Abstract

This subject explores the practice and theory of auditing and forensic investigation adopting a risk-based approach to auditing and assurance services.   The expanding role of auditing to financial and nonfinancial reporting will provide opportunity to appreciate the changing role of the auditor and societies expectation of ethics and good governance … For more content click the Read More button below.

Syllabus

The audit function - an overviewGovernace, ethics, legal environment and the role of the forensic accountantElements of the financial report audit and the audit teamBusiness riskAudit planning and the audit teamInternal control and the internal auditAudit testing, sampling and computer assisted auditing toolsCompleting the auditReporting obligationsExpanding role for auditorsCSR audits

Learning outcomes

Upon successful completion of this subject, students should:
1.
be able to explain and critically evaluate influences on audit and assurance services including: Australian and international professional standards, statutory and common laws, regulatory bodies, and public expectations within a global market;
2.
be able to identify and critically evaluate the expanding scope of assurance services and providers in today's international business environment including non-financial reporting;
3.
be able to apply risk management methodologies and identify how information communication technology supports identification, reporting and management of risk, and enhances the efficiency and effectiveness of an organisation's systems and processes and analyse the adequacy of information communication technology processes and controls and identify improvements in an audit context;
4.
be able to explain how technological advances that support data analysis, decision making, can enhances the efficiency and effectiveness of communication in an audit context;
5.
be able to design an audit plan and select and apply appropriate audit procedures for a financial statement audit;
6.
be able to explain the importance of collaboration, cooperation, and teamwork when working towards audit goals;
7.
be able discuss the role of the audit professional in diverse audit teams involved in assurance of sustainability and other nonfinancial reports; and
8.
be able to exercise critical and reflective judgement and appreciate the value of ethical practice.