course content and assessment method of the University of Sydney

This study unit examines the auditing process, highlighting key concepts that underpin auditing practice. The department outlines the audit process within the scope of the Australian Standards on Auditing and focuses on audits of companies’ financial reports under the Corporations Act 2001 (Cth). It also explores other forms of audit and assurance activities. The approach taken is both practical and theoretical, and students are expected to apply their knowledge to case studies developed from practice. As a capstone unit of study for the accounting profession, this unit bridges the gap between theory and practice by integrating knowledge and consolidating key skills for professional development in accounting. It aims to provide students with practical experience in identifying, analyzing and solving contemporary business problems. Students ensure their career readiness by applying concepts, theories, frameworks, methods and skills to real problems and challenges facing the accounting field.

Three Learning Outcomes

LO1 . Demonstrate understanding of key concepts, processes and challenges in audit practice
LO2 . Understand and identify risks of misstatement, including financial and non-financial risks, to assess business risks that have a direct impact on the audit of the organization’s financial statements
LO3 . Analyze and diagnose business risk issues and be able to relate them to financial statement assertions and indicate which procedures auditors should perform in relation to evidence evaluation
LO4 . Effective oral and written communication using a range of communication styles, including business reporting, audit procedures, including the ability to negotiate and persuade in a business setting
LO5 . Collaborate effectively with others in a professional business manner, as a team member and leader, and relate to client interactions
LO6 . Demonstrate and explain the conceptual principles of the Code of Ethics for Professional Accountants.