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ACC597 Advanced Audit & Assurance CPA (8)

Abstract

The focus of this subject is the independent external audit of financial statements with particular reference to Australian Auditing Standards within the context of an audit risk model. Auditors’ duties and responsibilities are considered before moving to planning the audit, performing the audit and arriving at an audit opinion. Students will learn techniques to assess risk, mitigate risk and how to gather and evaluate audit evidence. This subject will also briefly cover internal auditing, performance auditing and auditing in the public sector.

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Continuing students should consult the SAL for current offering details prior to contacting their course coordinator: ACC597
Where differences exist between the handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject information

Duration Grading System School:
One sessionHD/FLSchool of Accounting and Finance

Enrolment restrictions

Available only to students enrolled in the Master of Professional Accounting (CPA) or the Master of Accounting Practice. Enrolment in this subject is further restricted to those students concurrently enrolled in the CPA Program professional level segment Advanced Audit and Assurance.

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to explain and critically evaluate the audit and assurance framework and the development of domestic and international auditing standards.
  • be able to provide a comphrensive explanation of the scope of auditing and assurance services in the private and public sectors.
  • be able to engage, plan, conduct and report on an audit.
  • be able to gather, document and interpret and critically evaluate evidence in the audit of financial statements.
  • be able to explain the nature and extent of risks involved in a financial statement audit, and how to mitigate risk.
  • be able to interpret the different types of audit opinions and be able to communicate audit results to governance and stakeholder groups.
  • be able to explain the purpose and practice of performance audits.
  • be able to reflect on and critically evaluate audit and assurance opportunities in emerging contexts, such as social responsibility audits.
  • be able to apply a professional code of ethics in performing all audit and assurance services.

Syllabus

The subject will cover the following topics:
  • The audit and assurance framework.
  • Auditing standards
  • Audit objectives and audit responsibilities
  • Audit risk assessment
  • Mitigating audit risk
  • Audit opinions and audit reports
  • The financial statement audit process
  • The auditor and fraud detection
  • The going concern assumption
  • Performance audits
  • Internal and other audits

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The information contained in the 2015 CSU Handbook was accurate at the date of publication: 01 October 2015. The University reserves the right to vary the information at any time without notice.