Entry requirements and weighting

Prerequisites: MA506 & MA511
Corequisites: Nil
Credit Points: 15 credit points
Level: Year 2, Core

Brief description
Auditing examines the professional environment in which auditor operates with a particular emphasis on auditing standards, ethics and auditor’s legal liability.  In addition the unit will also examine audit planning and methodology and the testing of internal controls. The aim of this course is to provide an introduction to the underlying concepts and objectives of auditing and the subsequent reporting function of the auditor. Emphasis is placed on both theoretical and practical aspects of auditing.  The course aims to give the students a complete picture of the audit process. 

This unit will cover the following topics:

  1. Auditing and ethics
  2. The audit report, planning and materiality
  3. Audit responsibilities and objectives
  4. Audit evidence sampling
  5. Materiality and risk
  6. Internal control and risk assessment
  7. Auditing sales, receivables, inventory, property plant and equipment

Learning outcomes
Students will gain the following capabilities, competencies, and professional skills upon completion of this unit

  1. To understand and explore the environment in which the auditor operates and identify the organisations that influence the auditing practices
  2. To understand and describe the basic ethical principles for auditors
  3. To understand the impact of legal environment on the audit profession
  4. Be able to explain the principles of internal control
  5. Be able to understand and apply auditing techniques to different situations
  6. Be able to communicate the findings to relevant stakeholders.