ACF5957 Auditing and assurance
Faculty of Business and Economics
ACF5957 Auditing and assurance is a level 5, 6-credit-point, postgraduate unit from the Faculty of Business and Economics, offered in 2022 in Semester 1 and Semester 2 at Caulfield. It needs ACF5953 and unlocks 2 units.
- Credit points
- 6
- Offered in 2022
- Semester 1, Semester 2
- Caulfield
- Assessment
- Exam 50%
- and 1 other task
- Workload
- 144 hours
- per semester
This is the 2022 handbook entry. See the 2027 entry.
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Requisites
Before ACF5957
Prerequisites
Pass these before you enrol.
After ACF5957
2 units list ACF5957 as a prerequisite or corequisite.
Enrolment rules
If you are enrolled in course B6002, there is no prerequisite.
Overview
Topics include nature and objectives of auditing; auditing standards; audit reporting; audit expectation gap and legal liability; professional ethics and quality control; audit evidence; audit planning, strategic business risk analysis, materiality, analytical review procedures and audit risk model; study and evaluation of internal control and model; assessing control risk CIS audit techniques, test of transactions and tests of balances, completing the audit and post audit responsibilities; internal auditing and performance auditing, other assurance services and current issues in auditing.
Offerings in 2022
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Caulfield | On campus |
| First semester | Caulfield | Evening |
| Second semester | Caulfield | On campus |
Assessment
- Within semester assessment50%
- ExaminationThreshold hurdle50%
Learning outcomes
When you finish this unit, you should be able to:
- 1
explain and debate the role, limitations and demand for audits in modern corporate society, and give examples of the professional, ethical and legal obligations, and the standards and principles applicable to the audit profession
- 2
distinguish between the different types and levels of assurance services provided by professional practitioners, including auditors, and describe the assurance framework
- 3
examine the auditor's role in corporate governance with particular emphasis on assessment of internal controls and the detection and reporting of fraud and error
- 4
identify, distinguish between and apply the key evidence gathering procedures used by auditors when planning, testing, completing the audit and forming an audit opinion
- 5
demonstrate an ability to work independently and to lead and participate in teams from diverse cultural and social backgrounds in independent and group assessable tasks
- 6
apply critical thinking, problem solving and presentation skills to individual and / or group activities dealing with auditing and assurance and demonstrate in an individual summative assessment task the acquisition of a comprehensive understanding of the topics covered by ACF5957.
Workload and teaching
- Tutorials18 hours
- Lectures18 hours
- Teaching approachCase-based teaching
- Teaching approachProblem-based learning
- Teaching approachActive learning
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.
This unit includes case-based teaching, where students apply their knowledge and engage in analytical and reflective thinking to solve complex contextual scenarios. Activities are often designed so that there is not one clear answer, but students need to work together to examine, analyse and make decisions to resolve the situation.
This unit includes problem-based learning approaches, where students engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.
This unit engages students in actively applying their knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Required resources
Moroney, R., Campbell, F. and Hamilton, J. (2020). Auditing: A Practical Approach, 4th Edition. Milton, Australia: Wiley.
Technology resources
The only Faculty approved calculators permitted in tests and examinations for all Australian campuses and locations is the HP10bII+ or Casio FX82 (any suffix).
Contacts
- Chief Examiners
- Dr Soon-Yeow Phang
- Dr Ashna Prasad
Common questions
What are the prerequisites for ACF5957?
You need ACF5953 before you enrol. Enrolment rules also apply.
What can I take after ACF5957?
ACF5957 is a prerequisite or corequisite for 2 units, including ACF5120 and ACF5510.
When is ACF5957 offered?
In 2022, ACF5957 runs in Semester 1 and Semester 2 at Caulfield.
How much work is ACF5957?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ACF5957 have an exam?
Yes. The exam is worth 50% of the final mark, alongside 1 other task.