Latest Module Specifications
Current Academic Year 2025 - 2026
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Description 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Learning Outcomes 1. Discuss the purpose, role and fundamental principles of auditing. 2. Discuss the importance of business and professional ethics in auditing and demonstrate awareness in relation to identification and response to ethical issues which may arise in professional context. 3. Outline the main steps of the audit process, including audit planning, risk assessment, controls testing and substantive testing and audit conclusion. 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 for a prospective or continuing audit engagement, with due regard in relation to materiality, risk assessment, controls v substantive testing and audit evidence. 7. Critically assess an internal control system and associated control risk factors. 8. Discuss current issues in external financial audit, including audit regulation, auditor independence and expectations gap, auditor liability, corporate governance, fraud, auditing in a computerised environment, using the work of others. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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
Fundamental Auditing Principles Definition of auditing and distinction between auditing and accounting; primary and secondary objectives of an audit; the concepts of materiality, audit risk, audit evidence, 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. Professional Ethics Fundamental principles of professional and relevant guidance 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; auditor independence; expectations gap; auditor liability; corporate governance; fraud; auditing in a computerised environment; using the work of others. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Indicative Reading List Books:
Articles: None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Resources None | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||