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This unit enables students to comprehend the key concepts of auditing as a discipline, to demonstrate the relationship between auditing and the systems of accountability and to demonstrate the differences between manual and EDP audit processes. The unit builds on the knowledge of accounting and accounting standards acquired in prior units by enabling students to understand in detail the audit process (including professional auditing standards and techniques) which leads to the auditor providing an opinion on the financial reports of various types of entities. Ethics and auditor's liability are also covered.
Audit and Assurance is a third year unit, which is included in the degree program to enable students to comprehend the key concepts of auditing as a discipline, to demonstrate the relationship between auditing and the systems of accountability and to demonstrate the differences between manual and computerised information systems (CIS) audit processes. The unit builds on the knowledge of accounting and accounting standards acquired in prior units by enabling students to understand in detail the audit process (including professional auditing standards and techniques and ethical requirements) which leads to the auditor providing an opinion on the truth and fairness of financial reports of various types of entities.
The aim is to give students a basic knowledge of auditing concepts, procedures, and issues to support the auditor's opinion in financial reports. This then combines with all other knowledge of financial reporting and governance requirements in a business environment, derived from other units.
Undergraduate Coursework AoLs
The QUT Business School has established the Assurance of Learning (AoL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Unit Learning Outcomes (ULOs)
On completion of this unit, you should be able to:
1. Discuss the nature and purpose of auditing and assurance services and the impacts of regulatory and professional requirements on these services, including audit litigation.
2. Apply auditing concepts, standards, techniques and theory to critically analyse, evaluate, synthesise, problem solve and make decisions on practical issues and situations within the auditing process.
3. Use teamwork knowledge and written communication skills to identify ethical issues arising in a professional environment and justify written decisions within the relevant ethical code and framework.
This unit covers the regulatory and ethical frameworks within which assurance services are provided, the processes and techniques utilised by assurance service providers and other related audit and assurance issues. Students should acquire knowledge of auditing and its procedures, auditing standards and other professional pronouncements. The issues covered in auditing are techniques practiced both in Australia and overseas.
The graduate capabilities this unit develops are discipline knowledge, analysis, evaluation and synthesis of theory and practice, planning, problem solving and decision making, working in a team, written communication and ethics.
Attendance at ALL classes is strongly encouraged as additional information such as emphasis and explanations will inevitably be given there.
Lectures provide theoretical coverage of audit issues, standards and auditing concepts and the application of these techniques and issues to practical auditing examples and exposure to the use of technology in auditing. This strategy exposes students to all aspects of the conduct of an audit and associated auditing issues.
Tutorials which lag behind lectures by one week further develop students understanding and comprehension of the theoretical and practical aspects of auditing. The tutorial questions aim to consolidate students' understanding of the basic auditing concepts and to develop a more in-depth knowledge and critical thinking about the issues covered in lectures and in the text.
The group assignment aims to further develop student's knowledge of key concepts of ethics and audit planning, within the professional environment and apply these to a practical case study. The assignment also aims to further develop students writing and reporting skills.
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Modern Auditing & Assurance Services + iStudy. 6th ed. (2015). Leung, P., Coram, P., Cooper, B., Richardson, P., John Wiley & Sons Australia Ltd.
Modern Auditing & Assurance Services E-Book + iStudy. 6th ed. (2015). Leung, P., Coram, P., Cooper, B., Richardson, P., John Wiley & Sons Australia Ltd.
Auditing, Assurance Services & Ethics In Australia 9th ed. (2013). Arens, A., Best P., Shailer G., Fiedler B.; Pearson Australia.
Auditing + Assurance A Business Risk Approach 3rd ed. (2012). Jubb C., Rittenberg L., Johnstone K., & Gramling A.; Cengage Learning.
Auditing Assurance and Ethics Handbook 2015. Pearson Education, Australia
Additional references can also be found at the unit's Blackboard site: https://blackboard.qut.edu.au/
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
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You can apply to study this unit for credit towards a course at another university
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