Audit and assurance

Module title	Audit and assurance
Module code	BEA3038DAZ
Academic year	2024/5
Credits	15
Module staff

Duration: Term	1	2	3
Duration: Weeks		12

Number students taking module (anticipated)	50

Module description

Audit and assurance are not just about numbers on a spreadsheet; they are about unravelling the narratives woven within financial statements, dissecting risks, and illuminating the path to transparency. As we embark on this exploration, we will delve into the art and science of safeguarding financial information, understanding the significance of audits in bolstering investor confidence, and unravelling the symbiotic relationship between auditors and the organisations they scrutinise.

By the end of this module, you will gain an understanding of the importance of the internal and external audit function and the significance of providing information requested from the audit teams to fulfil their duties. In doing so you will be able to analyse financial and non-financial internal data and compare with benchmark data such as from competitors, stakeholders, and market trends.

Finally, you will produce the information required by internal and external auditors in a clear format applying rigorous and empirical approach to the analysis of data and research the facts and gathering expert opinion before recommending action.

Most importantly, you will be able to act with professional scepticism including a questioning mind, being alert to conditions which may indicate a possible misstatement due to error or fraud and a critical assessment of evidence.

Module aims - intentions of the module

The module aims to give you an understanding of the basic concepts and techniques relating to the execution of an audit of financial statements in terms of International Standards on Auditing and provides you with an understanding of the legal and ethical framework surrounding auditing.

The overall aim of the auditing module is to enable students to understand:

The nature and objectives of the audit function
The audit process
The concepts underlying, and the principles of, audit practice
Some of the current issues and challenges facing the audit profession

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

1. Provide an in depth explanation the importance of the internal and external audit function and the significance of providing information requested from the audit teams to fulfil their duties.(K21)
2. Critically analyse financial and non-financial internal data and compare with benchmark data such as from competitors, stakeholders, and market trends.(S3)

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

3. Produce in depth information required by internal and external auditors in a clear format.(S20)

ILO: Personal and key skills

On successfully completing the module you will be able to...

4. Act with professional scepticism including a questioning mind, being alert to conditions which may indicate a possible misstatement due to error or fraud and a critical assessment of evidence.(B5)
5. Rigorous and empirical approach to the analysis of data and research the facts and gathering expert opinion before recommending action.(B2)

Syllabus plan

Audit framework and regulation
Planning and risk assessment
Internal control
Audit evidence
Review and reporting
Employability and technology skills

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching Activities	Guided independent study	Placement / study abroad
17	133	0

Details of learning activities and teaching methods

Category	Hours of study time	Description
Scheduled teaching and learning activities?	17	masterclasses and webinars?
Guided independent study	30	Reading, research, web based activities on ELE??
Guided independent study	103	Work activities??

Formative assessment

Form of assessment	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Scenario case study Audit and Assurance	2 Artefacts	1-5	Written

Summative assessment (% of credit)

Coursework	Written exams	Practical exams
50	50	0

Details of summative assessment

Form of assessment	% of credit	Size of the assessment (eg length / duration)	ILOs assessed	Feedback method
Case study report	50	2000 words with artefacts	1-5	Written
Exam	50	90 minutes	1,2,3	Written

Details of re-assessment (where required by referral or deferral)

Original form of assessment	Form of re-assessment	ILOs re-assessed	Timescale for re-assessment
Case study report	Case study report	1-5	6 weeks
Exam	Exam	1,2,3	6 weeks

Re-assessment notes

Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%

Indicative learning resources - Basic reading

Basic reading:

Büchling, M., Cerbone, C., Kok, M., Maroun, W., Marques, G., & Segal, T. (2019). Assurance, risk and governance: An international perspective. Claremont, Cape Town: Juta & Company

Other resources:

www.ifac.org – Source of all International Standards on Auditing and Code of Ethics for Professional Accountants, and International Education Standards

www.frc.org.uk – Source of all International Standards on Auditing (UK and Ireland) and Ethical Standards

www.icaew.com , www.icas.com and www.accaglobal.com – Various publications of the key professional bodies in the UK

Key words search

Audit and Assurance

Credit value	15
Module ECTS	7.5
Module pre-requisites	None
Module co-requisites	None
NQF level (module)	6
Available as distance learning?	Yes
Origin date	04/04/2024
Last revision date	04/12/2024