Module BUSS2091: AUDITING AND ASSURANCE

Department: Business School (Business) [Queen's Campus, Stockton]

BUSS2091: AUDITING AND ASSURANCE

Prerequisites

• Introduction to Financial Accounting.

Corequisites

• None.

Excluded Combination of Modules

• None

Aims

• To ensure that students understand the assurance process and fundamental principles of ethics, and are able to contribute to the assessment of internal controls and gathering of evidence on an assurance engagement.

Content

• Introduction to Auditing & Assurance
• The concept, process and need for assurance
• Internal controls
• Gathering evidence on an assurance engagement
• Professional ethics
• Auditing and governance

Learning Outcomes

• On completion of this module, students will be able to:
• Have an understanding of the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals
• Have an understanding of the processes of internal control assessment and sample identification
• Be familiar with methods of assessing the quality of assurance evidence and their persuasiveness
• Have an understanding of issues of professional ethics and code of conduct
• Understand drivers for audit regulation and public oversight.
• Be able to differentiate the different types of audits;
• Be able to identify audior's liability issues;
• Be able to explain what ethics means to professional accountants and auditors;
• Be able to explain issues relating to integrity, objectivity, conflicts of interest, conflicts of loyalty, confidentiality and independence.

• By the end of this module, students are expected to:
• Be able to explain the nature of internal controls and why they are important, document an organisation’s internal controls and identify weaknesses in internal control systems
• Be able to select sufficient and appropriate methods of obtaining assurance evidence and recognise when conclusions can be drawn from evidence obtained or where issues need to be referred to a senior colleague

• Be able to gather evidence on an assurance engagement and procedures
• Be able to apply the ethical code of conduct to enhance ethical behaviour to a professional practice
• Be able to recognise the risk associated with the audit process

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Learning will be based on knowledge transfer from lectures, seminars and personal study; investigation of cases and real world organisations which will underpin the seminars will encourage students to develop awareness of cultural differences and apply these to development of their skills in managing themselves and others in such contexts. In the event that students on the module come from a range of cultural backgrounds, their knowledge and experience will be capitalised on through integration into the learning process through seminar activities and discussion. The simulation activity will involve groups of students in preparing for and carrying out a cross-cultural negotiation based for example on market entry or personnel selection of local or expatriate managers. This will provide the basis for the summative assignment which will take the form of a critical discussion of a case study. Background research on the environment, organisation and relevant concepts will provide the subject matter of the formative assignment.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Case study based group presentation.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University