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Overview
This topic is designed to introduce the nature and purpose of auditing and the regulatory environment in which it operates, and the professional, ethical, and legal responsibilities of auditors. It considers the role of auditing to financial reporting and has an emphasis on auditing standards and their application to the … For more content click the Read More button below.
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Tuition pattern
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Aims
This topic aims to introduce the nature and function of audit engagements in Australia and the statutory responsibilities of auditors, ethical implications, and the legal consequences of an audit. It introduces the audit process including audit planning, risk and internal control assessment, substantive testing procedures, statistical sampling, and the reporting and communication of audit findings to relevant stakeholders.
Learning outcomes
On completion of this topic you will be expected to be able to:
1.
Assess the nature and purpose of auditing
2.
Evaluate the regulatory and professional requirements of auditors and apply relevant rules, standards and pronouncements to a financial statement audit
3.
Appraise audit planning, risk assessment and evidence gathering techniques, including sampling and substantive testing, and the use of computer-assisted audit techniques
4.
Determine the appropriateness of different types of audit opinions and explain the key features of an audit report
Assessments
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Requisites information
Pre-requisites:
Anti-requisites:
Assumed knowledge
Accounting standards and principles as well as legal framework.