Auditing and Assurance Services in Australia 7e - CHAPTER SOLUTIONS
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Course
Auditing (ACC30010)
Institution
Swinburne University Of Technology (SUT
)
Book
Auditing and Assurance Services in Australia, Seventh Edition
Instructor Resource Manual t/a Auditing and Assurance Services in Australia 7e by Gay & Simnett
Chapter solutions for textbook. All chapters 1 - 15 covered.
instructor resource manual ta auditing and assurance services in australia 7e by gay amp simnett
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AUDITING AND ASSURANCE SERVICES IN AUSTRALIA 7TH EDITION TEST BANK
ACCT3600 Accounting and Auditing in Practice HD Notes
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Chapter 15
Audit and assurance services in the public sector
Learning objectives
15.1 Describe the responsibilities of the different levels of government in Australia and explain the
concept of accountability.
15.2 Outline the different bases of accounting used in the public sector.
15.3 Explain public sector audit requirements.
15.4 Explain the nature of performance engagements.
15.5 Explain the nature of regularity audits.
Major chapter sections
System of government and accountability
Government accounting
Public sector audit requirements
Performance engagements
Regularity audits
Lecture plan
This chapter provides a background to government in Australia and discusses the nature of
government accounting and government auditing.
You should outline the learning objectives for this chapter, and also walk students through how this
chapter outlines other assurance services provided by the assurance provider.
[Use slides 15-1 to 15-3]
LO 15.1: System of government and accountability
Slide 15-4 outlines the three tiers of government that exist in federal systems such as Australia. The
extent of description offered for each tier by the instructor will be determined by students’ knowledge
of the Australian system of government. The next three slides on accountability describe the
importance of accountability under the Westminster system of government and outline the cycle of
accountability.
[Use slides 15-4 to 15-7]
LO 15.2: Government accounting
Students’ knowledge of government accounting might vary and should be determined before the
lecture. This slide outlines the applicability of Australian accounting standards and the use of accrual
accounting for reporting entities.
If it is thought that students have insufficient knowledge of government accounting, reading from an
introductory accounting text could be set here.
, LO 15.3: Public sector audit requirements
This section outlines the structure of the public sector, the audit mandate, reporting duties and
independence.
[Use slides 15-9 to 15-15]
LO 15.4: Performance engagements
The importance and necessity of performance engagements in the public sector should be raised. It
should be noted that ASAE 3500 was reissued in October 2017, effective for periods beginning on or
after 1 January 2018. (It should also be pointed out that most of the new assurance services offered or
being considered are a form of performance engagement.) The slides outline the concepts of
economy, efficiency and effectiveness and the relationship between these concepts. The stages of a
performance engagement are also diagrammatically outlined (Figure 15.4).
[Use slides 15-16 to 15-24]
LO 15.5: Regularity audits
These slides outline what is involved in a regularity audit; and a component of regularity audits, the
compliance engagement. Reporting on internal control in the public sector and the important issue of
probity are also covered.
[Use slides 15-25 to 15-29]
Summary
We provide a summary slide of the main learning takeaways in this chapter.
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