ACC395 Risk Based Audit and Assurance (8)

This subject explores the practice and theory of auditing and forensic investigation adopting a risk-based approach to auditing and assurance services.   The expanding role of auditing to financial and nonfinancial reporting will provide opportunity to appreciate the changing role of the auditor and societies expectation of ethics and good governance in the role of auditing. The concept of risk management is emphasised as it permeates all functions of management, audit and corporate governance.

Availability

Session 1 (30)
On Campus
CSU Study Centre Melbourne
CSU Study Centre Sydney
Online
Albury-Wodonga Campus
Session 2 (60)
Online
Albury-Wodonga Campus

Continuing students should consult the SAL for current offering details: ACC395. Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject Information

Grading System

HD/FL

Duration

One session

School

School of Business

Enrolment Restrictions

Not available to students who have completed ACC331.

Prerequisites

( ACC210 or ACC293 ) and ( ACC222 or ACC294 )

Subject Relationships

ACC331 Significant overlapping content

Incompatible Subjects

ACC331

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to explain and critically evaluate influences on audit and assurance services including: Australian and international professional standards, statutory and common laws, regulatory bodies, and public expectations within a global market;
  • be able to identify and critically evaluate the expanding scope of assurance services and providers in today's international business environment including non-financial reporting;
  • be able to apply risk management methodologies and identify how information and communication technology supports identification, reporting and management of risk, and enhances the efficiency and effectiveness of an organisation's systems and processes,
  • be able to analyse the adequacy of information and communication technology processes and controls and identify improvements in an audit context;
  • be able to explain how technological advances that support data analysis, decision making, can enhances the efficiency and effectiveness of communication in an audit context;
  • be able to design an audit plan and select and apply appropriate audit procedures for a financial statement audit;
  • be able to explain the importance of collaboration, cooperation, and teamwork when working towards audit goals;
  • be able discuss the role of the audit professional in diverse audit teams involved in assurance of sustainability and other nonfinancial reports; and
  • be able to exercise critical and reflective judgement and appreciate the value of ethical practice.

Syllabus

This subject will cover the following topics:
  • The audit function - an overview
  • Governance, ethics, legal environment and the role of the forensic accountant
  • Elements of the financial report audit and the audit team
  • Business risk
  • Audit planning and the audit team
  • Internal control and the internal audit
  • Audit testing, sampling and computer assisted auditing tools
  • Completing the audit
  • Reporting obligations
  • Expanding role for auditors
  • CSR audits

Indicative Assessment

The following table summarises the assessment tasks for the online offering of ACC395 in Session 3 2021. Please note this is a guide only. Assessment tasks are regularly updated and can also differ to suit the mode of study (online or on campus).

Item Number
Title
Value %
1
Reflections: data analytics
5
2
Case study: independence and business risk
10
3
Case study: planning and delivering the audit
20
4
Collaboration: peerwise
5
5
Final exam
60

The information contained in the CSU Handbook was accurate at the date of publication: June 2022. The University reserves the right to vary the information at any time without notice.

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