Auditing and Assurance

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

Subject Code:

ACC822A

Subject Type:

Core

Subject Level:

800

Credit Points:

4 credit points

Pre-requisite:

ACC821A Applied Financial Accounting and Reporting
LAW821A Business and Corporate Law

Subject Rationale:

This subject is designed to explore the nature and diversity of audit and assurance services primarily focussing on the audit of financial reports of publicly listed companies in accordance with legal and ethical standards. The subject provides in-depth details of audit processes, including audit and assurance techniques in the context of the modern audit environment, and communicating an appropriate audit opinion to relevant stakeholders.

Students will be equipped with skills for identifying and assessing risks and controls, applying professional judgement and scepticism to various audit scenarios, while taking into consideration the broad impact of changes in the organisation and its external environment. The ability to integrate practical and technical skills in the audit of financial statements is an essential skill for graduates interested in pursuing a career as an auditor, internal auditor, or forensic accountant.

Learning Outcomes:

a) Employ the legal and regulatory framework, ethical and professional requirements applicable to auditing and assurance services.

b) Critically assess the risks of material misstatement in financial statements and evaluate their impact on audit strategy.

c) Evaluate and apply auditing tools, methods and standards relevant to specific client scenarios.

d) Critically evaluate the sufficiency and appropriateness of audit evidence provided and determine additional evidence necessary to reach well-reasoned conclusions.

e) Demonstrate professional judgement and scepticism when formulating and communicating audit opinions to relevant stakeholders.

Assessment Information:

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