Programme/Approved Electives for 2020/21
None
Available as a Free Standing Elective
Yes
This module draws upon knowledge, understanding and capabilities derived from study of previous business law, financial accounting and reporting modules in the accounting programmes. It develops knowledge and understanding of the roles of the external and internal auditor, the regulatory framework and the theory and practice of external and internal audit. Key techniques in conducting a financial audit will be introduced.By the end of the module, students should appreciate the need for, and nature of, the audit process. They will also have developed a critical awareness of the roles of auditors within organisations and society.
Aims
This module will provide students with the necessary knowledge of regulatory reforms, audit procedures and the ability to undertake a financial report audit in accordance with current standards. Students will develop knowledge and understanding of the key concepts of audit and assurance, regulatory framework and professional ethics, and technical processes involved in conducting a financial audit including planning, risk assessment, testing, reviewing and reporting.
Talis Aspire Reading ListAny reading lists will be provided by the start of the course.http://lists.lib.keele.ac.uk/modules/man-30039/lists
Intended Learning Outcomes
Explain different types of audit and assurance and why external audits are necessary within a statutory and professional framework: 1,2Identify and evaluate the relevant legislation, auditing standards, professional & legal responsibilities of external financial report auditors: 1,2Apply concepts of assurance, compliance & business risk to the auditing process: 1,2Identify & analyse indicators of potential misstatements, including fraudulent & non-fraudulent activities: 1,2Formulate & perform risk analysis, analytical & review processes & procedures to detect or refute existence of misstatements: 2Analyse the necessary control procedures to minimise the threat of material misstatements due to either fraud or error within the financial reports of an organisation: 2Explain the structure and meaning of the audit report and the nature of audit qualifications: 1,2
Lecture 11 hoursTutorials 11 hoursLecture and tutorial preparation 26 hoursAssignment and examination preparation 60 hoursPrivate study 40 hoursExam 2 hours
Description of Module Assessment
1: Class Test weighted 30%Computer-based test1 hour computer based test for multiple choice questions.
2: Unseen Exam weighted 70%Take-away Final ExamFinal exam will be available on KLE for 24-hours to answer and submit your answer via Turnitin File. Although students have been given significant time to complete this exam script, we expect most students to spend no more than 3 hours to complete and submit their answers via Turnitin (with a maximum of 2000 words). Answers should be as accurate and concise as possible.