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Unit of Study ACC93211 - Professional Auditing (Online) (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 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

 

Availabilities

Not currently available in 2015

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: