Aims & Objectives:

• Understand and describe the nature and purpose of auditing within the regulatory auditing environment
• Apply the principles of auditing, including current business risk methodologies, to audit practice within a range of contexts
• Understand and apply the concepts of good corporate governance and ethical business practice and their significance for the auditor
• Research, assess and report on a critical and current topic in auditing
• Prepare and present a researched auditing topic to the class in order to demonstrate public speaking skills
• Work collaboratively in a team environment, both within and outside the classroom, to achieve set goals related to the building of knowledge of auditing

Teaching Methods:

Lecture (1 hour), Tutorials (2 hours)

Assessment:

Test 15%; Tutorial work 10%; research essay 15%; Exam 60% with a hurdle pass rate of 45%

Generic Skills Outcomes:

• Capable in their chosen professional, vocational or study areas
• Entrepreneurial in contributing to innovation and development within their business, workplace or community
• Effective and ethical in work and community situations
• Adaptable and able to manage change
• Aware of local and international environments in which they will be contributing (eg socio-cultural, economic, natural)

Content:

• Nature and objectives of an audit
• Ethics independence and corporate governance
• Audit risk model
• Audit planning
• Internal control
• Audit process
• Sampling and other audit tools
• Completing the audit
• The audit report
• Legal liability

Reading Materials:

Students are advised to check the unit outline in the relevant teaching period for appropriate textbooks and further reading.