This module is a Level-5 auditing module designed for students who are specialising in Accounting and who may wish to pursue a career in Auditing. The module is designed to cover basic auditing concepts and the tests and procedures an auditor will undertake when performing an audit. Students will cover topics such as the need for audit, the independence of auditors, evaluating systems of internal control, verification of selected assets and liabilities and the audit report. This module will complement the third-year module BE132 Auditing with a major distinction being that this module will focus on the practice of auditing whereas in the third-year module the focus will be more on a critical examination of some key issues and concepts in auditing.
1. To provide students with an appreciation of the work involved in conducting a financial audit so that they understand the strengths and limitations of the techniques employed by auditors.
2. To introduce students to key concepts in auditing.
On successful completion of the module, students will be able to:
1. Discuss why there is a need for audit and the importance of the key concepts of independence and competence and the role of auditing standards.
2. Understand the importance of the need for planning an audit.
3. Discuss the way that audit methodology has evolved and the advantages and limitations of the audit risk approach compared to the business risk approach.
4. Analyse a simple internal control system such as those relating to sales, purchases or payroll and identify the strengths and weaknesses of the system.
5. Devise tests to verify the existence, ownership, valuation and disclosure of certain assets and liabilities (long and current).
6. Identify the content and prepare a basic audit report.
- Module Supervisor: Osamuyimen Egbon