Auditing
Overview
- Credit value: 15 credits at Level 6
- Convenor: Dr Panagiota Makrychoriti
- Tutors: Davide Padovani and Kofi Narh-Saam
- Prerequisite: Financial Reporting
- Assessment: a three-hour 15-minute examination (100%)
Module description
In this module you will gain up-to-date knowledge of international development of auditing standards, as well as audit theory and real practice, focusing on:
- ethical standards
- client acceptance
- risk assessment
- internal control
- materiality issues
- testing
- reporting to shareholders.
Learning objectives
By the end of this module, you will be able to:
- explain how the need for accountability resulted in external reporting and auditing
- describe the role of the auditor
- understand the process of accepting an engagement
- discuss why adequate audit planning is essential
- discuss the process of understanding the client’s industry and business
- apply and discuss the risk-based approach to audit, and the concept of materiality and performance materiality
- understand the process of documenting internal control and assess its effectiveness
- understand the concept of evidence mix and how it varies in different circumstances
- design and perform substantive tests of transaction for the purchases and payments cycle, and analytical procedures for accounts payable
- discuss the forms of qualification and the parameters of audit opinion
- explain subsequent events and going concern.