Learning Outcomes:
On completion of Module ACC40180 participants will have a sound knowledge and understanding of the professional and legal framework relevant to auditors and the regulatory framework associated with their appointment and removal. Participants will be equipped with the technical mastery of a range of core auditing practices, methods, tools, and techniques to:
(i) Demonstrate a sound practical understanding of the nature, purpose and scope of an audit.
(ii) Explain and evaluate the auditor’s position in relation to the acceptance and retention of professional appointments and explain the purpose and content of letters of engagements.
(iii) Critically appraise and apply the requirements of relevant International Standards on Auditing.
(iv) Outline and explain the purpose of the regulatory framework within which the auditor works.
(v) 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.
(vi) Explain the methods for collecting and evaluating audit evidence.
(vii) Critically appraise accounting and internal control systems and identify and communicate control risks, potential consequences and recommendations.
(viii) Demonstrate the nature of internal controls, the procedures required to evaluate control risk , use of Tests of Control
(ix) Describe the nature, timing and extent of tests on transactions and account balances and design Substantive Procedures.
(x) Carry out analytical procedures and discuss the implications of the outcome
Indicative Module Content:
Module ACC40180 provides participants with a conceptual understanding of the core principles of auditing and introduces an ethical perspective relevant to Chartered Accountants; the ability to differentiate between the different types of assurance engagements; and an appreciation of the auditors’ responsibilities in relation to fraud. It introduces participants to an ethical perspective relevant to Statutory Auditors. The module aims to provide participants with:
(i) A sound knowledge and understanding of the basic principles of auditing and an ability to apply these principles to situations frequently encountered in practice
(ii) A sound knowledge and understanding of International Standards on Auditing (Ireland) and other relevant technical pronouncements published by the Irish Auditing & Accounting Supervisory Authority and other relevant technical pronouncements published by the Financial Reporting Council.
(iii) An appreciation of the duties of the auditor in relation to published financial statements, including the accounting and legal framework.
(iv) An ability to select and describe the application of appropriate audit techniques and procedures in respect of accounting systems, security, internal controls and all elements of financial statements.
(v) An ability to review and suggest improvements in internal control procedures applied in accounting systems.
Students must attempt all the assessment components of a module.
Students must attempt all the assessment components of a module.