Auditing Theory and Practice
MODULE CODE
CREDIT VALUE
DELIVERY
Module Aims
Aim 1
The aim of this module is to equip students with the knowledge needed to explain the process of carrying out an audit engagement and with the skills required to analyse audit scenarios in the context of the professional regulatory framework.
Module Content
The concept of audit
Audit Regulatory Framework, especially ethics and professional conduct and the application of International Standards on Auditing
The scope and functions of audit
Audit planning and risk assessment, including acceptance of the audit appointment; independence of auditor, gaining an understanding of the audited entity including risk assessment, breach of confidentiality, and susceptibility to fraud and error and the importance of effective audit planning.
Corporate governance and the role that internal controls play therein. Understanding the need to obtain audit evidence that is sufficient and appropriate on which to base an audit opinion.
The auditor’s assessment of internal controls and systems including effective testing and communication of weaknesses identified and recommendations for improvement.
Gaining sufficient and appropriate audit evidence through the effective application of audit procedures including consideration of subsequent events and the going concern principle.
Reviewing and concluding on the audit work and how this is reflected in different types of audit reports.
Present data and audit work effectively, using appropriate technology tools.
Learning Outcomes
On successful completion of this module, a student will be able to:
Teaching Methods
The module will be delivered via lectures and seminars supported by required reading as a basic framework for outlining concepts, theory and practice. The module is structured to facilitate student-centred learning. Scenario based questions will be utilised to facilitate the integration of theory and practice. Multiple choice questions will be used regularly in seminar sessions to assist recall of information delivered in lectures and to prepare students for summative assessment. Every seminar provides opportunities for student input.
Students will draw on and enhance graduate attributes of professional and ethical behaviour, planning, communication, literacy and analysis which aid employability within the accounting profession and careers in financial management.
Formative feedback on seminar and practice questions is provided to students on a weekly basis, with additional support available in the timetabled Technical Support Workshops.
Assessment Methods
This module is assessed through a Written examinations (25% and 75%)
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Compulsory
