Details for ACC320 Audit and Assurance

As financial transparency becomes increasingly crucial, this unit shines a light on the critical role of auditing in ensuring the reliability of financial statements. Students will delve into the auditing process and its essential legal and ethical foundations, gaining insights into risk assessment, audit strategy design, and report formulation.

Quick Stats

• Currently offered by Alphacrucis: Yes
• Course code: ACC320
• Credit points: 10

Subject Coordinator

Prerequisite

ACC202 Financial Reporting

Unit Content

Outcomes

1. Identify and explain the nature and purpose of auditing;
2. Explain the risk based methodology for auditing, as specified in Australian Auditing Standards;
3. Demonstrate an ability to interpret basic general purpose financial statements, and design an audit strategy to address the risks of errors in those statements, based on an analysis of the business risks faced by a company and the quality of internal controls;
4. Formulate and execute a plan for the audit of financial statements, and then produce an appropriate report on the audit risks faced by a company, of a suitable standard for presentation to audit partners;
5. Describe and evaluate the differences between audit of financial statements and other assurance services;
6. Explain and demonstrate an understanding of the Auditors’ responsibilities, including regulatory and professional requirements, legal liabilities and related ethical requirements;
7. Describe and discuss the development of assurance and audit framework internationally and within Australia, including the auditing process and the role of auditing standards.

Subject Content

• An overview of Auditing including the audit of financial statements
• Client evaluation and planning the audit
• Audit risk assessment
• Materiality and audit evidence
• Tests of controls
• Designing substantive testing procedures
• Audit sampling
• Auditing inventories and property, plant and equipment
• Auditing sales and receivables
• Auditing purchases, payables and payroll
• Auditing cash and investments
• The auditor’s report;
• Completing the audit
• Professional Ethics, independence and audit quality
• The auditor’s legal liability
• Other assurance engagements and quality standards

This course may be offered in the following formats

• Face to Face (onsite)
• eLearning (online)

Please consult your course prospectus or enquire about how and when this course will be offered next at Alphacrucis University College.

Assessment Methods

• Online quizzes (15%0
• Assurance Case (15%)
• Essay (20%)
• Exam (50%)

Prescribed Text

• Leung, P., Coram, P., Cooper, B. & Richardson, P. (2014). Modern Auditing and Assurance Services (6th ed.). Milton, Queensland: John Wiley and Sons, Australia.

Please consult your instructor before purchasing any texts