Auditing
Mr Darshan Gill
6 points
* 3 hours per week
* First, second semester
*
Caulfield, Peninsula
* Prerequisites: FIN1151 and ACC2491
Objectives On completion of this subject students should be familiar with the nature and scope of the auditor's work; gain an understanding of auditing concepts and auditing methodology; have knowledge of internal control structure elements and their applicability to transaction cycles; be able to develop an audit strategy and perform tests of controls, analytical review procedures and substantive tests; be able to formulate an appropriate audit opinion; demonstrate competence in business communication through oral presentation and written assessment.
Synopsis Nature and objectives of auditing, auditing standards, auditors' responsibilities - audit expectation gap and legal liability, professional ethics and auditor independence, audit objectives - audit evidence and working papers, planning the audit - materiality and risk, analytical review procedures, understanding the internal control and assessing control risk and detection risk, preliminary audit strategies and design of substantive tests, auditing in a CIS environment - general controls, application controls and tests of systems and controls, auditing the transaction cycles and performing substantive procedures, completing the audit and post audit responsibilities, audit reporting, other reports and services.
Assessment Multiple-choice tests: 20%
* Research
report/presentations: 20%
* Examination: 60%
Prescribed texts
Gill G S and Cosserat G W Modern auditing in Australia 4th edn, Wiley, 1996
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