Business School

Auditing and Assurance

Course RecapMid Semester Format

Mid Semester Practice Exam Held and Discussed in Class

The University of Sydney Business School

WELCOME ACCT3014 - Auditing and Assurance

Semester 1, 2013

Week 6 LectureMid Semester Review

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Lecture Outline

Learning's to date

Mid Semester Admin

Mid Semester Format

Practice Mid Semester Held in Lecture

Good Luck comes from some smart HARDWORK!

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Learning's So Far?Week Topic Issues Discussed

1 The Auditing and Assurance Environment

•What is the function and principles underlying an Audit•How is the Profession set up and regulated•Why is Auditor Independence important?

2 The Professional Auditor •Principles of Code of Ethics•Auditors Legal Liability positions to client and third party•Audit Quality

3 Planning the Audit •Do you understand the Audit Process?•Planning Procedures•Assessing BR-most important!!!

4 Planning the Audit •BR•Audit Risk•Internal Controls

5 Audit Evidence •Audit and Materiality•Audit Evidence•Audit Assertions•Audit Procedures

6 Mid Semester Practice Exam Can you apply the knowledge in a Mini-Mid Semester Practice Exam?

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Mid Semester AdminDate: Saturday 20 April 2013 Time: 1pm to 2.30pm (1.5 hours duration including reading time) Locations: MLR 4 and MLR 5 

Student Allocation to Rooms:  MLR 4 – All students in Tuesday and Wednesday Tutorials

(Tutors: Eric and Angela)  MLR 5 – All Students in Thursday Tutorials (Tutor: Peter)

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Mid Semester AdminStudents must have their current 2013 student card to gain admission to the examination rooms

No calculators permitted in the examination rooms

The examination is closed book, only University approved hard copy language dictionaries are allowed.

Please, take items of value to your desk. Bags etc are to be placed at front of each Lecture Room. Staff supervising the examination will NOT be responsible for any valuables left in bags placed at the front of the examination rooms.

Mobiles phones MUST be off for the full duration of the examination.

Only pens / pencils etc may be taken to the desks. No written material is to be taken to desks by students. 

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Mid Semester Admin Students may leave the examination room if they finish early. Note however, that students are NOT permitted to leave during the last 10 minutes of the examination period.

Students arriving late are permitted to undertake the Mid Semester Examination, but must finish at the scheduled time of 2.30pm. No extra time will be granted for a late arrival.

Students must complete both the MCQ answer sheet and the front page of the examination paper in the time allowed for the examination, no extra time will be granted for this task.

Students are to write their answers on the MCQ answer sheet supplied and in the spaces provided on the examination paper. Answers may be completed in either pen or pencil at the choice of the student.

Please be at the assigned examination room by 12.45pm for prompt examination start time of 1pm.

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Mid Semester Format

Part A MC /15 Multiple Choice

Part B 1 /12 Business Risk 2 Mini QuestionsExplain risk, Account, Assertion, ST

2 /7 7 Accounts/ProceduresYou name the Assertion

3 /6 Internal Controls

4 /6 Business RiskExplain/Assertion (with analytics)

5 /4 4 ProceduresYou name the Assertion

TOTAL/50 Worth 30% of Total Grade

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Mini Practice Mid Semester Exam held and

answers discussed in Lecture on

27th May 2013

...it is designed to give you feedback, and provide an idea of

format/content of the Real Exam, which of course will be a bit longer!