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Location Domestic International
Melbourne N/A
Session1,3
Online
Session1,3
Session1,3
Papua New Guinea - IBSU Port Moresby N/A
Session1,3
Perth N/A
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Sydney N/A
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Unit Summary

Unit type

UG Coursework Unit

Credit points

12

Unit aim

Introduces students to the concepts and practice of auditing, the way the profession has developed and the way the profession is meeting current business and social needs. In addition, the use of statistical techniques and EDP systems in auditing will be reviewed.

Unit content

This unit comprises an introduction and four modules, and is based on a 120-hour workload for the student. The list below shows in brackets, the recommended number of weeks for the Introduction and each module as well as content for each module:

Introduction and perception (1 week).

Module 1: Overview, client acceptance and evidence (3 weeks):

  • Overview
  • Ethics, legal liability & client acceptance
  • Evidence & workpapers

Module 2: Planning and sampling (3 weeks):

  • Understanding the client (what to look out for)
  • Assessing audit risk & materiality (using what you find)
  • 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

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:
1 discuss 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 analyse and evaluate the significance of materiality and risk to the steps in the audit process for gathering evidence
4 discuss the importance of internal controls and computers to the audit process
5 identify and apply various audit sampling methods
6 apply and evaluate the use of different types of audit opinions on financial reports.

On completion of this unit, students should be able to:

  1. discuss 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. analyse and evaluate the significance of materiality and risk to the steps in the audit process for gathering evidence
  4. discuss the importance of internal controls and computers to the audit process
  5. identify and apply various audit sampling methods
  6. apply and evaluate the use of different types of audit opinions on financial reports.

Prescribed texts

  • No prescribed texts.

  • No prescribed texts.
Prescribed texts may change in future teaching periods.