Handbook

Assurance is a cornerstone of the modern international economy as it allows investors and other stakeholders to have faith in the reliability of financial reports and other information produced by companies. Auditing is the systematic process by which assurance is provided to stakeholders. In this subject you will learn how to audit the financial statements of an Australian company following the rules set down in the Corporations Act (2001) and Australian Auditing Standards. This will include assessing business risk, evaluating internal controls, collecting sufficient appropriate audit evidence, forming an audit opinion, and expressing this opinion in a written audit report. In this subject, you will also examine auditing and assurance in their broader social context through an analysis of the economic benefits of assurance, ethical behaviour and legal obligations of auditors, fraud risks and responses, and assurance of sustainability reports.