Auditing
Associate Professor Gurdarshan S. Gill
6 points (MPracAcc), 4 points (GradDipAcc) * 39 hours per semester * First, second, summer semester * Caulfield, Sydney, Singapore, Hong Kong (not offered in all locations in all semesters) * Prerequisites: ACC6500, FIN6020
Objectives On completion of this subject students should be able to explain the nature and scope of the auditor' s work, obtain an understanding of audit principles and audit testing methodology; have an understanding of the elements of internal control structure and the methodology for the study and evaluation of the same; be able to perform analytical review procedures, tests of controls and substantive tests; formulate an appropriate opinion based on results of the audit.
Synopsis The subject will cover the following topics nature and objectives and auditing; auditing standards; audit reporting; auditors' responsibilities; audit expectation gap and legal liability; professional ethics and quality control; assertions, objectives, evidence and working papers; audit planning, materiality, risk and analytical review procedures; preliminary audit strategy; study and evaluation of internal control structures, the internal control issues relating to computers; assessing control risk and tests of controls; assessing detection tests; auditing the transaction cycles; completing the audit and post audit responsibilities; audit reporting.
Assessment Examination 1: 20% * Examination 2: 20% * Final examination (3 hours): 60%
Prescribed texts
Gill G S and Cosserat G W P Modern auditing in Australia 3rd edn, Wiley, 1993