This unit of study provides students with knowledge and appreciation of the objectives and limitations of an audit, including a theoretical understanding of key auditing principles, concepts and practices, which comprise the audit process. Specifically, the unit of study develops professional and technical skills by exploring some of the key tools used by auditors for collecting and evaluating evidence so as to enable them to express an opinion on the fair presentation of financial reports.
As such, the unit of study provides both a practical and conceptual approach to external, as well as internal and public sector auditing, enabling students to gain a complete picture of the audit process in light of contemporary audit issues. In addition, the unit of study aims to enhance a number of generic skills through both the formal components of assessment and the student's class participation both manually and through the use of computer software (MYOB). These include: research, problem solving, and analytical skills; written and presentation skills; and group interaction skills.

Unit details

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Credit points:
Unit code:


BAO5525 - Financial and Corporate Accounting

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Critically review why audit and assurance services are essential and argue their need in the current environment in which auditors operate, including legal, ethical and professional aspects;  
  2. Interpret the key auditing principles, concepts and practices used by auditors to gather evidence and make judgments in order to form an audit opinion on the fair presentation of financial reports;  
  3. Validate key audit procedures by using them in the audit of specific transactions and account balances in a large organisation; and  
  4. Exemplify professional practice by acting ethically and responsibly in completing an audit collaboratively.  


Assessment type Description Grade
Test Mid Semester Test - 50 minutes 20%
Assignment Group Assignment - Case Study 20%
Examination Final Examination - 3 hours (all topics) 60%
Note: Only hand-held non-programmable calculators may be used in examinations. Students may use any form of silent, hand-held calculators, except for programmable calculators or calculators with text storage capacity.

Required reading

Auditing and Assurance Services In Australia (7th ed.).
Grant, G., & Simnett, R. (2018).
Australia: McGraw Hill Education.

Auditing, Assurance and Ethics Handbook (14th ed.).
CPA Australia. (2019).
Milton, QLD: John Wiley.

Students may opt for eBook or print version with Connect access

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