Covering of ethical and quality control issues, the assurance framework encompasses auditing, review and agreed-upon procedures, with different levels of assurance provided for each to meet the requirements of users/clients. The main focus will be on the audit - an independent examination of the financial information prepared by the management of an entity. The impact of materiality and risk on evidence gathering and documentation requirements which support the opinion are introduced.
This unit comprises four modules, and is based on a 120-hour workload for the student. The topics covered are:
Topic 1 - Introduction and overview of the audit and assurance
Topic 2 - Ethics, legal liability and client acceptance
Topic 3 - Audit evidence
Topic 4 - Risk Assessment I
Topic 5 - Risk Assessment II
Topic 6 - Overview of tests of controls, substantive procedures and sampling
Topic 7 - Gaining an understanding of the client's system of internal controls
Topic 8 - Execution of the audit - testing of controls
Topic 9 - Execution of the audit - performing substantive procedures
Topic 10 - Substantive testing and balance sheet accounts
Topic 11 - Substantive testing and income statement accounts
Topic 12 - Completing and reporting on the audit.
Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.
Learning outcomes and graduate attributes
|On completion of this unit, students should be able to:||GA1||GA2||GA3||GA4||GA5||GA6||GA7|
|1||understand the meaning and nature of auditing and assurance services||Intellectual rigour||Ethical practice||Lifelong learning|
|2||identify and apply key auditing standards, ethical and quality control requirements for audit and assurance engagements||Intellectual rigour||Ethical practice||Lifelong learning|
|3||discuss the importance of internal controls and IT (Information Technology) to the audit process||Intellectual rigour||Ethical practice||Lifelong learning|
|4||identify and apply various audit evidence gathering techniques||Intellectual rigour||Ethical practice||Lifelong learning|
|5||evaluate and apply the significance of materiality and risk to the steps in the audit process for gathering evidence||Intellectual rigour||Ethical practice||Lifelong learning|
|6||evaluate and apply the use of different types of audit opinions on financial reports.||Intellectual rigour||Ethical practice||Lifelong learning|
- This text contains Australian Auditing Standards referred to throughout the unit: ICAA Australia, 2016, Auditing and Assurance Handbook 2016, John Wiley & Sons Limited, Milton, Queensland.
- This text is integral to your learning with at least 50% of activities being derived form the case study: Trussel, J & Frazer, JD, 2012, The Lakeside Company: Case Studies in Auditing, 12th edn, Pearson, Prentice Hall, Upper Saddle River, NJ. ISBN: 13-9780132567251.
- This text is referred to and used throughout the unit: Moroney, R, Campbell, F & Hamilton, J , 2014, Auditing: A Practical Approach, 2nd edn, John Wiley and Sons Ltd, Australia, Milton, Qld. ISBN: 9781118377901.
Teaching and assessment
New Zealand - MIT
New Zealand - MIT
|Lecture online 1 hour (12 weeks)|
|Exam: closed book||50%|
Papua New Guinea - Air Niugini
Commonwealth Supported courses
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Commencing 2016 Commonwealth Supported only. Student contribution band: 3
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