Description:
| Aims: The unit aims to develop an understanding of audit processes and the role of auditors in business environments.
Learning Outcomes: On completing this unit students will be able to demonstrate:
1. knowledge of the historical development of auditing theory and practices and the role of auditing in contributing to accountability;
2. understanding of the legal and professional environment within which auditing operates;
3. appreciation of audit techniques, judgment and practical skills to be applied in financial statement auditing;
4. awareness of current developments in the auditing profession, both in the UK and internationally;
5. the ability to select and present information relating to the varied aspects of the conceptual and organisational features of professional auditing in a business environment.
Skills: Understanding of auditing principles and skills
The fostering of possible interest in public accounting.
Content:
* Introduction & overview; history, scope and purposes of auditing; different types of audits
* Concepts and postulates of auditing; the audit expectations gap
* Elements of auditing: independence
* Elements of auditing: risk assessment, audit objectives, evidence, planning & documentation
* Regulatory environment for auditing
* Audit planning
* Internal control, internal auditing, evaluation of internal control
* Designing substantive procedures.
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