Module Specifications..
Current Academic Year 2023 - 2024
Please note that this information is subject to change.
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Description The purpose of this module is to introduce the student to the underlying theories, principles and practices of modern auditing. In doing so it will examine the modern auditing process and identify contemporary issues in auditing practice. It will provide students with the ability to assess audit risk and its component parts and evaluate a company's internal control systems and environment. | |||||||||||||||||||||||||||||||||||||||||
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Learning Outcomes 1. Demonstrate comprehension of the role, responsibility and duty of the auditor as well as the purpose, benefits and limitations of auditing. 2. Identify relevant audit regulation and standards. 3. Assess the importance of ethics in auditing and the independence of the auditor. 4. Outline the main steps in the audit process. 5. Demonstrate the importance of audit planning and factors impacting on it. 6. Evaluate and assess audit risk and its constituent components. 7. Evaluate control procedures in an internal control system. 8. Critically assess current issues facing the auditing profession. | |||||||||||||||||||||||||||||||||||||||||
All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml |
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Indicative Content and Learning Activities
Nature, Purpose and Scope of an AuditDefinition of auditing, historical background, examination of the need for and theories of auditing, advantages, limitations of auditing, directors' responsibilities', responsibilities of the auditor, the audit report, types of audits, types of auditorsAudit RegulationRole of the International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), Auditing Practices Board (APB), Irish Auditing and Accounting Supervisory Authority (IAASA), Auditing Standards (ISAs), Statute, Professional BodiesAuditor IndependenceIntroduction to ethics in auditing, the importance of the independence of auditors, the ethical codeThe Audit ProcessAn overview of the planning, interim and final audit stages. introduction to audit evidence, audit objectives, audit procedures, working papers.Planning an AuditAppointment of auditors and the terms of engagement, planning the audit, audit risk and assessing the risk of material misstatement, understanding the entity and its environment, consideration of planning materiality, audit procedures in response to assessed risks.Assessment of Accounting SystemDefinition and the responsibility of internal control, the importance and the limitations of internal control, components of internal control, procedures used to obtain an understanding of internal control, documenting internal control, preliminary assessment of internal control, tests of control, consideration of audit objectives and control procedures for individual audit objectives and control procedures for individual audit components (for example sales, purchases, stock, bank and cash, and payroll.)Introduction to Current IssuesDiscussion of the issues and challenges facing the accounting and auditing profession. Creative accounting and the auditors role in relation to fraud.Expanded audit reportIntroduction to the content in expanded audit reports: materiality and risk | |||||||||||||||||||||||||||||||||||||||||
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Indicative Reading List
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Other Resources None | |||||||||||||||||||||||||||||||||||||||||
Programme or List of Programmes
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| Date of Last Revision | 09-JAN-12 | ||||||||||||||||||||||||||||||||||||||||
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