AC204 Agribusiness Auditing and Assurance
DESCRIPTION
This unit introduces students to the principles of auditing and other assurance services in agriculture industry. The unit examines the practice of auditing, the underlying concepts, auditors’ responsibilities, and the audit environment. Both theoretical and practical aspects of the audit process are discussed including recent developments in the field of auditing and assurance services.
RELEVANT COURSES
*Core unit
Elective unit
CREDIT POINTS
10
DELIVERY MODE
On campus
Online
Intensive
Extensive
PREREQUISITE OR CO-REQUISITE
AC101 Accounting I
UNIT LEARNING OUTCOMES
LO1 Demonstrate an understanding of the application and role of auditing and quality assurance in an agribusiness context
LO2 Apply a range of audit procedures
LO3 Apply auditing standards
LO4 Demonstrate an understanding of the legal context in which auditing occurs
LO5 Demonstrate an understanding of the importance of professional ethics and apply a profession's code of ethics
LO6 Identify and analyse significant contemporary auditing issues
CONTENT
Audit and assurance services in agribusiness industry
Agriculture accounting standard (IAS 41)
Audit responsibilities and objectives
Audit evidence, audit planning and analytical procedures
Internal control and control risk
Impact of information technology on the audit process; assessment of disaster risk and impact, financial vulnerabilities
Audit of the sales and collection cycle
Audit of the acquisition and payment cycle
Audit of the payroll and personnel cycle
Audit of cash balances
Professional ethics and completing the audit
Financial crisis and fraud risk assessment
ASSESSMENT METHODS
1. Online Tests - 20%
2. Group Assignment - 30%
3. Exam - 50%
PRESCRIBED READINGS
Johnson, R. N., et al. (2021). Auditing: A practical approach with data analytics (2nd ed.). New York: Wiley
Check with the lecturer each semester before purchasing any textbooks.