Course Resources Archive

This module will build on AC0505 to develop students' understanding of the nature, purpose, scope and regulatory environment of the statutory audit and other assurance type engagements.

The module will explore further the ethical and regulatory framework for audit and assurance, and cover the main practical elements of assurance engagements including planning and risk assessment, evaluation of internal controls, gathering audit evidence, reviewing the financial statements, and reporting.

A student passing this module should be able to: 

1. Explain the nature, purpose and scope of external audit, including its regulatory and ethical framework; (PLO1)
2. Describe the nature and role of internal audit and its relationship with the external audit; (PLO1)
3. Discuss and evaluate the role played by audit in achieving good corporate governance; (PLO4)
4. Demonstrate how and why the auditor obtains an understanding of the entity and its environment, assesses the risk of material misstatement and plans an audit of financial statements; (PLO2)
5. Evaluate information systems and internal controls to identify and communicate control risks; (PLO3)ppreciate and discuss the need for auditors to communicate their findings to those charged with governance, evaluate the different types of audit report and discuss the circumstances in which each is appropriate.(PLO5)

The Library Catalogue contains full details of the current reading list for this module. Further details may also be found in the Module Guide.