Registry
Module Specifications
Archived Version 2005 - 2006
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Module Aims | |||||||||||||||||||||||||||||
To familiarise students with the regulatory framework of, and the principles underlying auditing; to give students an understanding of modern auditing procedures; and to provide students with an understanding of business and professional ethics.
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Learning Outcomes | |||||||||||||||||||||||||||||
On completion of the module, the student should be able to: 1. appreciate the regulatory framework and principles underlying auditing; 2. understand basic auditing procedures incorporating audit planning and detailed compliance and substantive audit work; 3. appreciate ethical issues in a business and professional environment. | |||||||||||||||||||||||||||||
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NOTE | |||||||||||||||||||||||||||||
Assume that a 5 credit module load represents approximately 75 hours' work, which includes all teaching, in-course assignments, laboratory work or other specialised training and an estimated private learning time associated with the module. | |||||||||||||||||||||||||||||
Indicative Syllabus | |||||||||||||||||||||||||||||
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. Current issues and developments in Auditing: Reflect the important issues of the time of teaching. Topics include regulatory framework of Auditing Profession, recent legislation impacting on the work of auditors. 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.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. Audit Testing, Procedures and Techniques: Objectives of audit testing techniques. Audit of Bank and Cash and Debtors. Business and Professional Ethics: Fundamental principles of business ethics; Social responsibility; The employer/employee relationship; Ethics of financing business and insider information; Advertising and the protection of the customer. | |||||||||||||||||||||||||||||
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Indicative Reading List | |||||||||||||||||||||||||||||
1. ICAI Handbook: International Standards of Auditing. 2. Cosserat, G., Modern Auditing, Wiley 2005. 3. Woolf, E., Auditing Today. Prentice Hall 1997. 4. Dunn, J. Auditing: Theory & Practice 2nd ed. 1996. 5. Gray, I. and Manson, S., The Audit Process Principles, Practice and Causes, 3rd edition 2005. 6. Porter, B., Simon, I. and Hatherly, D., Principles of External Auditing, Wiley 2003. 7. Ferrell, O. and Fraedich, J. Business Ethics: Ethical Decision Making and Cases. Houghton Mifflin 2005. | |||||||||||||||||||||||||||||
Programme or List of Programmes | |||||||||||||||||||||||||||||
MBS | MBS in Accounting | ||||||||||||||||||||||||||||
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