Unit name | Auditing |
---|---|
Unit code | EFIM30016 |
Credit points | 20 |
Level of study | H/6 |
Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
Unit director | Mrs. Sam Bell |
Open unit status | Not open |
Pre-requisites |
EFIM10005 Fundamentals of Accounting and Finance 1 OR ACCG10052 Introduction to Accounting |
Co-requisites |
None |
School/department | School of Accounting and Finance - Business School |
Faculty | Faculty of Social Sciences and Law |
A theoretical approach to the practical underpinnings of auditing will be adopted which will have significance to both international and domestic students.
Broadly speaking this unit covers four parts: the auditing industry and its surroundings; auditing concepts and techniques, auditing procedures for business functions, and current issues regarding auditing practice.
Aims to equip students with a sound understanding of the theory, principles and practice of auditing, as well as training on methodology and research skills.
Students should be able to:
a. Understand the theory, principles and practice of auditing and hypothesize why auditing exists.
b. Explain the meaning of key auditing concepts and codes of ethics and be able to apply them to given scenarios.
c. Describe, in general terms, the processes involved in an audit and the nature and structure of the auditing industry.
d. Be able to explain and apply the risk based approach to auditing, distinguish between control and substantive testing and design and describe audit procedures.
e. Discuss the role and responsibility of the auditor including the form and content of the auditors' report.
f. Appraise the audit industry and discuss current issues regarding auditing practice.
10 Two-hour lectures
8 Classes
This pattern of teaching may be changed slightly to accommodate the Easter Vacation.
Summative assessment:
Formative assessment:
Variable from year to year as Auditing Standards are updated.
Indicative reading:
Auditing (Millichamp & Taylor, 10th Edition) and The Audit Process (Gray, Manson & Crawford, 6th Edition) or Principles of External Auditing (Porter, Simon, Hatherly, 4th Edition)
Other supportive texts:
Current Issues in Auditing (ed. Sherer & Turley)
Creative Accounting, Fraud and International Accounting Scandals by Michael J. Jones.