Overview
This advanced course develops professional competence in planning, executing, documenting, and concluding complex financial statement audits under applicable auditing, ethical, and financial reporting standards. Students examine group and component audits, consolidation, revenue recognition, leases, financial instruments, fair value measurements, estimates and provisions, inventory and costing, impairment, investments, deferred taxes, related parties, pensions, contingencies, going concern, subsequent events, and accounting changes.
Emphasis is placed on fraud risk, management bias, significant risks, audit responses, substantive analytical procedures, sampling, specialist involvement, audit data analytics, technology-enabled evidence, opening balances, comparative information, disclosure review, communication with those charged with governance, subsequent discovery of facts, quality management, independence, and reporting outcomes. Case-based work simulates an integrated audit file and final audit opinion, requiring students to defend professional judgments and prepare partner-level communications.
Learning Outcomes
- Design a comprehensive risk-based audit strategy for complex entities, groups, and component engagements.
- Evaluate audit evidence relating to significant risks, complex estimates, fair values, provisions, financial instruments, and disclosures.
- Apply appropriate sampling, substantive analytical procedures, specialist input, and audit data analytics to obtain sufficient appropriate evidence.
- Identify and assess material misstatements, fraud risks, management bias, control deficiencies, and unresolved audit differences.
- Synthesize evidence from an integrated audit file to reach and defend professional conclusions on the financial statements.
- Prepare complete audit documentation for difficult judgments, including risk assessments, procedures performed, findings, and conclusions.
- Assess the implications of going concern issues, subsequent events, discovered facts, comparative information, and accounting changes for the audit report.
- Determine appropriate reporting outcomes, including modified opinions, emphasis-of-matter paragraphs, other-matter paragraphs, and related communications.
- Compose professional communications to those charged with governance and partner-level summaries addressing significant findings, quality management, and independence.
Timetable
| Type | Length | Frequency | Period |
|---|---|---|---|
| Lecture | 2 hours | Weekly | All semester |
| Tutorial | 1 hour | Weekly | All semester |
| Workshop | 2 hours | Fortnightly | All semester |
| Practicum | 2 hours | Fortnightly | Second term |
Assessment Schedule
| Type | Description | Weighting |
|---|---|---|
| Assignment | Technical memorandum on complex audit risks and applicable standards. | 15.00% |
| Quiz | Standards, evidence, sampling, and reporting quizzes (5 × 2%). | 10.00% |
| Test | Mid-semester case analysis covering risk assessment and audit responses. | 20.00% |
| Capstone | Integrated audit file, partner memorandum, and final audit opinion. | 40.00% |
| Exam | Final examination on complex evidence, judgments, and reporting outcomes. | 15.00% |
Prerequisites
Teaching Staff & Programs
This course is delivered jointly by faculty from the participating programs listed below. In line with the Douchewater Way, the University of Sexology tailors core instruction directly to each cohort's specific discipline — adapting curriculum to program needs rather than forcing students into a one-size-fits-all model. Learn more about our approach at The Douchewater Way.