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. The list below shows in brackets, the recommended number of weeks for the Introduction and each module as well as content for each module:
Module 1: Overview, client acceptance and evidence (3 weeks):
• Introduction and perception with Overview
• Ethics, legal liability & client acceptance
Module 2: Planning and sampling (3 weeks):
• Understanding the client (what to look out for)
• Assessing audit risk & materiality (using what you find)
• Evidence & workpapers (Types of procedures & sampling)
Module 3: Execution, controls and substantive strategy (4 weeks):
• Understanding (the design of) internal controls
• Testing internal controls operate effectively
• Significance of substantive procedures
• Testing transactions & balances
Module 4: Concluding and reporting (1 week):
• Completing the audit, documentation & reporting the audit opinion
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.
|On completion of this unit, students should be able to:|
|1||understand the meaning and nature of auditing and assurance services|
|2||identify and apply key auditing standards, ethical and quality control requirements for audit and assurance engagements|
|3||discuss the importance of internal controls and IT (Information Technology) to the audit process|
|4||identify and apply various audit evidence gathering techniques|
|5||evaluate and apply the significance of materiality and risk to the steps in the audit process for gathering evidence|
|6||evaluate and apply the use of different types of audit opinions on financial reports.|
On completion of this unit, students should be able to:
- understand the meaning and nature of auditing and assurance services
- identify and apply key auditing standards, ethical and quality control requirements for audit and assurance engagements
- discuss the importance of internal controls and IT (Information Technology) to the audit process
- identify and apply various audit evidence gathering techniques
- evaluate and apply the significance of materiality and risk to the steps in the audit process for gathering evidence
- evaluate and apply the use of different types of audit opinions on financial reports.
- This Handbook contains the Australian Auditing Standards referred to throughout the unit. Students are encouraged to make use of the most recent edition of the Handbook due to the evolving nature of auditing standards. Just be aware that if you are accessing pdf version of individual standards from AUASB website (they are free) then make sure to download them as required.: : CAANZ 2020, 2020, Auditing, Assurance and Ethics Handbook 2020, John Wiley & Sons Limited, Milton, Queensland. ISBN: 9780730384229.
- This text is integral to your learning & final examination with at least 50% of activities being derived from the case study. It is available from the Co-op Bookshop: 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. The e-text is strongly recommended though a much more expensive printed version is available. PLEASE NOTE the link to the publisher website for purchase: http://www.wileydirect.com.au/buy/auditing-a-practical-approach-3rd-edition/:: Moroney, R, Campbell, F & Hamilton, J , 2017, Auditing: A Practical Approach, 3rd edn, John Wiley and Sons Ltd, Australia, Milton, Qld. ISBN: 978-0-7303-2649-6.
Teaching and assessment
Commonwealth Supported courses
For information regarding Student Contribution Amounts please visit the Student Contribution Amounts.
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