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Unit of Study ACC00715 - Professional Auditing (2015)

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Unit Snapshot

  • Enrolment information

    N/A

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:

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

 

 

Availabilities

Location Domestic International
Gold Coast Session 3 Session 3
Melbourne N/A Session 3
New Zealand - MIT Session 3 Session 3
Online Session 3 N/A
Papua New Guinea - Air Niugini N/A Session 3
Sydney N/A Session 3

Learning outcomes and graduate attributes

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:

GA1: Intellectual rigour, GA2: Creativity, GA3: Ethical practice, GA4: Knowledge of a discipline, GA5: Lifelong learning, GA6: Communication and social skills, GA7: Cultural competence
Learning outcome count Learning outcome description GA1 GA2 GA3 GA4 GA5 GA6 GA7
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:

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

Prescribed learning resources

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Prescribed Texts
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Prescribed Texts
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Prescribed Learning Resources may change in future Teaching Periods.