Offered

Clayton Second semester 2008 (Day)

Synopsis

Topics include an overview of the audit function and assurance framework, and of different types of audit and assurance service; duties of the external auditor; the auditor's liability to third parties; detection and reporting of fraud; the audit process and techniques including planning, business risk assessment, tests of controls, substantive testing, reviewing internal control, gathering audit evidence, using analytical procedures, and audit sampling; the audit of computer information systems; audit reporting; internal auditing; performance auditing; and emerging issues.

Objectives

The learning objectives of this unit are to:

• explain the role, limitations and demand for audits in modern corporate society including the auditor?s professional, ethical and legal obligations;
• explain the auditor?s role in corporate governance with particular emphasis on the detection and reporting of fraud and error;
• describe the assurance framework, planning process and evidence gathering procedures used by auditors to form an audit opinion;
• apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with auditing and assurance.

Assessment

Within semester assessment: 40%
Examination (3 hours): 60%

Contact hours

Three hours per week

Prerequisites

AFC2120

Prohibitions

AFF3631, AFW3041