Handbook : Unit informationEdith Cowan University

Faculty of Business and Law

School: Business

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

• Unit Title

  Auditing

• Unit Code

  ACC3510

• Year

  2015

• Enrolment Period

  1

• Version

  1

• Credit Points

  15

• Full Year Unit

  N

• Mode of Delivery

  On Campus
  Online

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Description

This unit adopts the 'risk-based' approach of assurance and audit. It covers the auditing and assurance concepts, frameworks, case laws, standards and regulations for auditors' engagement, planning, decision-making processes, risk assessments, testing procedures and reporting obligations. Future directions in the assurance and auditing environment internationally are covered. Students develop analytical, appraisal thinking , problem-solving, team work, written and oral communication skills.

Prerequisite Rule

Students must pass 1 unit from ACC2700

Learning Outcomes

On completion of this unit students should be able to:

1. Apply ethics, independence and corporate governance.
2. Assess risks, analyse entities and determine materiality.
3. Complete the audit and arrive at the auditor's opinion.
4. Develop analytical, problem-solving, written and oral communication.
5. Perform tests of control and substantive tests.
6. Plan the audit and describe the financial report audit process.
7. Understand the profession of assurance and auditing.

Unit Content

1. Appraising internal audit and testing internal controls.
2. Assurance and auditing framework, standards and guidelines.
3. Audit independence, professional code of ethics and corporate collapses.
4. Evaluating inherent control and business risks.
5. Problems and mitigating factors related to going concern of entities.
6. Professional duty of care, legal duties and liabilities of auditors.
7. Reporting obligations and opinion of auditor.
8. Review procedures and audit completion.
9. Strategy, planning, quality control and supervision by auditors.
10. Substantive testing of transactions and balances.

Additional Learning Experience Information

On-campus students will be expected to interactively participate in a weekly seminar of three hours duration. Each seminar comprises activities such as, lectures, problem-solving discussions and presentations. The content and order of these activities in the seminar may vary from time to time. Off-campus students will be supplied with unit materials to study and review every week with access via Blackboard. Regular online access to Blackboard and emails is required.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant Board of Examiners.

Text References

• ^ Gay, G., & Simnett, R. (2015). Auditing and assurance services in Australia (6th ed.). North Ryde: McGraw-Hill.
• ^ The Institute of Chartered Accountants of Australia. (2015). Auditing, assurance and ethics handbook 2015. Sydney: John Wiley and Sons.
• Leung, P., Coram, P., & Cooper, B. (2011). Modern auditing and assurance services (5th ed.). Milton: John Wiley & Sons.
• Roebuck, P., Martinov-Bernie, N., & Soh, D. (2014). Auditing and assurance: A case studies approach (6th ed.). Chatswood: LexisNexis Butterworths.
• Arens, A., B., Elder, R., & Beasley, M. (2012). Auditing and assurance services: An integrated approach (14th ed.). New Jersey: Prentice-Hall.

^ Mandatory reference

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