Audit, Assurance and Risk

Overview

This unit aims to develop students’ understanding of the underlying concepts, objectives and professional responsibilities associated with auditing and assurance. The unit examines the theoretical and practical aspects of audit and assurance services, including the auditor’s reporting function, audit risk assessment, evidence gathering, and the application of relevant auditing and assurance standards. It also explores contemporary developments in the audit and assurance environment, including auditing eCommerce systems, continuous assurance, XBRL/SBR, data analytics and visualisation, blockchain, cryptocurrencies, and other emerging technologies that influence assurance practices and risk assessment

Unit learning outcomes

Students who successfully complete this unit will be able to:

1. Examine and evaluate the nature and purpose of different assurance services, including their regulatory, ethical, and professional requirements.
2. Design appropriate audit strategies and procedures using the assurance framework
3. Apply professional judgement to assess audit risk and evaluate the sufficiency and appropriateness of audit evidence and conclusions using relevant auditing standards and frameworks.
4. Research, analyse and communicate evidence-based findings on critical and contemporary issues in auditing
5. Collaborate effectively in a team environment to achieve agreed goals and demonstrate applied knowledge of auditing and assurance issues

Teaching methods

Hawthorn

Swinburne Online

Assessment

Content

• Nature, objectives and scope of audit and assurance services
• The financial report audit and assurance process
• Audit planning and assurance engagement strategy
• Business risk, audit risk and materiality
• Internal controls and tests of controls
• Substantive audit procedures and evidence evaluation
• Audit sampling, data analytics and emerging technologies
• Completing the audit and forming assurance conclusions
• Audit and assurance reporting
• Ethics, independence and corporate governance in audit and assurance
• Legal liability and professional responsibilities of auditors
• Internal audit, risk management and corporate governance
• Audit evidence and reliance on the work of others