ACCT08028 2022 Auditing 1

General Details

Full Title
Auditing 1
Transcript Title
Auditing 1
Code
ACCT08028
Attendance
N/A %
Subject Area
ACCT - Accounting
Department
BUS - Business
Level
08 - NFQ Level 8
Credit
05 - 05 Credits
Duration
Semester
Fee
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Kerry Dolan, Aileen Brennan, Maria Scanlon
Programme Membership
SG_BACCO_H08 202200 Bachelor of Arts (Honours) in Accounting SG_BACCO_K08 202200 Bachelor of Business (Honours) in Business with Accounting (Add-on)
Description

This module aims to equip students with an understanding of the role and function of audit and assurance; develop students’ knowledge of the legal, regulatory and ethical background to audit appointments; and provide students with an understanding of audit planning, risk assessment and the evaluation and testing of internal controls.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

Assess the role and function of audit and assurance and company directors’ and auditors’ responsibilities in the context of relevant legislation, standards and corporate governance.

2.

Assess the importance of professional ethics for auditors and demonstrate knowledge of the relevant ethical standards.

3.

Explain the main stages in the audit process and describe the key elements in developing an audit strategy and plan.

4.

Determine the risk assessment process and evaluate the risk of material misstatement.

5.

Critically assess and test internal control systems in the key functional areas.

Teaching and Learning Strategies

This module will be delivered through a combination of lectures and tutorials. Student learning will be aided by reviewing newspaper extracts, professional and regulatory reports and documents, video clips, and discussions around students' personal experiences.

Module Assessment Strategies

This subject will be assessed through a continuous assessment during the term and a final written exam. The final written exam will be supervised in person or via online proctoring.

Repeat Assessments

Repeat assessments may include a repeat continuous assessment and/or a final written exam supervised in person or via online proctoring.

Indicative Syllabus

LO1: Assess the role and function of audit and assurance and company directors’ and auditors’ responsibilities in the context of relevant legislation, standards and corporate governance.

  • The purpose of an audit: True and fair view. Importance of auditor professional scepticism
  • Audit and other assurance engagements
  • Statutory financial statement audit and the audit or assurance of other information, e.g., sustainability reports
  • Director and auditor responsibilities in accordance with relevant legislation
  • Appointment, rights, duties, removal, resignation and remuneration of auditors in accordance with relevant legislation
  • The role of various statutory and regulatory agencies in auditing
  • Corporate governance requirements relevant to auditors and the audit
  • Structure and function of audit committees

 

LO2: Assess the importance of professional ethics for auditors and demonstrate knowledge of the relevant ethical standards.

  • The importance of ethics for auditors
  • The ethical framework applicable to external auditors

 

LO3: Explain the main stages in the audit process and describe the key elements in developing an audit strategy and plan.

  • The stages involved in the audit process
  • Acceptance and continuance of an audit engagement, including the letter of engagement
  • Audit strategy and plan including consideration of materiality
  • Auditors’ responsibilities regarding fraud, laws and regulation
  • Audit work papers, audit files, audit evidence

 

LO4: Determine the risk assessment process and evaluate the risk of material misstatement.

  • Risk assessment process
  • Assessing audit risks

 

LO5: Critically assess and test internal control systems in the key functional areas.

  • Objectives of internal control systems
  • Evaluate internal control systems
  • Tests of controls
  • Communication of internal control weaknesses

 

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
20 %
End of Semester / Year Formal Exam
80 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 In-class test / case study Continuous Assessment Assessment 20 % Week 9 1,2,3,4
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Written test Final Exam Assessment 80 % End of Term 1,2,3,4,5
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Lecture Theatre Lecture 4 Weekly 4.00
Independent Learning UNKNOWN Personal study 3 Weekly 3.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Required Reading
2018 External Auditing and Assurance
ISBN 1912350033 ISBN-13 9781912350032
Required Reading
2014-03-03 Principles of External Auditing John Wiley & Sons
ISBN 0470974451 ISBN-13 9780470974452

Principles of External Auditing has become established as one of the leading textbooks for students studying auditing. Striking a careful balance between theory and practice, the book describes and explains, in non-technical language, the nature of the audit function and the principles of the audit process. The book covers international auditing and accounting standards and relevant statute and case law. It explains the fundamental concepts of auditing and takes the reader through the various stages of the audit process. It also discusses topical aspects of auditing such as legal liability, audit risk, quality control, and the impact of information technology. Brenda Porter is currently visiting Professor at Exeter University and Chulalongkorn University, Bangkok.

Required Reading
2021 AUDIT AND ASSURANCE - STUDY TEXT.
ISBN 1787408647 ISBN-13 9781787408647

Module Resources

Non ISBN Literary Resources

 

Journal Resources
URL Resources

Ethical Standard for Auditors (Ireland)

International Standards on Auditing (Ireland)

https://www.iaasa.ie/Publications/Auditing-standards

Other journal articles, professional and regulatory reports referred to during lectures.

 

 

Other Resources
Additional Information