WEBINAR 24: AUDIT SIMULATION: Use an online, virtual reality audit simulation to enhance teaching and learning within Accounting and Finance
When: August 5, 2022 08:00 PM Vietnam
Language: 100% English (no interpretation)
Facilitator: Dr Susan Whittaker SFHEA FCCA, Module Leader Auditing and Assurance, Cardiff University, UK
Register in advance for this meeting. After registering, you will receive a confirmation email containing information about joining the meeting.
Registration link: https://cutt.ly/sH4KTXI
Audit Simulation Introduction: https://youtu.be/1C52EjT7Sfc
Teaching financial audit is a challenging part of the undergraduate curriculum for students of accounting because much of the necessary learning relies upon knowledge of the practicalities of how business is conducted.
Many undergraduate students lack this knowledge because they have not worked in a professional capacity. Their experience of work and commerce is therefore limited by their general experience of life.
In order to meet this challenge it was decided to develop a simulation of a financial audit. The simulation was developed at the University of the West of England (UWE) and is now currently used in many universities including Leeds Metropolitan University and Worcester University in UK and RMIT University in Australia.
A presentation on how simulations can help to overcome some of these challenges followed. Simulations involving the use of experiential learning, and Kolb’s Learning Cycle was used to illustrate.
The Audit Simulation known as AuditSim was then introduced to delegates who were shown the ‘virtual reality’ environment within which it is possible to act as auditors of a fictitious company: Sheridan Audio Visual Ltd.
Delegates working in groups were able to go online and explore the premises, documents and personalities associated with this company while carrying out audit procedures.
Activities included using the simulation to look for potential risks to the auditors of Sheridan Audio Visual Ltd, to document the sales system and to carry out the final audit of accounts receivable.
These were lively sessions where delegates worked together and gave us feedback on their experiences. The presenters also shared their experiences of working with the simulation.
Each presenter has their own ideas of how the simulation can be used to help stimulate active learning, and how different combinations of formative and summative assessment have been used in different institutions.
Shared student feedback from the three institutions was presented and a discussion followed.
Discussion: Is it more effective to use simulations in formative or summative assessment or as a combination of the two?