Course Title: Auditing 1
Part A: Course Overview
Course Title: Auditing 1
Credit Points: 12.00
Course Coordinator: Dr Duc Phan
Course Coordinator Phone: +61 3 9925 1331
Course Coordinator Email: firstname.lastname@example.org
Course Coordinator Location: Melbourne
Pre-requisite Courses and Assumed Knowledge and Capabilities
It is assumed you have a fundamental knowledge of financial accounting concepts, practices and regulations. This knowledge is generally gained through the completion of an intermediate financial accounting course.
The external and internal audit processes are fundamental to promote the reliability and usefulness of financial statements. This course aims to present a conceptual and practical approach to auditing to ensure that students gain a fundamental understanding of auditing’s key conceptualisations, the stages of audit, audit processes and the inter relationship between auditing, financial accounting, corporate governance and legislation.
As an auditing student you can expect to gain a comprehensive understanding of auditing’s role, stages, and processes in financial reporting verification. Through the materials used and delivered in the course and the assessments undertaken you will also attain practical auditing understandings and experiences through multiple real world and professional auditing knowledge and scenarios.
Objectives/Learning Outcomes/Capability Development
On the successful completion of this program you will be able to:
- To apply your auditing knowledge to undertake auditing processes in a variety of professional settings.
- Evaluate accounting disclosures and reports, identify gaps, manipulations or weaknesses in financial reporting and provide recommendations to a range of audit clients in relation to internal control weaknesses and financial reporting compliance;
- Solve routine and complex auditing problems in varied business contexts using social, ethical, economic, regulatory and global perspectives;
- Analyse audit evidence with a sceptical and questioning mind and require remedial action.
- Justify and communicate auditing approaches, processes within the audit team and in working papers.
- Apply the Code of Ethics for Professional Accountants in undertaking audit processes and expressing audit opinions.
- Apply an adaptive and collaborative approach to working with colleagues and clients in professional settings.
Overview of Learning Activities
In this course you will be encouraged to be an active learner. Your learning will be supported through various in-class and online activities comprising individual and group work. These may include quizzes; assignments; prescribed readings; sourcing, researching and analysing specific information; solving problems; conducting presentations; producing written work and collaborating with peers on set tasks or projects.
Overview of Learning Resources
Various learning resources are available online through MyRMIT Studies\Canvas. These may include topic notes and slides, a study schedule, assessment details, links to relevant internet information, readings and communication tools to facilitate collaboration with your peers and sharing of information.
Resources are also available online through RMIT Library databases and other facilities. If you require assistance with the RMIT library facilities contact the Business Liaison Librarian for your school. Contact details for Business Liaison Librarians are located online on the RMIT Library website.
Additional resources and/or sources to assist your learning will be identified by your course coordinator and will be made available to you as required during the teaching period.
Overview of Assessment
Assessment Task 1: 30%
Linked CLOs: 1, 2, 3, 4
Assessment Task 2: 20%
Linked CLOs: 1,2,3,4,5,6,7
Assessment Task 3: 50%
Linked CLOs: 1, 2, 4, 5, 7
Feedback will be provided throughout the semester in class and/or in online forums through individual and group feedback on practical exercises and by individual consultation.