Auditing and accountability
Mr Peter Schelluch
One 3-hour session per week
* Second semester
* Clayton
Objectives On completion of this subject students should be able to identify the objectives and principal characteristics of different types of audits, with particular emphasis on financial report audits; understand the demand for audit services and the benefits derived from audits; be able to apply the legal, ethical and professional rules which govern the conduct of audits; be familiar with the concepts and means used by auditors to plan, gather evidence and make judgements in order to form an audit opinion, in both computer and non-computer environments; be familiar with the form and content required for different types of audit reports, including the factors which give rise to qualified audit reports.
Synopsis The objective of this subject is to provide students with an understanding of the role of auditors (external and internal) in the overall accountability process of private and public sector entities. The subject will cover the following topics: overview of the audit function and of different types of audits; duties of the external auditor; the auditor's liability to third parties; the audit process and techniques including planning, compliance testing, substantive testing, detection and reporting of fraud and error; control; risk assessment; audit evidence; analytical procedure and audit sampling; EDP audit; EDP controls and computer-assisted audit techniques; and audit reporting.
Assessment Written (case study): 10%
* Tutorial presentation: 10%
* Mid-semester test: 20%
* Examination (3 hours): 60%
Prescribed texts
Australian Society of CPAs and the Institute of Chartered Accountants in Australia Auditing handbook Prentice-Hall, 1995
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