Module ACCT3151: Audit and Assurance

Department: Accounting

ACCT3151: Audit and Assurance

Prerequisites

• ACCT2111 Assurance

Corequisites

• None

Excluded Combination of Modules

• ACCT2061 Audit and Assurance

Aims

• To develop students' understanding of the critical aspects of managing an assurance engagement (including audit engagements).
• The module follows the journey of an engagement through planning and risk assessment, obtaining evidence, drawing conclusions, to audit reporting. All of this is set within the context of professional ethics and a critical appraisal of audit in society.
• To understand the ethical and practical implications of audit and assurance.

Content

• Audit framework and regulation
• Planning and risk assessment
• Internal control
• Audit evidence
• Reviewing and reporting

Learning Outcomes

• By the end of the module students should be able to:
• Appreciate the concepts of audit and assurance;
• Understand the audit and assurance process from engagement, planning and assessment of risk, obtaining evidence, through to reporting;
• Explain issues related to the context in which audit and assurance operates including potential challenges to professional ethics and professional scepticism.

• By the end of the module students should be able to:
• Assess risk to facilitate planning;
• Determine an appropriate reponse to risks identified including consideration of ethical issues;
• Report the findings of an audit or assurance engagement to relevant stakeholders;
• Critical appraise the efficacy of current developments and proposals for audit;
• Critique the role and limitations of audit in society.

• Written communication
• Planning and organisation
• Time management
• Problem solving
• Critical reflection
• Presenting information effectively, using appropriate tools
• Use of the online learning environment to efficiently access and manipulate relevant information

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 workshops and independent study.
• Formative assessment will consist of a 2500 word assignment.
• Summative assessment will consist of a 2.5 hour written timed invigilated examination and a 2500 word written assignment.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Formative assignment 2500 words

■ 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