2. Demonstrated breadth of underpinning knowledge and a willingness to continue learning
We are looking for depth of understanding of the key concepts and knowledge required in completing your tasks. You should be able to demonstrate a thorough understanding of all applicable requirements in all the assessment tasks.
3. Techniques & Processes, Technology skills and Problem solving
We are looking for appropriate use of technology to assist in presenting all tasks clearly and suitable for the intended audience.
4. Work organisation, Planning and self management
We expect to see timely submission of all required assessment tasks.
5. Communication, people networking, language and interpersonal skills and teamwork
We expect to see contributions to relevant discussions and scheduled colloborative sessions. In addition your team tasks will provide opportunities to demonstrate how well you work in a team.
Final Grades table:
CHD - Competent with High Distinction
CDI - Competent with Distinction
CC - Competent with Credit
CAG - Competency achieved - Graded
NYC - Not Yet Competent
DNS - Did not submit for assessment
Further information regarding the application of the grading criteria will be provided by your teacher
Assessment Matrix
Assignment - Competency Based | |||
Element | Assignment | Online Test - 100% | |
One | x | x | |
Two | x | x | |
Three | x | x | |
Four | x | x | |
Five | x | x | |
Six | x | x |
Course Overview: Access Course Overview