Auditing and Assurance provides a study of the role of audit systems and assurance activities, as well as providing a critical evaluation of the values and assumptions underlying audit and assurance within the context of professional, legal, regulatory, social, political and ethical responsibilities and requirements. The unit draws on practical and theoretical components relevant to audit and assurance and draws on accounting skills and knowledge developed within business and accounting units in the programme. Students demonstrate work-integrated knowledge through their ability to apply and evaluate audit practice concepts, theories, methodologies, and skills to business problems and challenges that emerge in professional practice.

Learning outcomes

After successful completion of this unit, students will be able to:
1. Critically evaluate the audit system with emphasis on the relevant legal and regulatory environment, professional expectations related to ethics and independence and the broader social and political context of auditing;
2. Exercise critical thinking in the application of relevant auditing standards and regulation for the purpose of auditing general-purpose financial statements;
3. Exercise judgment with respect to audit risk, material misstatement and appropriate audit strategies in responding to case-based scenarios;
4. Exercise judgment in audit engagements (including the application of relevant quantitative methods), in identifying relevant audit evidence, including contradictory evidence, and in making decisions to reach conclusions relevant to the conduct of an audit; and
5. Exercise judgement in determining an audit opinion and critically evaluate whether there is sufficient and appropriate evidence to justify the audit opinion.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - take pride in their professional and personal integrity
2. UC graduates are global citizens - think globally about issues in their profession
2. UC graduates are global citizens - understand issues in their profession from the perspective of other cultures
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - evaluate and adopt new technology

Prerequisites

11214 Corporate Accounting

Corequisites

None.

Incompatible units

6223 Auditing PG

Equivalent units

11218, 6398 Auditing

Assumed knowledge

Students enrolled in this unit should have a basic understanding and practical knowledge of accounting. They should be able to prepare financial statements.