Core 6: Audit and Risk

Apply professional judgement and professional scepticism when addressing risk while auditing

IN BRIEF

  • Integrate practical and technical skills in the audit of financial statements
  • Identify and assess risks and controls
  • Work towards your Graduate Diploma of Chartered Accounting

Subject description

In Audit and Risk, you develop your knowledge and skills in addressing risk in auditing areas where professional judgement and professional scepticism is required - in the context of the audit of general purpose financial statements. The ability to integrate practical and technical skills in the audit of financial statements is an essential skill for Chartered Accountants. You are equipped with skills for identifying and assessing risks and controls while taking into consideration the broad impact of changes in an entity and its environment. The activities and assessments simulate real-world audit experiences and challenges faced during planning, performing and concluding an audit of financial statements. Communication and collaboration skills will be developed based on simulated interactions with a variety of stakeholders to achieve audit objectives.  

Topics covered

  • Plan the audit 
  • Perform the audit 
  • Finalise the audit 

Subject learning outcomes

On completion of this subject, you will be able to:

  1. Apply practical and technical skills in the audit of financial statements
  2. Apply professional judgement and professional scepticism in conducting an audit of financial statements.
  3. Evaluate the broad impact of changes in an entity and its environment
  4. Collaborate and communicate with a variety of stakeholders

Course structure and format

This 9-week course is one of seven core subjects of the Chartered Accountants Program. 

Enjoy supported learning via an online learning platform and interactive resources, including:

  • Online communities where you can network with other candidates
  • Technical discussion forums where your questions will be answered by specialist Chartered Accountants
  • Peer discussion forums
  • Access to resources including a study guide, exam preparation series and materials
  • Real-world examples and activities
  • Virtual sessions and recordings which take you through real-world worked examples and activities based on integrated, complex scenarios

CA Study Masterclass (CASM)

Additional support is available through our popular CA Study Masterclass. These optional workshops can help you stay on track with your learning and prepare for assessments and the final exam.

What you need to know

  • SUBJECT ASSESSMENT

    Assessment provides the opportunity for you to demonstrate what you have learned in the subject. The marks, grades, and/or feedback that you receive will help you identify your strengths and areas for further development to support your learning. To pass a subject, you must attempt all assessments, achieve a pass mark/grade for the final high-stakes assessment and achieve an overall pass mark/ grade for the subject.

  • PRIOR KNOWLEDGE

    If you are enrolled in this subject, you are expected to have met the course entry requirements for the CA Program.

Warning: The information on this page / in this outline is indicative. The subject outline provided to enrolled candidates for the particular term through CA ANZ’s My Capability learning portal is the authoritative source of all information about the subject for that offering. Required texts, recommended texts, references and some assessment task details in particular are likely to change. Candidates will be provided access to the authoritative subject outline through the My Capability learning portal once they enrol in the subject.

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