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Module Specifications..

Current Academic Year 2023 - 2024

Please note that this information is subject to change.

Module Title Auditing and Professional Ethics
Module Code AC512
School DCUBS
Module Co-ordinatorSemester 1: Brid Murphy
Semester 2: Brid Murphy
Autumn: Brid Murphy
Module TeachersBrid Gleeson
Brid Murphy
NFQ level 9 Credit Rating 5
Pre-requisite None
Co-requisite None
Compatibles None
Incompatibles None

To familiarise students with the regulatory framework of, and the principles underlying auditing; To give students an understanding of modern auditing procedures; To provide students with an understanding of business and professional ethics.

Learning Outcomes

1. Discuss the purpose, role and fundamental principles of auditing
2. Discuss the importance of business and professional ethics in auditing
3. Outline the main steps of the audit process, including audit planning, risk assessment, controls testing and substantive testing
4. Identify and apply relevant audit regulation and standards
5. Identify and evaluate risk factors attaching to a prospective or continuing audit engagement
6. Discuss the importance of audit planning and complete an appropriate audit strategy and audit plan, with regard to a prospective or continuing audit engagement
7. Critically assess an internal control system and associated control risk factors
8. Discuss current issues in external financial audit, including auditor independence and expectations gap, corporate governance, fraud, auditing in a computerised environment, using the work of others

Workload Full-time hours per semester
Type Hours Description
Lecture48Weekly Lectures
Assignment Completion22Independent student learning for continuous assessment
Independent Study55Independent study, lecture material review and preparation for formal examination
Total Workload: 125

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

Indicative Content and Learning Activities

Fundamental Auditing Principles
Definition of auditing and distinction between auditing and accounting; Primary and secondary objectives of an audit; The concepts of materiality, audit evidence, audit risk, confidentiality, auditor independence, and a "true and fair" view.

Professional, Legal and Ethical Framework of Auditing
Appointment and remuneration of auditors; Letters of engagement; Powers, duties and rights of auditors; Professional ethics and rules of professional conduct; Removal of auditors; Case Law; Professional indemnity insurance.

Introduction to the Audit Process
Planning, Controlling and Recording of Audit Work: Audit approach; Audit planning; The conduct of an audit; Recording audit evidence; Controlling and administering audit work.

Systems of Accounting and Internal Control
Meaning of internal controls; Limitations on the effectiveness of internal controls; Understanding, recording, evaluating and testing systems of accounting and internal controls; Reports to management; Reliance on internal audit.

Control Testing, Procedures and Techniques
Objectives of control testing and techniques: Sales and Receivables, Purchases and Payables, Payroll, Bank and Cash,.

Current issues and developments in Auditing reflecting the important issues of the time of teaching.
Topics include regulatory framework of Auditing Profession, recent legislation impacting on the work of auditors, expectations gap, auditing in a computerised environment, using the work of others etc.

Professional Ethics
Fundamental principles of professional and relevant guidance

Assessment Breakdown
Continuous Assessment20% Examination Weight80%
Course Work Breakdown
TypeDescription% of totalAssessment Date
Group project The project comprises both an oral presentation and a written submission.20%Week 5
Reassessment Requirement Type
Resit arrangements are explained by the following categories;
1 = A resit is available for all components of the module
2 = No resit is available for 100% continuous assessment module
3 = No resit is available for the continuous assessment component
This module is category 1
Indicative Reading List

  • Nolan, M. and Nangle, C: 2016, External Auditing and Assurance – an Irish Textbook, CAI,
  • Gray, Manson and Crawford: 0, The Audit Process: Principles, Practice and Cases, Cengage Learning,
  • Cosserat and Rodda: 0, Modern Auditing, Wiley,
  • Porter, Hatherly and Simon: 0, Principles of External Auditing, Wiley,
  • Kelly, L.: 0, Advanced Auditing and Assurance, CAI,
  • CAI: 0, Auditing and Assurance (CAP 2), CAI,
Other Resources

Programme or List of Programmes
MBSMSc in Accounting
Date of Last Revision12-JAN-11

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