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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.
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