Overview
Auditing Applied Project is a capstone course integrating financial accounting, auditing standards, internal control, risk assessment, ethics, professional judgment, and communication. Students complete a substantial individual or team-based engagement involving a simulated or community-based organization.
Students define the engagement scope, obtain an understanding of the entity and control environment, assess material risks, design tailored audit procedures, gather and document sufficient appropriate evidence, evaluate findings, and formulate audit conclusions. The course addresses materiality, sampling, substantive and control testing, analytical procedures, fraud indicators, management assertions, data-assisted auditing, adjusting entries, subsequent events, working-paper organization, and audit opinions.
Emphasis is placed on professional skepticism, evidence evaluation, ethical decision-making, project management, collaboration, and clear communication of significant deficiencies and conclusions. Major deliverables include an engagement plan, risk-and-control matrix, audit program, evidence file, exception log, proposed adjustments, and final report or presentation.
Learning Outcomes
- Evaluate an entity’s operations, control environment, and financial reporting risks to establish an appropriate audit scope.
- Design an engagement plan that integrates materiality, sampling, management assertions, audit risk, and relevant professional standards.
- Construct risk-and-control matrices and audit programs that connect identified risks with tailored procedures.
- Execute control tests, substantive procedures, analytical procedures, and data-assisted audit techniques using appropriate evidence.
- Assess the sufficiency, appropriateness, and reliability of audit evidence, including conflicting or incomplete evidence.
- Document working papers, exceptions, proposed adjustments, subsequent events, and audit conclusions in accordance with professional requirements.
- Diagnose fraud indicators, control deficiencies, and ethical risks, and recommend appropriate responses and escalation procedures.
- Synthesize engagement findings into a supported audit opinion and communicate significant matters clearly in written and oral formats.
- Defend professional judgments and conclusions while demonstrating effective collaboration, project management, and professional skepticism.
Timetable
| Type | Length | Frequency | Period |
|---|---|---|---|
| Lecture | 2 hours | Weekly | All semester |
| Workshop | 2 hours | Weekly | All semester |
| Practicum | 3 hours | Weekly | Second term |
| Tutorial | 1 hour | Fortnightly | All semester |
Assessment Schedule
| Type | Description | Weighting |
|---|---|---|
| Deliverable | Engagement plan and audit scope | 10.00% |
| Assignment | Risk-and-control matrix | 15.00% |
| Deliverable | Audit program and sampling design | 15.00% |
| Deliverable | Evidence file and exception log | 20.00% |
| Assignment | Proposed adjustments and subsequent-events analysis | 10.00% |
| Capstone | Final audit report | 20.00% |
| Test | Oral defense and professional judgment assessment | 10.00% |
Prerequisites
- AUDT301 Principles of Auditing
- Requirement Admission to advanced study in accounting or auditing and approval of the department.
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.