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Unit of Study ACCT6003 - Professional Auditing (2021)

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Unit Snapshot

  • Enrolment information

    This is an advanced unit. It is highly recommended that students take this unit after having completed an introductory Finance or Economics unit.

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. 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

Availabilities

Location Domestic International
Melbourne N/A
Session3
Online
Session3
Session3
Perth N/A
Session3
Sydney N/A
Session3

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.

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.

Prescribed learning resources

Prescribed Texts
  • No prescribed texts.

Prescribed Learning Resources may change in future Teaching Periods.