ACCT08028 2016 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
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Author(s)
Maria Scanlon
Programme Membership
SG_BACCO_K08 201600 Bachelor of Business (Honours) in Accounting Stream (Add-on) SG_BACCO_H08 201800 Bachelor of Arts (Honours) in Business in Accounting L8
Description

This module aims to introduce students to the theories, principles and practices underlying modern auditing. This will involve examining students on the legal and ethical background to audit appointments. Requiring students to demonstrating knowledge of the key components of an audit plan. Providing students with the ability to assess audit risk and evaluate the internal control environment and internal control systems.

Learning Outcomes

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

1.

Explain the role, responsibilities and duties of company directors and auditors in accordance with relevant legislation and standards.

2.

Demonstrate knowledge of the importance of ethics in auditing as well as ethical framework within which auditors are required to operate.

3.

Explain the main stages in the audit process as well as the key elements in an audit plan.

4.

Understand the audit risk assessment process

5.

Describe the structure of strong internal control systems in the key functional areas and assess specific systems of internal controls in order to identify related controls and risks.

Teaching and Learning Strategies

This module will be delivered through a combination of lectures and tutorials. Student learning will be aided through a review of newspaper extracts, youtube clips and discussion around students personal experiences.

Module Assessment Strategies

This subject will be assessed through a combination of appropriate assessments.

Repeat Assessments

Repeat assessments will be developed in accordance with the requirements of the module.

Indicative Syllabus

Role, responsibilities and duties of Company Directors & External Auditors

- Definition of auditing

- The functions of audit, corporate governance and regulation

- Director and auditor respsonsibilities in accordance with relevant legislation

- Appointment, rights, duties, removal, resignation and remuneration of auditors in accordance with relevant legislation

- Identify and explain the role of various statutory and regulatory agencies in auditing.

Ethics in auditing

- The importance of ethics

- Knowledge of the ethical framework applicable to external auditors

Audit planning:

- overview of the stages involved in the audit process

- Acceptance of an external audit client

- Terms of engagement and the letter of engagement

- Planning the audit including consideration of materiality

- Audit work papers, audit files, audit evidence,

- Risk assessment

 

Internal Controls

- Definition and responsbility for internal controls

- Components of internal controls

- Control procedures in relation to specific aspects of the audit. For example: purchases/payables, sales/receiables, cash sales, payroll and property, plant and equipment.

- Procedures used to gain an understanding of internal controls

-Testing internal controls

 

 

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 Q/A sessions Formative Oral Exam - % OnGoing 1,2,3,4,5
2 Written test Continuous Assessment Assessment 20 % Week 9 1,2,3
             

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 1 Weekly 1.00
Lecture Lecture Theatre Lecture 1 Weekly 1.00
Lecture Lecture Theatre Lecture 1 Weekly 1.00
Lecture Lecture Theatre Lecture 1 Weekly 1.00
Independent Learning UNKNOWN Personal study 3 Weekly 3.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Recommended Reading
2009-03-02 Modern Auditing Wiley
ISBN 0470319739 ISBN-13 9780470319734

Modern Auditing has become established as one of the leading textbooks for students taking university and professional courses in auditing. This extensively revised third edition continues to provide the reader with a comprehensive and integrated coverage of the latest developments in the environment and methodology of auditing.

Aimed at introductory level courses in auditing at undergraduate, graduate and professional levels, it develops the auditing process in a logical and sequential manner enabling the reader to progressively consolidate their understanding of the concepts and process.

The book contains a strong pedagogical framework including: chapter overviews, learning objectives and checks, review questions, professional application questions, case studies and a glossary of technical terms.


New features include:

* Updated coverage of developments in companies legislation, regulation and corporate governance
* Discussion of new developments in ethical codes
* Coverage of the latest audit risk standards and the impact of the IAASB's Clarity Project
* Focus on changes in professional statements and structure and the increasing influence of IFAC

Recommended Reading
2013-10-20 External Auditing and Assurance: An Irish Textbook Chartered Accountants Ireland
ISBN 1908199466 ISBN-13 9781908199461
Recommended Reading
2008-11-24 Principles of External Auditing Wiley
ISBN 0470018259 ISBN-13 9780470018255

This book provides a comprehensive and exacting introduction to the principles and practice of external auditing. It 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.

Module Resources

Non ISBN Literary Resources

Notes as supplied by the lecturer.

URL Resources

International Standards on Auditing (UK and Ireland)

International Standard on Quality Control (UK and Ireland)

https://www.frc.org.uk/Our-Work/Codes-Standards/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditing-standards.aspx

 

Other Resources

None

Additional Information

None