Module Catalogue 2024/25

Pre Requisite Comment

Available to students on NN14/NN49 only.

Co Requisite Comment

N/A

Aims

• To develop students’ understanding of Audit and Assurance.
• To cover the material required by ICAEW for its Certificate and Professional Level papers 'Auditing' and 'Auditing and Assurance'.

Outline Of Syllabus

- The concept, process and need for assurance
- Internal controls
- Gathering evidence on an assurance engagement
- Professional ethics
- Legal, ethical and current issues
- Accepting and managing engagements
- Concluding and reporting in assurance engagements

Intended Knowledge Outcomes

At the end of the module students will be able to

1.       Define the concept of assurance and explain the need for assurance engagements.

2.       Identify the nature and provide examples of internal controls for a business entity.

3.       Define sufficient and appropriate audit evidence to support the financial reporting assertions within financial statements.

4.       Explain the management processes of an assurance engagement in accordance with International Auditing Standards.

5.       Define the ethical threats that could exist within a professional engagement.

Intended Skill Outcomes

At the end of the module students will be able to

6.       Apply appropriate audit procedures and select sufficient and appropriate audit evidence.

7.       Analyse scenarios to identify ethical threats and apply appropriate safeguards.

8.       Appraise an entity’s control environment, identify internal control weaknesses and recommend practical improvements.

9.       Devise audit procedures to address audit risks present within a scenario.

10.       Conclude on the truth and fairness of the subject matter and justify the appropriate audit report and opinion in accordance with International Auditing Standards.

Teaching Rationale And Relationship

Structured guided learning sessions are used to provide the basic framework, demonstrate techniques and explain concepts and theory. The module will include worked examples to develop problem-solving and technical skills which students can then practice. These are supported by student reading of texts and directed learning where students must practice questions to help them prepare for the final assessment. Students will also receive formative feedback by sitting “mock” assessments for Papers 'A' (Semester 1) and 'B' (Semester 2) and completing progress tests as part of independent study for self-marking.

Assessment Rationale And Relationship

This module will be assessed entirely by unseen examinations in order to satisfy the requirements of the ICAEW Certificate Level (Semester one) and Professional Level (Semester Two). Unseen examinations with access to Open Book reference materials is a sensible assessment strategy for knowledge and understanding and for the skills developed on this module.

Students will have the opportunity to gain feedback on progress by interaction and active undertaking of worked examples and completing progress tests and mock assessments, which are self marked and marked, respectively and gone through in-class with marker comments.

There are no alternative assessments. Accreditation requires in-person invigilated assessments by virtue of this module forming part of the ICAEW 'Golden Four' assessments.

General Notes

N/A