Offered

Caulfield First semester 2008 (Day)
Caulfield First semester 2008 (Evening)
Caulfield Second semester 2008 (Day)

Synopsis

Nature and objectives of auditing, auditing standards, auditors' responsibilities, professional ethics and auditor independence, audit objectives, planning the audit, analytical review procedures, understanding the internal control structure and assessing control risk and detection risk, preliminary audit strategies and design of substantive tests, auditing in a CIS environment, auditing the transaction cycles and performing substantive procedures, completing the audit and post audit responsibilities, audit reporting, other reports and services.

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: 35%
Examination (3 hours): 65%.

Contact hours

3 hours per week

Prerequisites

AFF2491

Prohibitions

AFC3160, AFW3041