1. NAME OF COURSE  / MODULE AUDIT AND ASSURANCE SERVICES
2. COURSE CODE MAD3013
3. NAME(S) OF ACADEMIC STAFF  
4. RATIONALE FOR THE INCLUSION OF THE COURSE/MODULE IN THE PROGRAMME This is a compulsory course for the bachelor of accounting program in order to equip graduates with the ability to conduct audits for business entities in accordance with approved Standards on Auditing.
5. SEMESTER & YEAR OFFERED Semester 6 / Year 3
6. TOTAL STUDENT LEARNING TIME (SLT) Face to face:

L T P O
28 26 6

L=lecture ; T=Tutorial; P=Practical; O=Others (Exam)

Total Guided and Independent Learning:

120
7. CREDIT VALUE 120/40 = 3.00 (3 credit); 2+2
8. PREREQUISITE (IF ANY) MAD2013 Audit Procedures
9. OBJECTIVES 1.     To provide exposure on applicable regulations, legal responsibilities and ethical standards and current issues facing the audit profession.

2.     To provide exposure on the concepts of internal control system and the use of computer assisted audit techniques in auditing a computerized environment.

3.     To provide exposure on related issues in audit completion, group audit, internal audit, related audit services and other services that can be provided by the public accounting firm.

10. LEARNING OUTCOMES On completion of the course, the students should be able to:

1.     Use guidelines on professional conduct and ethics to make ethical decision that may impact auditor’s legal liability in financial audit and related audit services (LO5-TS3,P3; LO6-EM3,A2)

2.     Explain the significance of client’s IT and its implications on business activities and audit process, role of CAATS in audit work, the nature of internal audit and how internal audit can be used to evaluate performance (LO3-CTPS3,C3; LO5-TS3,P3).

3.     Discuss the main issues in audit completion, group audit, internal audit and audit related services. (LO3-CTPS3,C3; LO5-TS3,P3)

4.     Discuss the current issues facing the auditing profession through teamwork and presentation. (LO3-CTPS3,C3S)

11. TRANSFERABLE SKILLS Student should be able to understand the auditing environment in Malaysia and salient auditing procedures for transaction cycles through a process of lectures, tutorial and group assignment.
12. TEACHING-LEARNING AND ASSESSMENT STRATEGY Teaching-learning strategy:

·       The course will be taught through a combination of formal lectures, exercise, group work, using authentic materials, informal activities and various textbooks. Collaborative teamwork will be fosters throughout the course through the use of PBL and presentation. The use of examination and internal reporting assessment will assess the student’s ability to apply theoretical concept in context.

Assessment strategy:

·         Formative

·         Summative

Suggested assessment:

1.     Assignments, internal examinations.

2.     Presentation rubric

13. SYNOPSIS This is a continuation of Audit Procedures. It intends to strengthen and enhance the students’ understanding in auditing. Among the topics that will be discussed are code of ethics, auditors’ liability, completing the audit process, computer assisted audit techniques, group audit and current issues facing the auditing profession. This course will justify other activities than financial statement audit that can be performed by a public accountant such as operational audit, compliance audit and internal audit.
14. MODE OF DELIVERY Lecture, tutorial, PBL and case presentation
15. ASSESSMENT METHODS AND TYPES
Component %
Continuous Assessments 50%
Final examination 50%
Total 100%
16. CONTENT OUTLINE OF THE COURSE/MODULE AND SLT PER TOPIC
Topic Lecture Tutorial Exam/Test/Quiz Assignment Assessment/ computer lab Self-study Total
Professional Conduct and Ethics of Auditor & Legal Liability 4 3 5 12
Events of Post Balance Sheet 4 3 5 12
Group Audit 2 2 3 7
Using the Work of Others 2 2 3 7
The impact of information technology (IT) on audit process 4 4 6 14
Introduction to internal auditing 2 2 3 7
Corporate governance and fraudulent financial reporting 2 2 3 7
Assurance related services 2 2 3 7
Non-assurance services 2 2 3 7
Current issue on auditing 4 4 6 14
Continuous test/quiz/assessment 3 5 6 14
Final 3 9 12
TOTAL 28 26 6 5 15 40 120
17. REFERENCES Main References:

1.     Arens, A., Elder, R. and Beasly, M., Auditing and Assurance Services. An Integrated Approach. 14th Edition. New Jersey: Prentice Hall, 2011.

2.     Malaysian Institute off Accountants Members Online Handbook (Effective Jan 2010), http://www.mia.org.my/handbook/guide

3.     Malaysian Institute of Accountants By-Laws on Professional Ethics, Conduct and Practice (Effective Jan 2011)

http://www.mia.org.my/handbook/bylaw_new

4.     Gul F.A. and Mahzan N., Auditing: Theory and Practice in Malaysia. CCH Asia Pte Limited, 2013.

Additional References:

1.     International Federation of Accountants (IFAC), 2011. Guide to Using ISAs in the Audits of Small- and Medium-Sized Entities, Vol 1 and 2, 3rd Edition. (http://www.ifac.org/sites/default/files/publications/files/SMP-ISA-Audit-Guide-Volume-1-3e.pdf)

2.     Accountants Act 1967 (http://www.mia.org.my/handbook/act)

3.     Audit Act 1957 (incorporating all amendments up to 1 January 2006) http://www.agc.gov.my/Akta)

4.     Companies Act 1965

5.     Capital Markets And Services (Amendment) Act 2012 (CMSA)

6.     Messier, William F &Boh, M. (2007). Auditing & Assurance Services In Malaysia. 3rd Edition, McGraw-Hill.

7.     Knapp, M. C. (2004), Contemporary Auditing: Real Issues and Cases, 5th Edition, Thomson – South Western, Ohio