• Offered by Research School of Accounting
  • ANU College ANU College of Business and Economics
  • Course subject Business
  • Areas of interest Accounting
  • Academic career Undergraduate
  • Course convener
    • Dr Li Wei Jiang
    • Dr Masoud Azizkhani
  • Mode of delivery In Person
  • Offered in First Semester 2018
    Second Semester 2018
    See Future Offerings

This unit is primarily focused on the external audit of corporate financial statements while also covering other assurance services, professional ethics, and legal liabilities.  The lectures presented are structured to correspond with auditing process in theory and practice, and inevitably integrate Australian and International Auditing Standards.

The majority of the lectures deal with the various activities undertaken by external auditors.  The main stages of the audit process are addressed including risk analysis in auditing, audit planning and documentation, fraud auditing, gathering and evaluating audit evidence (including performance of tests of controls and substantive audit procedures) and the formation of the audit opinion. Other topics, including auditors' legal responsibilities, audit quality and ethics, and other assurance services, are also dealt with as special topics. 

The lectures mainly deal with the concepts underlying the methodology, while the tutorial assignments are used to demonstrate how the methodology is applied in practical situations.

Learning Outcomes

Upon successful completion of the requirements for this course, students will be able to:

1. discuss the need for an independent or external audit and describe briefly the development of the role of the assurance provider in modern business society;

2. explain the regulatory environment in which the external auditor operates (including relevant sections of the Corporations Act 2001 and the auditing standards issued by the Australian Auditing and Assurance Standards Board (AUASB) as well as the standards issued by the Australia Professional Ethical Standards Board) and apply those rules, standards and pronouncements to the conduct of a financial report audit and other assurance engagements;

3. describe the quality control procedures necessary to ensure that a competent assurance engagement is performed, and apply professional ethics including Code of Conduct to specific scenarios;

4. understand the financial report audit process, beginning with accepting clients, followed by understanding the client, evaluating business risk and assessing inherent risk, performing tests of controls to assess control risk and substantive tests to reduce detection risk, considering subsequent events and evaluating evidence gathered, ending in the formation of audit opinion and communication of the results to the client;

5. describe the various levels of persuasiveness of different types of audit evidence and explain the broad principles of audit sampling techniques;

6. for major transaction types and account balances, identify appropriate assertions at risk and apply appropriate audit procedures to test the assertions identified;

7. understand auditors’ legal liabilities, and be able to apply case law in making a judgment whether auditors might be liable to certain parties;

8. describe other assurance and non-assurance services provided by the auditing and assurance profession, and, for assurance services, understand the level of assurance provided.

In addition, the course aims to develop students’ cognitive skills (especially analytical, appreciative, and communication skills).

Other Information

See the course outline on the College courses page. Outlines are uploaded as they become available. 

Indicative Assessment

Typical assessment may include, but not restricted to, class participation, assignment(s), quizzes and examination(s).

The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.

Workload

Students taking this course are expected to commit at least 10 hours a week to completing the work. This will include 3 hours per week in class and at least 7 hours a week on average (including non-teaching weeks) on course reading, research, writing and assignment work.

Requisite and Incompatibility

To enrol in this course you must have completed BUSN2015 and must also have completed or currently be studying BUSN2101 or LAWS2203.

Assumed Knowledge

 

The course is designed to be taken in the final year of an accounting major.  You are expected to have retained familiarity with the concepts studied in previous accounting, introductory commercial law, information systems and introductory statistics courses.

Majors

Minors

Fees

Tuition fees are for the academic year indicated at the top of the page.  

If you are a domestic graduate coursework or international student you will be required to pay tuition fees. Tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.

Student Contribution Band:
Band 3
Unit value:
6 units

If you are an undergraduate student and have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). You can find your student contribution amount for each course at Fees.  Where there is a unit range displayed for this course, not all unit options below may be available.

Units EFTSL
6.00 0.12500
Note: Please note that fee information is for current year only.

Offerings and Dates

The list of offerings for future years is indicative only

First Semester

Class number Class start date Last day to enrol Census date Class end date Mode Of Delivery
3337 19 Feb 2018 26 Feb 2018 31 Mar 2018 25 May 2018 In Person

Second Semester

Class number Class start date Last day to enrol Census date Class end date Mode Of Delivery
7588 23 Jul 2018 30 Jul 2018 31 Aug 2018 26 Oct 2018 In Person

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