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Unit of Study ACCT6003 - Professional Auditing (2024)

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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

Module 1: Overview of audit, assurance and professional ethics
Module 2: Risk assessment and audit strategy
Module 3: Audit evidence and sampling
Module 4: Understanding the client's internal controls and tests of controls
Module 5: Substantive audit procedures and testing
Module 6: Completing and reporting the audit

Availabilities

Location Domestic International
Gold Coast
Term5
Term5
Melbourne N/A
Summer Term
Term5
Online
Term5
Term5
Perth N/A
Summer Term
Term5
Sydney N/A
Summer Term
Term5

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:

identify and evaluate key auditing standards, ethical code and quality control requirements for audit and assurance engagements in a complex business environment

analyse the significance of materiality and risk in the audit process for gathering evidence and apply appropriate audit sampling methods

discuss the importance of internal controls to the audit process and analyse audit processes to conduct audit

evaluate and conclude different types of audit opinions included in the financial reports with professional judgement.

Prescribed learning resources

Prescribed Texts
  • This Handbook contains the Australian Auditing Standards referred to throughout the unit. Students are encouraged to make use of the most recent edition of the Handbook due to the evolving nature of auditing standards. Just be aware that if you are accessing pdf version of individual standards from AUASB website (they are free) then make sure to download them as required.: : CAANZ (Chartered Accountants Australia and New Zealand), 2021, Auditing, Assurance and Ethics Handbook 2021, 16th edn, John Wiley & Sons Limited, Milton, Queensland. ISBN: 9780730392149.
  • This text is referred to and used throughout the unit. The e-text is strongly recommended though a much more expensive printed version is available. PLEASE NOTE the link to the publisher website for purchase: http://www.wileydirect.com.au/buy/auditing-a-practical-approach-3rd-edition/:: Moroney, R, Campbell, F & Hamilton, J , 2020, Auditing: A Practical Approach, 4th edn, John Wiley and Sons Ltd, Australia, Milton, Qld. ISBN: 9780730382645.
Prescribed Resources/Equipment

  • Access to a computer with a webcam and reliable internet connection.  Students will be required to complete an onboarding process to verify their identity before attempting the online exam in this unit.

     

Prescribed Texts
  • This Handbook contains the Australian Auditing Standards referred to throughout the unit. Students are encouraged to make use of the most recent edition of the Handbook due to the evolving nature of auditing standards. Just be aware that if you are accessing pdf version of individual standards from AUASB website (they are free) then make sure to download them as required.: : CAANZ (Chartered Accountants Australia and New Zealand), 2021, Auditing, Assurance and Ethics Handbook 2021, 16th edn, John Wiley & Sons Limited, Milton, Queensland. ISBN: 9780730392149.
  • This text is referred to and used throughout the unit. The e-text is strongly recommended though a much more expensive printed version is available. PLEASE NOTE the link to the publisher website for purchase: http://www.wileydirect.com.au/buy/auditing-a-practical-approach-3rd-edition/:: Moroney, R, Campbell, F & Hamilton, J , 2020, Auditing: A Practical Approach, 4th edn, John Wiley and Sons Ltd, Australia, Milton, Qld. ISBN: 9780730382645.
Prescribed Resources/Equipment

  • Access to a computer with a webcam and reliable internet connection.

Prescribed Learning Resources may change in future Teaching Periods.