2022 unit offering information will be available in November 2021
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 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|
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.
Teaching and assessment
Commonwealth Supported courses
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