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Gold Coast
Term5
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Unit Summary

Unit type

PG Coursework Unit

Credit points

12

Anti-requisites

ACC00704 Auditing and Accounting Practice

Unit aim

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

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

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 identify and evaluate key auditing standards, ethical code and quality control requirements for audit and assurance engagements in a complex business environment
2 analyse the significance of materiality and risk in the audit process for gathering evidence and apply appropriate audit sampling methods
3 discuss the importance of internal controls to the audit process and analyse audit processes to conduct audit
4 evaluate and conclude different types of audit opinions included in the financial reports with professional judgement.

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

  1. identify and evaluate key auditing standards, ethical code and quality control requirements for audit and assurance engagements in a complex business environment
  2. analyse the significance of materiality and risk in the audit process for gathering evidence and apply appropriate audit sampling methods
  3. discuss the importance of internal controls to the audit process and analyse audit processes to conduct audit
  4. evaluate and conclude different types of audit opinions included in the financial reports with professional judgement.

Prescribed texts

  • Prescribed text information is not currently available.
Prescribed texts may change in future teaching periods.