ACCT71-305: Auditing

Description

Auditing is an important process necessary to provide assurance about the accuracy and transparency of corporate financial statements. This subject introduces the principles and practices of external auditing in the public accounting domain within the framework of Australian and International Auditing Standards. Whilst the audit risk model and each phase of the audit process is presented, emphasis is also placed on ethical considerations, independence and corporate governance.

Subject details

Learning outcomes

1. Explain the purpose, nature and limitations of financial statement auditing.
2. Demonstrate an understanding of the principles of professional ethics and auditor independence and the role of regulators.
3. Explain the phases of an audit, and how understanding an entity and its environment assists the auditor in developing audit strategies and obtaining evidence.
4. Demonstrate the ability to make decisions about various elements of the audit risk model, and determine how those decisions influence decisions about the nature, timing, and extent of audit procedures.
5. Apply appropriate tests of controls and substantive testing procedures in executing an audit.
6. Explain the auditor's responsibilities in completing, and reporting on, a financial audit.
7. Prepare an audit report on a set of financial statements.

Enrolment requirements

Subject outlines

• January 2021 [Standard - ‎]
• September 2020 [Standard - Auditing]
• January 2020 [Standard]
• September 2019 [Standard]
• January 2019 [Standard]
• September 2018 [Standard]
• January 2018 [Standard]
• September 2017 [Standard]

Subject dates