Year
2021
Units
4.5
Contact
1 x 3-hour workshop weekly
Prerequisites
BUSN2036 - Financial Accounting Issues
Enrolment not permitted
BUSN3003 has been successfully completed
Assumed knowledge
Accounting standards and principles as well as legal framework.
Topic description

This topic provides an introduction to the nature and purpose of auditing and the regulatory environment in which it operates. The topic has an emphasis on essential auditing standards and their application to the audit process, as well as principles and professional practices. Practical issues of audit methodology including risk assessment, analytic review procedures, internal control assessment, substantive testing procedures, statistical sampling, fraud assessment and applied project management principles are covered. Contemporary issues such as the expectation gap as well as professional, ethical and legal responsibilities of auditors are considered. The audit implications of information technology and electronic commerce are examined.

Educational aims

This topic aims to introduce students to the nature and function of audit engagements in Australia, including:

  • Statutory responsibilities, ethical implications and the legal consequences of an audit
  • Auditing principles and standards in the context of risk management
  • Practical auditing methods and techniques in evidence gathering and evaluation, including the audit of computerised systems and the use of computer-assisted audit techniques (CAATs)
  • Reporting and communication of audit findings to relevant stakeholders
  • Develop general cognitive skills (especially analytical and evaluative skills)
  • Develop behavioural skills (especially personal and interpersonal skills) which can be employed in an organisational work environment
Expected learning outcomes
On completion of this topic you will be expected to be able to:

  1. Identify and explain the nature and purpose of auditing
  2. Explain the regulatory and professional requirements of auditors and apply relevant rules, standards and pronouncements to a financial statement audit
  3. Demonstrate an understanding of audit planning and risk assessment in an IT environment
  4. Describe audit evidence gathering techniques, including sampling and substantive testing, and the use of computer-assisted audit techniques
  5. Determine the appropriateness of different types of audit opinions and explain the key features of an audit report

Key dates and timetable

(1), (2)

Each class is numbered in brackets.
Where more than one class is offered, students normally attend only one.

Classes are held weekly unless otherwise indicated.

FULL

If you are enrolled for this topic, but all classes for one of the activities (eg tutorials) are full,
contact your College Office for assistance. Full classes frequently occur near the start of semester.

Students may still enrol in topics with full classes as more places will be made available as needed.

If this padlock appears next to an activity name (eg Lecture), then class registration is closed for this activity.

Class registration normally closes at the end of week 2 of each semester.

Classes in a stream are grouped so that the same students attend all classes in that stream.
Registration in the stream will result in registration in all classes.
  Unless otherwise advised, classes are not held during semester breaks or on public holidays.