Unit outline
| Important Update: | Our aim is to provide you with an optimal learning experience, regardless of how this unit is delivered. Teaching will be delivered in line with the most current COVID Safe health guidelines. This may include a mix of online and face-to-face. Please check the learning management system for announcements and updates. Thank you for your flexibility and commitment to studying with Sydney Institute of Higher Education. |
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| Enrolment modes: | Year 2, Semester 2 |
| Credit point(s): | 12.5 |
| EFTSL value: | 0.125 |
| Prerequisite: | BUS109 Financial Accounting |
| Typical study commitment: | Students will on average spend 10 hours per week over the teaching period undertaking the teaching, learning and assessment activities for this unit. |
| Scheduled learning activities: | 4 timetabled hours per week, 6 personal study hours per week |
Unit description
Auditing provides reasonable assurance to third party users of financial statements regarding the financial position of a company. This unit aims to provide students with an understanding of internal and external auditing practices. Students will examine the legal and ethical obligations of an auditor in forensic accounting and detection of fraud and error under auditing standards. They will also be able to identify and align regulatory frameworks and auditing standards while performing auditing practices using quantitative methods.
Unit learning outcomes (ULO)
| On the successful completion of this units student will be able to: | |
| ULO1 | Investigate the statutory duties and ethical responsibilities of auditors taking into account the Australian and international auditing and assurance standards. |
| ULO2 | Explore the nature of auditing and assurance services and dissect key concepts in auditing procedures. |
| ULO3 | Critique topical issues in current auditing theory and practice. |
| ULO4 | Design an audit plan taking into consideration the appropriate procedures to reduce the audit risks to an acceptable level. |
| ULO5 | Develop audit procedures to collect sufficient evidence and produce an audit report. |
Topics to be included in the unit
| 1. | Auditing and Assurance services: ethics and responsibilities |
| 2. | Audit reports |
| 3. | Performance engagements |
| 4. | Fraud management and audit risk |
| 5. | Risk assessment |
| 6. | Employee fraud |
| 7. | Revenue and collection cycle |
| 8. | Acquisition and expenditure cycle |
| 9. | Production cycle |
| 10. | Finance and investment cycle |
| 11. | Completing the audit |
| 12. | Other auditing services |
Assessment
| Assessment Description | Grading and weighting (% total mark for unit) |
Indicative due week |
| Assessment 1: Mid-Semester Exam | 30% | Mid-semester exam week |
| Assessment 2: Group Assignment | 30% | 12 |
| Assessment 3: Final Exam | 40% | Final exam week |
The assessment due weeks provided may change. Your lecturer will clarify the exact assessment requirements, including the due date, at the start of the teaching period.