Auditing

Unit Code:LBC302

Credit Points	Duration	Contact Hours	Campus	Prerequisite	Corequisite
12.5 Credit Points	One semester	36 hours over the teaching period, normally 3 hours per week	Lilydale, Singapore	Accounting 1 (LBC100) Accounting Systems (LBC205) Corporate Accounting (LBC201)

Credit Points

Duration

Contact Hours

Campus

Prerequisite

Corequisite

12.5 Credit Points

One semester

36 hours over the teaching period, normally 3 hours per week

Lilydale, Singapore

Accounting 1 (LBC100)

Accounting Systems (LBC205)

Corporate Accounting (LBC201)

Related Course/s:

Effective from 2010

This is a prescribed unit of study in the Business Major/s. It may also be undertaken as a unit of study in any other Swinburne degree program, subject to the prerequisite and degree requirements.

Aims & Objectives:

The broad aim of this unit is to familiarise students with the underlying concepts and objectives of auditing and the subsequent reporting function of the auditor. The unit covers both theoretical and practical aspects of auditing and in particular aims to integrate the concepts of auditing with practical approaches taken by the auditor to ensure students gain a complete picture of the audit process.

After completing LBC302, students should be able to:
• Explain the role and responsibilities of the auditor
• Discuss the importance of an effective system of internal control within the audit process
• Demonstrate an understanding of the audit process and the need for financial report audits
• Explain the reporting requirements of a financial report audit
• Explain the ethical issues that accountants and auditors face
• Discuss the other functions that auditors may provide to an organisation

Teaching Methods:

This unit will be taught in a variety of modes including face to face, online, distance and blended modes. Delivery of this unit may be through a mixture of lectures, tutorials, laboratories, seminars and online.

Assessment:

Mid Semester Test 10 - 20%
Assignment 20 - 30%
Final Examination 50 - 60%

Generic Skills Outcomes:

Completion of LBC302 should equip students with particular understandings, abilities and attitudes that are considered desirable in a Swinburne graduate. These include the following key generic skills:
• teamwork skills
• analysis skills
• problem solving skills
• communications skills
• ability to tackle unfamiliar problems
• ability to work independently

Content:

Module 1: Audit Profession: Nature and Objectives of Auditing. Ethics. Legal Liability
Module 2: The Audit Process: Audit Process and Planning. Materiality and Audit Risk. Auditing Procedures I. Auditing Procedures II. Sampling
Module 3: Completion of the Audit: Audit Reports
Module 4: Audit Considerations: Electronic Commerce and Auditing

Recommended Reading:

Institute of Chartered Accountants in Australia and CPA Australia 2005, Auditing and assurance handbook, 2005 edn, Pearson Prentice Hall, Frenchs Forest.

Leung, P., Coram, P., Cooper, B., Cosserat, G., & Gill, G.S., 2005, Modern Auditing and assurance services, 2nd edn, John Wiley, Milton.

Gay, G., & Simnet, R., 2005, Auditing and assurance services in Australia, 3rd edn, McGraw-Hill, Sydney.

Arens, A., Best, P., Shailer, G., Fiedler, B., Elder, R., & Beasley, M., 2005, Auditing and assurance services in Australia: an integrated approach, 6th edn, Pearson Prentice Hall, Frenchs Forest.

Schelluch, P., Topple, S., Jubb, C., Rittenberg, L., & Schwieger, B., 2004, Assurance and auditing: concepts for a changing environment, Thomson, Southbank.