Auditing and Assurance PG (11786.1)

Auditing and Assurance provides a study of the role of audit systems and assurance activities, as well as providing a critical evaluation of the values and assumptions underlying audit and assurance within the context of professional, legal, regulatory, social, political and ethical responsibilities and requirements. The unit draws on practical and theoretical components relevant to audit and assurance and draws on accounting skills and knowledge developed within business and accounting units in the programme. Students demonstrate work-integrated knowledge through their ability to apply and evaluate audit practice concepts, theories, methodologies, and skills to business problems and challenges that emerge in professional practice.

Learning outcomes

On successful completion of this unit, students will be able to:
1. Critically evaluate the audit system with emphasis on the relevant legal and regulatory environment, professional expectations related to ethics and independence and the broader social and political context of auditing;
2. Exercise critical thinking in the application of relevant auditing standards and regulation for the purpose of auditing general purpose financial statements;
3. Exercise judgement with respect to audit risk, material misstatement and appropriate audit strategies in responding to case-based scenarios; and exercise judgment in audit engagements (including the application of relevant quantitative methods), in identifying relevant audit evidence, including contradictory evidence, and in making decisions to reach conclusions relevant to the conduct of an audit; and
4. Exercise judgement in determining an audit opinion and critically evaluate whether there is sufficient and appropriate evidence to justify the audit opinion; and critically evaluate current research trends in auditing in relation to audit practice and its role in society.

Prerequisites

11403 Corporate Accounting PG

Corequisites

None.

Incompatible units

6398 Auditing AND 11218 Auditing

Equivalent units

6223 Auditing PG

Assumed knowledge

None.