Faculty of Business and Economics

Monash University

Undergraduate - Unit

This unit entry is for students who completed this unit in 2012 only. For students planning to study the unit, please refer to the unit indexes in the the current edition of the Handbook. If you have any queries contact the managing faculty for your course or area of study.

print version

6 points, SCA Band 3, 0.125 EFTSL

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered, or view unit timetables.

FacultyFaculty of Business and Economics
OfferedSouth Africa First semester 2012 (Day)


An introduction to auditing covering the responsibilities, functions and qualities of the auditor and some of the statutory matters. It covers a review of the audit process from planning to the completion of the audit and includes the going concern concept; fraud and error; audit evidence; engagement and planning; internal controls and substantive procedures; completion of the audit and special audit investigations. The tests of control and substantive tests performed on the following business cycles are also included: revenue and receipts; acquisitions and payments; inventory and production; payroll and personnel; finance and investment.


The learning goals associated with this unit are to:

  1. explain and describe the general principles of auditing, the responsibilities, functions and qualities of the auditor and illustrate knowledge of a proper background to auditing
  2. explain and describe the audit process from planning to the completion of the audit, assess audit risk and determine materiality
  3. explain and describe all the relevant issues regarding the going concern concept and reliance on other parties, and to apply these on various simulated practical situations/in various audits
  4. identify, describe and examine internal controls in the context of external auditing, and to plan and apply that knowledge in simulated practical situations and to make recommendations in that regard
  5. apply tests of control and substantive testing to the business cycles
  6. apply critical thinking, problem solving and presentation skills to individual and/or group activities dealing with auditing and demonstrate in an individual summative assessment ask the acquisition of a comprehensive understanding of the topics covered in AFW2760.


Within semester assessment: 30%
Examination (3 hours): 70%

Chief examiner(s)

Ms Teresa Calvert

Contact hours

3 hours per week


Students must have passed AFW1002 or equivalent and BTW1201 before undertaking this unit.


AFW2041, AFW3941, AFW3942