Acct8522/acct8722 Principles of Auditing



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Unit Outline*





ACCT8522/ACCT8722

Principles of Auditing







Semester 2, 2011

Crawley




Ms Debbie Gilchrist




Business School

www.business.uwa.edu.au

* This Unit Outline should be read in conjunction with the Business School Unit Outline Supplement available on the StudentNet web site http://www.business.uwa.edu.au/students




ACCT8522/Crawley/DG/7.07.11.




All material reproduced herein has been copied in accordance with and pursuant to a statutory licence administered by Copyright Agency Limited (CAL), granted to the University of Western Australia pursuant to Part VB of the Copyright Act 1968 (Cth).
Copying of this material by students, except for fair dealing purposes under the Copyright Act, is prohibited. For the purposes of this fair dealing exception, students should be aware that the rule allowing copying, for fair dealing purposes, of 10% of the work, or one chapter/article, applies to the original work from which the excerpt in this course material was taken, and not to the course material itself.

© The University of Western Australia 2011



UNIT DESCRIPTION
Introduction
Welcome to ACCT8522 Principles of Auditing. This unit is offered by the UWA Business School as an elective unit in the Masters of Professional Accounting. It is usually one of the final units taken by students as part of this award.
Auditing is an inter-disciplinary subject in that it draws upon your knowledge and understanding of company law, financial accounting, management accounting, accounting information systems and taxation. It is impossible to cover all of the areas in depth for a unit spanning 13 weeks but the course aims to lay a foundation for those students who will proceed to an audit working environment by enabling them to apply and build on the concepts learnt in this unit. Those students who do not wish to enter public practice will nevertheless gain an appreciation of the audit function and its important role in the business and assurance arena.
The unit will introduce students to the profession of auditing with emphasis on practical auditing concepts, the auditor’s decision-making processes and the appropriate audit procedures to be undertaken. The core theme of the course is the external audit of corporations, from initial planning to final reporting in the context of a professional environment.
Unit content
This unit examines the role of the auditor in the assurance marketplace, auditor’s rights, duties and responsibilities, auditing standards, audit planning, audit evidence, tests of controls, substantive testing and audit reporting.
The Goal of the unit
This unit will introduce you to the principles and practice of auditing. It is designed to give you knowledge of the theoretical concepts surrounding the audit function as well as an overview of the audit process. All the various stages of the auditing process are examined during the course of the semester with some of the more important processes examined in detail.
The objectives of ACCT8522 are to develop your understanding of various audit processes and to advance the analytical and decision making skills of students by applying auditing theory and concepts to practical problems. Your ability to do well in auditing depends on your ability to think laterally, rather than to memorise information. Strong emphasis is placed on your ability to communicate your views in a clear, concise and logical manner.
This unit contributes towards the master of Professional Accounting, which once satisfactorily completed, provides for accreditation by CPA Australia and the Institute of Chartered Accountants in Australia.


Learning outcomes
On successful completion of this unit, students should be able to:


  • Understand the regulatory framework in which auditors operate;

  • Evaluate the business risks of an audit client, assess the consequent risks of material misstatement, and develop the audit tests needed to obtain the evidence required to support an opinion on the company’s financial report;

  • Determine the appropriate audit procedures to be used in specific scenarios and relate audit procedures to the concepts, audit assertions and professional standards of “risk-based” financial report auditing;

  • Evaluate the quality of audit procedures performed;

  • Determine the auditors responsibility for identifying and dealing with events occurring after balance date, and

  • Identify the appropriate audit report for a given set of circumstances.


Educational Principles and Graduate Attributes
In this unit, you will be encouraged and facilitated to develop the ability to:


  • Master the subject matter, concepts and techniques of auditing at internationally recognised levels and standards

  • Acquire the skills required to learn, and to continue through life to learn, from a variety of sources and experiences

  • Adapt acquired knowledge to new situations

  • Undertake problem identification, analysis and solution

  • Acquire mature judgement and responsibility in ethical, moral, social, and practical, as well as academic matters

  • Think and reason logically and creatively

  • To work independently and in a team



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