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This course builds on knowledge developed in the Financial Reporting and Analysis courses of the accounting major. Auditing is an important component of the regulation and quality assurance processes associated with financial reporting. This course specifically focuses on how financial statement audits are conducted within the Australian professional, ethical and legal framework. This course is a required technical and profession competency component of CPA and CAANZ accreditation and specifically addresses Technical Competency Area 3.

This course introduces the concepts and practices of company financial report audits within the assurance framework. It deals primarily with the process by which the external company auditor appraises and reports on the truth and fairness of the company's financial statements. The course is oriented towards the auditing profession and, in keeping with current practice, adopts a risk-based audit approach and follows the Australian Auditing Standards that are based on the International Standards on Auditing. The course explores how financial statement audits are conducted. Some practical exposure to auditing is provided through requiring you to complete a case study, using teamwork, as part of the assessment for the course.

On completion of this course students should be able to:

1. explain and interpret the nature and purpose of auditing; the legal and regulatory requirements relating to auditors, including auditor’s liability; the professional requirements relating to auditors, including ethics and independence; the role of ethics in relation to business and good governance; the role of auditing standards; the objectives and phases involved in performing an audit of general-purpose financial statements (TCA3 LO1);
2. apply International Standards on Auditing or other relevant auditing standards, laws, and regulations applicable to an audit of general-purpose financial statements (TCA3 LO2);
3. assess the risks of material misstatement in the financial statements and consider the impact on the audit strategy (TCA3 LO3);
4. identify relevant audit evidence, including contradictory evidence, to inform judgments, make decisions, and reach well-reasoned conclusions both individually and working as a team (TCA3/LO5);
5. apply qualitative and quantitative methods in audit engagements and communicate these ideas in complex contexts both individually and working as a team (TCA3 LO4) (ALS4);
6. conclude whether sufficient and appropriate audit evidence has been obtained (TCA3 LO6);
7. analyse through critical thinking skills an organisation's governance framework, internal controls over financial reporting and data management, and influences on strategy (TCA11 LO6).