Monash University Handbook 2010 Postgraduate - Unit

Synopsis

Topics include nature and objectives of auditing; auditing standards; audit reporting; audit expectation gap and legal liability; professional ethics and quality control; audit evidence; audit planning, strategic business risk analysis, materiality, analytical review procedures and audit risk model; study and evaluation of internal control and model; assessing control risk CIS audit techniques, test of transactions and tests of balances, completing the audit and post audit responsibilities; internal auditing and performance auditing, other assurance services and current issues in auditing.

Objectives

The learning goals associated with this unit are to:

1. explain the role, limitations and demand for audits in modern corporate society including the auditor's professional, ethical and legal obligations
2. explain the auditor's role in corporate governance with particular emphasis on the detection and reporting of fraud and error
3. develop an understanding of the assurance framework and the key evidence gathering procedures used by auditors when planning, assessing the risks of material misstatements, carrying out substantive tests and analytical procedures, completing the audit, and forming an audit opinion
4. develop an ability to work independently and to lead and participate in teams from diverse cultural and social backgrounds by setting both independent and group assessable tasks
5. apply critical thinking, problem solving and presentation skills to individual and / or group activities dealing with auditing and assurance and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by AFX9570.

Assessment

Within semester assessment: 35%
Examination (3 hours): 65%

Chief examiner(s)

Michael De Martinis

Contact hours

3 hours per week

Co-requisites

AFX9530

Prohibitions

AFG9041, AFX5621