Module BUSS2251: Audit & Assurance

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

BUSS2251: Audit & Assurance

Prerequisites

• Innovations in Professional Practice ECOS1252

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• To develop students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting.

Content

• Legal and other professional regulations, ethics and current issues
• Accepting and managing engagements
• Planning engagements
• Concluding and reporting on engagements

Learning Outcomes

• On completion of this module students should:
• Have an understanding of the processes involved in accepting and managing assurance engagements
• Have an understanding of how quality assurance processes mitigate risks
• Have an awareness of different methods of client assessment including relevant analytical procedures
• Have an understanding of the legal and ethical responsibilities of the auditor
• Have an understanding of the processes involved in accepting, planning and managing assurance engagements

• On completion of this module students should:
• Be able to understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement
• Be able to plan assurance engagements in accordance with the terms of the engagements and appropriate standards
• Be able to conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards

• Planning and organisational skills
• Critical analysis and judgement skills
• Communication and reporting skills

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 the development of their skills in managing themselves and others in such contexts.
• Seminar activities and discussions will provide the technical awareness of topics in a comprehensive form.
• The summative examination will test students’ understanding of the main concepts and technical treatments through problem solving and reflection on learning.
• The summative assignment will require students to analyse specific international cases in relation to different audit scenarios. It will test students’ understanding of the main challenges, risks and violations to the audit standards and regulatory frameworks and to the audit professional code of ethics. Students will be asked to critically reflect upon their understanding of the body of audit theories and concepts in the context of the case study, and to offer recommendations and suggestions to improve the audit practice, from a regulatory and/or ethical perspective.
• Candidates must achieve a mark of 55% or above in the summative examination component, in addition to passing the overall module.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Case studies, group presentation and 2 hour 30 minutes mock exam

■ 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