Advanced Auditing and Assurance

This subject is available as a postgraduate-level subject for students studying the Master of Professional Accounting at ICMS.

Subject Code:

ACC824A

Subject Type:

Core

Subject Level:

800

Credit Points:

4 credit points

Pre-requisite:

ACC822A Auditing and Assurance

Subject Rationale:

Ability to integrate practical and technical skills in the audit of financial statements is a critical skill for any auditor. This subject builds on the knowledge and skills covered in the Audit and Assurance subject with students conducting detailed audit planning, identifying and assessing more complex risks and controls in the international external environment, performing audit testing and reaching appropriate conclusions. Students will further develop their professional judgement and scepticism associated with assurance and audit engagements as well as employ relevant ethical, professional and legal frameworks.

The subject objective is to develop comprehension, synthesis, and application of auditing concepts on case studies to simulate real world audit experiences and challenges faced during planning, performing, and conducting an audit of financial statements. Additionally, along with demonstrating the ability to use computer technology, presenting data and information effectively using appropriate tools, this subject ensures student’s career-readiness in audit data analytics, business and advisory services by honing a range of skills like problem solving, decision-making, communication and effective presentation.

Learning Outcomes:

a) Interpret and apply international and Australian auditing standards, fundamental ethical principles and legislation applicable to audit and assurance engagements.

b) Evaluate the process of acquiring a client, assess the risk of material misstatement and conduct audit planning.

c) Critically evaluate internal auditor’s role, internal controls and IT systems to identify and convey control risks and their potential repercussions.

d) Critically analyse and apply appropriate audit evidence techniques to meet the objectives of audit engagements in compliance with the international auditing standards.

e) Evaluate the impact of subsequent events and going concern on overall audit conclusion objectively and reflect it in auditor’s opinion, written representation and the final review and report.

f) Demonstrate professional scepticism and judgment and communicate audit results in an industry compliant format.

Assessment Information:

Learning outcomes for this subject are assessed using a range of assessment tasks as described in the table below.