Credit Points: 15
Prerequisite: BA214 Corporate Accounting
Workload: 36 contact hours
Campus: Melbourne, Sydney
Aims & Objectives
The unit topics include:
- The nature of auditing & professional ethics
- The audit report
- Audit responsibilities and objectives
- Risk assessment and materiality
- Audit evidence
- Audit planning
- The auditor’s legal environment
- Internal control and control risk assessment
- Overall audit plan and audit program
- Completing the audit
At the completion of this unit students should be able to:
- Explain the organisation’s and the auditor’s responsibilities for an audit
- Discuss reasons for performing different types of audits
- Understand the importance of planning an audit and distinguish the steps involved
Explain and apply the auditing standards, practice and process of auditing to practical situations
- Identify and evaluate the risks inherent in an audit, and report on current auditing issues
Tutorial/Workshop: 1 hour
Learning Outcomes Assessed
|Contribution in class||a-e*||10%|
|Final Exam (3 hours)||a-e*||50%|
*refer to learning outcomes above.
Moroney, R., Campbell, F., & Hamilton, J., (2017). Auditing: A Practical Approach, 3rd edition. Australia: Wiley.
Gray, I., Manson, S., & Crawford, L., (2015). The Audit Process; Principles, Practices and Cases, 6th edition. Australia: Cengage Learning
Chartered Accountants Australia & New Zealand [CAANZ] (2016). Auditing, Assurance and Ethics Handbook 2016, Australia: Wiley
Arens, A., (2016). Auditing, Assurance Services and Ethics in Australia, 1st edition. Australia: Pearson.
- Leung (2013). Modern Auditing & Assurance Services, 5th edition. Australia: Wiley.
MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:
|Ability to communicate||Independent and Lifelong Learning||Ethics||Analytical and Problem Solving||Cultural and Global Awareness||Team work||Specialist knowledge of a field of study|
|The standard is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations|
|The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations|
|The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations|
|The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by activities such as lectures or tutorials|
|The standard is not considered, there is no theory or practice or activities associated with this standard|