Collaborative Student Auditing Project

Industry and Community Partner

Various

Consulting

University

The University of Tasmania (UTAS)

Innovative Features

Co-designed with industry or community
Coach or mentor elements
Flexibility in duration, location and space
Community engaged

Enablers

Key enablers of the Auditing WIL Project include:

The Course Coordinator for the UTAS Bachelor of Business (Accounting) has strong industry contacts including being on the Divisional Council of CPA Australia. These connections enabled access to professional auditors to act as mentors to the project teams and a strong industry reference group.
Other regional industry connections include the Northern Business Reference Group of Tasmania which provides brokerage to a large number of not-for-profit community partners.

For more information

Please contact Stephen Allen FCPA (Academic Coordinator – Cradle Coast and Teaching Fellow) at Stephen.Allen@utas.edu.au

The University of Tasmania (UTAS) Auditing WIL Project provides Bachelor of Business students majoring in Accounting with a credit-bearing authentic auditing task. Introduced into the compulsory third year Auditing Unit, the Auditing WIL Project was co-designed with industry partners through an active industry reference group. The task required students work in teams to gain an understanding of the participating not-for-profits community partners internal financial controls, assess the controls, identify strengths and weaknesses, and make recommendations in order to rectify any deficiencies.

The community partners were specifically chosen to provide students with an opportunity to contribute to their local community. In addition to university supervisors, teams were provided with a professional auditor from a local accounting firms who acted as a mentor throughout the Auditing WIL Project. Academic staff, community partners and industry mentors attended a comprehensive orientation together for the WIL Project. The project took place over a semester with student teams undertaking weekly team visits and presenting their findings and recommendations at the conclusion of their project.

Impact / outcomes

Students: the experience of understanding and evaluating internal financial controls of the host organisation gave students an understanding of how auditing works in the real world. Having to understand these steps, identify strengths and weaknesses, evaluate real internal financial controls and make recommendations allowed students to demonstrate their learning and understanding of this part of an audit. Additionally students gained significant and meaningful insights into organisational operations and business culture as well as broaden their understanding of accountancy as a career path.

The advice from the professional mentors proved invaluable and at times extended beyond the requirements of the Auditing WIL Project for the students. Students also valued the opportunity to contribute to their community .

Community and industry partners: Recommendations made by student teams identified opportunities for significant improvements for financial controls for community partners. This was most evident in the smaller not-for-profit organisations. The WIL Project also provided the opportunity for industry mentors to identify talent for future recruitment.

Teaching staff: The WIL Project enabled teaching staff to provide an authentic experience to students by undertaking the initial steps in a formal auditing process. The involvement of professional auditors mentoring project teams added additional currency around industry practices and tools to students’ learning.

Student Assessment

Students assessments included a team report, a peer assessment, and a self-reflection report. The team report was jointly assessed by the teaching staff and host organisation.

Evaluation

The UTAS Auditing WIL Project was evaluated using a 360 degree feedback survey mechanism for all stakeholders, students, teaching staff, community and industry partners.