Course Resources Archive

This module is designed to introduce students to the nature, purpose, scope and social role of audit and review. It will further develop an understanding of basic accounting practice and financial systems, and of the importance of financial systems as tools of management decision making, and as basis for the production of the financial statements.

This module will examine the development, nature and purpose of statutory external audit (both public and private sector), and its regulatory context. It will consider the social role of audit, in the context of the post-Enron auditing environment. It will cover the differences between external and internal audit and other types of review. It will discuss professional ethics and current developments within the auditing profession. It will describe the stages of a typical audit, and discuss the format and content of possible audit reports. It will consider, as part of the audit process, how a business records, monitors and controls its financial progress using both manual and computer assisted techniques.

i. Knowledge and Understanding 
By the end of the module, students should be able to:
a) understand the nature, purpose and importance to a business of the accounting information system
b) operate one or more accounts system packages for a range of regular transactions over a short period of business
c) compare and contrast accounts systems  and be able to evaluate them critically, making recommendations
d) understand the role played by the accounting information system in establishing and maintaining good internal control in a business
e) understand and explain the nature, purpose and scope of external and internal audit, and differentiate between them
f) evaluate the role of external audit in the context of its regulatory and ethical framework
g) Discuss the regulatory framework for audit in the public
h) Assess the need for a code of professional ethics for auditors
i) Describe the stages of an audit, and the format and content of the audit report
j) Discuss and evaluate recent developments in auditing, and use this understanding to assess  the need for further change in the future.

ii. Skills
By the end of the module students should have developed skills in:
Communication and literacy through group based tutorial activities and written assessment work
Problem solving through tutorial activities, post-tutorial exercises and assignment work
Specific vocational skills which will prepare the students for careers in accounting or auditing where an understanding of the nature and conduct of audit is either crucial or desirable, and experience of an accounts package and knowledge of finance systems is important
Independent, self-managed learning and working through assignment research and development of a presentation.

Staff/student contact time: approx 20%, to include lectures, seminars and group work
Student-directed study: approx 80%, to include background reading and research for assignment

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