The UWE Audit Simulation
- Introduction
- Aims
- Why create the audit simulation?
- The virtual business
- The auditing company
- Staff involved
- Comments and feedback
Introduction
The UWE Audit Simulation is being designed to help students grasp various aspects of financial auditing by actually going through the audit process... learning by doing.
It is being created by staff in the Department of Accounting, Economics and Finance (part of the Bristol Business School) and the Technology Enhanced Learning Development Unit (TELDU). We intend to introduce the simulation on the Audit and Corporate Governance module from September 2012. A virtual business will be set up and students will go through the whole process of auditing the financial documents and procedures of that company.
Aims
- To create a simulation of a financial audit, simulating the work of an audit firm.
- To provide students with an interactive and immersive experience where they will work through the audit process, providing concrete examples and realistic processes as the simulation progresses.
- To create a fictional business which will be audited – this business could also be used for other areas of study.
- To create an auditing firm and ‘virtual desk’. This will provide opportunities for interaction with information, resources, company staff etc.
- To create a large set of interlinked financial documents which will underlie and support a set of financial statements – e.g. sales orders, invoices.
Why create the audit simulation?
Many students struggle with some of the real world aspects of the auditing process. It is anticipated that participation in the simulation will provide a valuable insight into the whole process, taking the experience from the abstract and theoretical to the concrete. The simulation will encourage students to ‘learn by doing’ and will help them to grasp key concepts and ideas relating to the process, as well as acquiring and trying out new skills...
- Interpreting and scrutinising various financial documents and reports.
- Interpreting and evaluating financial systems and processes.
- Recognising and using the terminology used in financial systems and the audit process.
Due to the hands-on nature of the simulation and the active, realistic learning involved we believe that participation will increase employability. The usefulness of the simulation will be evaluated at key stages of the process.
The virtual business
A virtual business will be created in the Second Life virtual world. A building will be created for the company with key areas such as staff offices, a warehouse and a manufacturing area. The images below are from prototypes of the simulation - as the project moves on we will update this web page to show developments.
We will create a set of avatars representing the key staff in the business. Staff in the virtual business will be ‘interviewed’ about processes and financial procedures – these processes will be presented in a way that helps students visualise the procedures. Students will evaluate the company’s financial procedures and report back on their findings.
A set of accounts and documentation underlying the accounts will be created – for example, sales orders, goods received notes, invoices, register of long-term assets. Students, playing the part of an auditor will scrutinise these documents and evaluate the financial procedures in place.
The auditing company
The student will play the role of an auditor. A virtual audit team manager will provide tasks, documents and other resources at appropriate points in the simulation. Each student will be provided with a virtual desk in the Blackboard virtual learning environment, and resources and tasks will be delivered via the virtual desk.
The simulation will be in development over the summer of 2012. We hope to use the first version of the Simulation on the Audit and Corporate Governance module starting in September 2012. If you would like to keep up to date with development on this project then keep an eye on this web page for updates.
Staff involved
The following members of staff are currently involved in the project:
- Susan Whittaker (Senior Lecturer, UWE)
- Glenn Duckworth (Learning Technologist, FBL/TELDU)
- Liz Too (Project Support, UWE)
- Mahathir Mohamed Ismail (Lecturer, Taylors’ University, Malaysia)
- Mark Shand (Elearning Development Officer. TELDU)
- Clare Denholm (Learning Technologist, FBL/TELDU)
- Julian Green (Learning Technologist, FBL/TELDU)
If you would like to find out more information about the project please contact glenn.duckworth@uwe.ac.uk or susan.whittaker@uwe.ac.uk
We would love to find out what you think about this project – if you have any comments or feedback please use the form below or e-mail Glenn or Susan.
Page last updated 25 May 2012