Both theory and aural skills are important in the audio production course. A lot of people have the common misconception that audio engineer's job is to just press the record, stop and play button and do not require theory and aural skills as a result.
From what I have observed from friends who are currently working as audio engineers, theory and aural skills are actually very critical aspects in an audio engineers job scope.
For example sometimes your client may give you an audio track as reference and ask you to imitate the guitarist tone using whatever equipment and emulating software you have. That's where your aural skills really come in handy. You will never know when they will come in handy when you enter the industry upon graduation.
I believe while waiting for the auditions to take place, try to read up on grade 1-5 ABRSM theory in the meantime. You can get those grade 1-5 all in one music theory guidebook at most music stores. The first semester of year 1 deals with grade 1-5 theory while the following semester of year 1 deals from grade 6 theory onwards.
As for aural skills, try to work on transcribing and identification of chords and intervals via hearing.
When you get into the course, remember to mingle around with audio engineers in the industry so as to get a rough idea of what you will be studying and what's expected of you when you enter the industry upon graduation.
Hope that helps. If you get in let me know....I'm currently studying Music Technology there.
