Advanced Audit and Assurance

Online Class

  •  4 Weeks of live tuition via webinar
  • 2 classes/week of 2 hours each (total 4 h/w)
  • Access to recorded webinars throughout the semester
  • 30 min Q&A time after every session
  • Exam critical areas
  • Summary notes guidance
  • Customised diagrams and flowcharts
  • Exam tips and techniques
  • ClickMeeting webinar

Timetable

Commencement: 11-Jan-20

Finish: 02-Feb-20

Days: Saturday + Sunday

All times are at Australian Eastern Standard Time

Class Timetable

No upcoming events.

Subject outline

Advanced Audit and Assurance is divided into 7 Modules and a case study


Module 1 - Assurance services framework

Module 2 - General audit principles and auditor responsibilities

Module 3 - Understanding the entity, assessing risk and responding to risks

Module 4 - The auditor’s response to assessed risks

Module 5 - Audit conclusions and reporting requirements

Module 6 - Performance engagements

Module 7 - Other assurance services

Case study


The brief content of these modules are as follows:


Module 1 - Assurance services framework

• The internationalisation of auditing: IFAC, IAASB and IFIAR

• Regulation of auditing in Australia: FRC, ASIC, APESB AND AUASB

• Regulation of auditing in New Zealand

• International Framework for Assurance Engagements

• Code of Ethics for Professional Accountants

• Quality control

• Drivers of audit quality

• Reasonable and limited assurance

• Attestation and direct engagements

• Elements of an assurance engagement


Module 2 - General audit principles and auditor responsibilities

• Auditing standards

• Application of ISAs

• Public sector perspective

• Overall objectives of the independent auditor and the conduct of an audit in accordance with international

standards on auditing

• Professional scepticism

• Terms of audit engagements

• Auditor independence for the audit of financial statements

• Quality control for audits

• Audit documentation


Module 3 - Understanding the entity, assessing risk and responding to risks

• Overview of standards covering risk assessment and response to assessed risks

• Planning an audit of financial statements

• Audit materiality

• Financial statement assertions

• Identifying and assessing the risks of material misstatement through understanding the entity and its

environment

• Understanding the client’s business model

• Strategic analysis

• Techniques used in strategic analysis

• Analytical procedures

• Responding to assessed risks

• Evaluation of misstatements identified during the audit


Module 4 - The auditor’s response to assessed risks

• Sufficient appropriate audit evidence

• Tests of controls

• Substantive audit procedures

• Advanced evidence-gathering issues

• Using the work of other auditors and experts

• Evidence-gathering in an ecommerce environment

• Subsequent events

• Completion


Module 5 - Audit conclusions and reporting requirements

• Reports associated with reasonable assurance engagements

• Reports providing limited assurance

• Reports providing no assurance


Module 6 - Performance engagements

• Assurance standards and regulation

• Structure of a performance audit

• Responsibilities in performance audits

• Project identification stage

• Planning stage

• Economy, efficiency and effectiveness

• Performance information and indicators

• Conducting the performance audit

• Reporting stage

• Follow-up audits


Module 7 - Other assurance services

• The nature and characteristics of assurance services

• Recent trends in other assurance services

• Assurance on prospective financial information

• Assurance on non-financial information

• Assurance on systems and processes

• Assurance on behaviour

• Continuous auditing

• Integrated reporting (<IR>) and assurance

• Internal audit