Learning Outcomes:
At the end of this course, participants should be able to:
• Demonstrate an ability to work within a professional and ethical framework and an ability to apply ethical principles to situations frequently encountered in practice. Understand the audit standard setting process, including the scope and authority of FRC / IAASA publications and announcements.
• Understand the concept of materiality
• Obtain an understanding of the system of internal control.
• Demonstrate a sound practical understanding of the nature, purpose and scope of an audit.
• Critically appraise and identify risks, and describe the procedures undertaken in the planning stage of an audit, and plan work to meet the objectives of the audit.
• Explain the methods for collecting and evaluating audit evidence.
• Critically appraise accounting and internal control systems and identify and communicate control risks, potential consequences and recommendations.
• Demonstrate the nature of internal controls, the procedures required to evaluate control risk, use of Tests of Control
• Describe the nature, timing and extent of tests on transactions and account balances and design Substantive Procedures.
• Carry out analytical procedures and discuss the implications of the outcome.
• Discuss current issues and developments relating to assurance services.
Indicative Module Content:
The module will consist of 12 x 2-hour lectures which may be supported by some additional prerecorded material which will be made available to students in advance (through Brightspace). The indicative curricular content is as follows:
• Ethics and Governance
• Audit Process
• Risk Assessment Process
• Audit Acceptance & Planning
• Controls & Controls Testing
• Audit of Revenue & Receivables
• Audit of Purchases & Payables
• Audit of Property, Plant & Equipment
• Audit of Investments, Bank & Cash
• Audit Work Conclusions
• Audit Reporting