Unit Outline
ACCT3000 (V.2) Auditing, Assurance and Risk Assessment
Trimester 3A, 2025
Unit study package number: ACCT3000
Mode of study: Internal
Tuition pattern summary:
Note: For any specifi c variations to this tuition pattern and for precise information refer to the Learning Activities section.
Lecture: 1 x 1.5 Hours Weekly
Tutorial: 1 x 1.5 Hours Weekly
This unit does not have a fi eldwork component.
Credit value: 25
Pre-requisite units:
(305229 (v.0) Advanced Financial Accounting 260 or any previous version
OR
ACCT2006 (v.0) Financial Reporting or any previous version
OR
ACCT2011 (v.0) Accounting for Corporations or any previous version
OR
ACCT2010 (v.0) ACC230 Financial Reporting or any previous version
OR
ACCT2012 (v.0) ACC201 Accounting for Corporations or any previous version)
Syllabus
An overview of assurance and ethics, independence and corporate governance. Understanding of the company audit process including audit planning - the concepts of materiality and audit risk. The evaluation and testing of internal control systems and substantive audit testing of transactions and balances. The fi nalisation of the audit and audit reporting.
Introduction
Welcome to Auditing, Assurance and Risk Assessment for Trimester 3A, 2025. This unit has recently been revised to include the most up-to-date material from the world of auditing that’s delivered to you via the most up-to-date methods of teaching and learning.
The purpose of the unit is to introduce students to auditing, with the emphasis on practical auditing concepts, the auditor's decision-making processes and the appropriate audit procedures which auditors follow in diff erent circumstances. We cover in detail the ethical principles and independence requirements that guide the daily work of auditors. The theme of the course is the external audit of reporting entities, from initial planning to fi nal reporting in the context of a professional assurance environment. While the focus of this unit is external audit, we also study the interplay between external audit and internal audit.
We will begin the course by examining the audit process in an overview format and we will regularly return to this overview to identify the stage of the audit process we are examining. A signifi cant part of this course is spent examining the audit planning process, which is the most important aspect of the audit. To this end, we will examine a number of examples during lectures and workshops that analyse fi nancial statements and identify the key risk areas from the auditor’s perspective.
This is not very diff erent from fi nancial statement analysis studies you have completed in other areas of your degree. What is diff erent is how we use this information in terms of the audit emphasis. Remember, auditors are not responsible for preparing the accounting information (i.e. the general purpose fi nancial report). Their job is to audit the fi nancial statements with a view to providing an audit opinion in accordance with Australian Auditing and Assurance Standards.
Auditing is a challenging unit and students should be mindful of the following points:
1
. The purpose of the lecture notes (available on Blackboard) is to give guidance on the various topics covered in the course. As it is impossible to cover every aspect of a topic in such notes, it is essential that students acquaint themselves thoroughly with a topic by reading the relevant sections of the prescribed texts and other reference material prior to attending lectures. I also encourage you to view the short videos from industry practitioners included in each module to further your understanding of the topics.
2. The key to success in Auditing is PRACTICE . Students will be assisted in this process by considering workshop questions that ask for the application of auditing concepts. Students should set aside a minimum of ten hours per week to complete the readings, workshop practice questions, workshop assessment and to study suffi ciently to achieve the required level of understanding and competence in the unit. Depending on your ability and academic background, you may need to devote more or less time to this unit than the hours shown. For example, ESL (English is a second language) students may need to devote more time to reading and review tasks than the hours shown. To test your understanding on a topic, please attempt the interactive case studies and quizzes in the ‘Review Activities’ section of each learning module in your Blackboard unit.
I’m very much looking forward to our time together and hope that you fi nd the unit interesting, rewarding and inspiring.
Unit Learning Outcomes
Curtin University's six Graduate Capabilities indicate to employers that graduates possess discipline knowledge and valuable skills. Each course unit addresses these capabilities through specific learning outcomes, which outline what students need to know and do to succeed. Assessments are designed to test these outcomes, ensuring that upon completion, students have met all learning objectives.
Your course has been designed so that on graduating you will have achieved all of Curtin's Graduate Capabilities through the assurance of the learning process in each unit.