Availabilities:

Not currently available in 2020

Unit description

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.

Unit content

This unit comprises four modules, and is based on a 120-hour workload for the student. The topics covered are follows:

Week no. Topic overview Text chapters Topic detail
Week 1 Overview of the audit process 1, 2 Audit Overview and Auditor's Legal Liability, Audit Quality and Ethics
Week 2 Overview of the audit process and audit evidence 5 Review ethics, legal liability, quality control in deciding to take new client Lakeside (case study) and gain an understanding of audit evidence
Week 3 Risk assessment and planning 3, 4, 7 Risk assessment I and II and audit sampling
Week 4 Executing the plan 6, 7, 8, 9 Gaining an understanding of client’s system of internal controls, overview of risk response, execution of audit
Week 5 Executing the plan 10, 11 Substantive testing balance sheet and income statement accounts
Week 6 Completing and Reporting 12 Concluding and reporting

 

Learning outcomes

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.

GA1: Intellectual rigour, GA2: Creativity, GA3: Ethical practice, GA4: Knowledge of a discipline, GA5: Lifelong learning, GA6: Communication and social skills, GA7: Cultural competence
On completion of this unit, students should be able to:GA1GA2GA3GA4GA5GA6GA7
1understand the meaning and nature of auditing and assurance servicesIntellectual rigourEthical practiceLifelong learning
2identify and apply key auditing standards, ethical and quality control requirements for audit and assurance engagementsIntellectual rigourEthical practiceLifelong learning
3discuss the importance of internal controls and IT (Information Technology) to the audit processIntellectual rigourEthical practiceLifelong learning
4identify and apply various audit evidence gathering techniquesIntellectual rigourEthical practiceLifelong learning
5evaluate and apply the significance of materiality and risk to the steps in the audit process for gathering evidenceIntellectual rigourEthical practiceLifelong learning
6evaluate and apply the use of different types of audit opinions on financial reports.Intellectual rigourEthical practiceLifelong learning

On completion of this unit, students should be able to:

  1. understand the meaning and nature of auditing and assurance services
    • GA1: Intellectual rigour
    • GA3: Ethical practice
    • GA5: Lifelong learning
  2. identify and apply key auditing standards, ethical and quality control requirements for audit and assurance engagements
    • GA1: Intellectual rigour
    • GA3: Ethical practice
    • GA5: Lifelong learning
  3. discuss the importance of internal controls and IT (Information Technology) to the audit process
    • GA1: Intellectual rigour
    • GA3: Ethical practice
    • GA5: Lifelong learning
  4. identify and apply various audit evidence gathering techniques
    • GA1: Intellectual rigour
    • GA3: Ethical practice
    • GA5: Lifelong learning
  5. evaluate and apply the significance of materiality and risk to the steps in the audit process for gathering evidence
    • GA1: Intellectual rigour
    • GA3: Ethical practice
    • GA5: Lifelong learning
  6. evaluate and apply the use of different types of audit opinions on financial reports.
    • GA1: Intellectual rigour
    • GA3: Ethical practice
    • GA5: Lifelong learning

Teaching and assessment

Notice

Intensive offerings may or may not be scheduled in every session. Please refer to the timetable for further details.

Southern Cross University employs different teaching methods within units to provide students with the flexibility to choose the mode of learning that best suits them. SCU academics strive to use the latest approaches and, as a result, the learning modes and materials may change. The most current information regarding a unit will be provided to enrolled students at the beginning of the study session.

Fee information

Domestic

Commonwealth Supported courses
For information regarding Student Contribution Amounts please visit the Student Contribution Amounts.
Commencing 2020 Commonwealth Supported only. Student contribution band: 3

Fee paying courses
For POSTGRADUATE or UNDERGRADUATE full fee paying courses please check Domestic Postgraduate Fees OR Domestic Undergraduate Fees

International

Please check the international course and fee list to determine the relevant fees.

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