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

Study level:
Postgraduate
Credit points:
12
Unit code:
BAO5524

Prerequisites

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

Assessment type Description Grade
Test Online quiz 20%
Case Study Applying audit theories/procedures to a practical situation on a real-life company (group) 30%
Test In-class test 50%
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: a practical approach 3rd ed
Moroney, R, Campbell, F & Hamilton, J (2017)
John Wiley & Sons Australia Ltd, Milton, Qld

Where to next?

As part of a course

This unit is studied as part of the following courses. Refer to the course page for information on how to apply for the course.

Study a single unit

This unit can be studied on its own, without enrolling in a full degree. Learn more about single units of study at VU.

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