Special Consideration
ACC307 Auditing and Assurance
Unit Description
This unit examines the contemporary risk and assurance approach to internal and external auditing. This includes the audit planning processes, assessment of audit risk, collection and evaluation of audit evidence and the audit reporting process. The unit introduces an understanding of the legal environment in which the auditor works. It focuses primarily on the requirements of a financial statement audit under Australian Corporations Law and the Australian Auditing Standards.
The unit aims to provide an introduction to essential concepts, professional standards, law, fieldwork and reporting practices of auditing in Australia. The unit provides a foundation for undertaking a financial statement audit. The unit examines auditing and assurance services with a focus on the financial report audit. The regulatory and legal environment is discussed. Students learn about the planning, execution and reporting phases of the audit.
Expected Student Workload
Number of timetabled hours per week: 4 hours (2 hours in lecture and 2 hours in tutorial)
No. personal study hours per week: 6 hours
Total workload hours per week: 10 hours
Prerequisites
ACC204 Financial Accounting and Reporting
ACC205 Corporate Accounting
Unit Weighting
Unit credit points: 10
Total course credit points: 240
Delivery Mode
Face to face on VSC campus
Unit Learning Outcomes (ULO)
ULO1: Explain the roles and duties of internal and external auditors.
ULO2: Assess the context of the business risk and assurance approaches to audit, including ethical and professional implications.
ULO3: Demonstrate an understanding of the relevant legislation, Australian Auditing Standards, professional and legal responsibilities of external financial auditors.
ULO4: Apply concepts of assurance, compliance and business risk to the auditing process, and analyse indicators of potential misstatements.
ULO5: Demonstrate risk analysis, analytical & review processes and procedures to detect or refute the existence of misstatements to form audit opinions.