Course Title: Audit and report on financial systems and records
Part B: Course Detail
Teaching Period: Term2 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 Bryon
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 |
Learning Outcomes
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
Teaching Schedule
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" |
Cloud 9 |
2 | 15-July-2013 | Ethics, legal liability and client acceptance | "Review Questions 2.1, 2.2, 2.3, 2.4, 2.7 |
Cloud 9 |
3 | 22-July-2013 | Audit planning 1 | "Review Questions 3.1, 3.3, 3.4, 3.5, 3.9" |
Cloud 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" |
Cloud 9 |
6 | 12-August-2013 | Audit Evidence | "Review Questions 5.1, 5.2, 5.3, 5.5, 5.8" |
Cloud 9 |
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" |
Cloud 9 |
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" |
Cloud 9 |
Semester Break |
||||
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" |
Cloud 9 |
11 | 23-September-2013 | Execution of Audit - performing substantive procedure | "Review Questions 9.2, 9.3, 9.4, 9.5, 9.6" |
Cloud 9 |
12 | 30-September-2013 | Substantive testing and balance sheet accounts | "Review Questions 10.1, 10.3, 10.4, 10.5, 10.7" |
Cloud 9 |
13 | 07-October-2013 | Substantive testing andincome statement accounts | "Review Questions 11.1, 11.2, 11.3, 11.4, 11.6" |
Cloud 9 |
14 | 14-October-2013 | Completing and reporting on the audit | "Review Questions 12.1, 12.2, 12.3, 12.4, 12.5." |
Cloud 9 |
15 | 21-October-2013 | Online Test topics 8, 9, 10, 11, 12 | ||
16 | 28-October-2013 | Retesting |
Learning Resources
Prescribed Texts
Auditing a practical approach, Moroney, Cambell, Hamilton |
9781742165943 |
References
Other Resources
All other resources are provided on Blackboard.
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
Assessment task,
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.
Assessment Matrix
Course Overview: Access Course Overview