UNIT TITLE: Audit and Assurance (L7)

CREDIT POINTS: 15 UNIT CODE: ACC361

FHEQ LEVEL: 7 DELIVERING FACULTY: FBSE

UNIT DESIGNATION: Traditional School: SSBS

Date validated: February 2014 Date last modified:

Unit delivery model: PC

Max & Min Student No.: N/A

TOTAL STUDENT WORKLOAD

Students are required to attend and participate in all the formal timetabled sessions for the unit. Students are also expected to manage their directed learning and independent study in support of the unit.

Where normal timetabled sessions do not take place, additional directed learning may be provided, and/or students are expected to undertake additional independent learning.

PREREQUISITES AND CO-REQUISITES

None.

UNIT DESCRIPTION

This unit will seek to develop and extend the techniques to a broader range of audit activities. Students will be able to exercise judgement and apply audit techniques in the course of providing auditing and non-auditing services, and to evaluate and comment on current global practices and developments.

LEARNING OUTCOMES

On successful completion of the unit, students should be able to:

Knowledge and Understanding K1 Systematically and critically review the international auditing regulatory framework and elements of new and specialised audit techniques.

Cognitive Skills

C1 Critically analyse, evaluate and synthesise information, data and ideas on audit related services and problems.

Practical and Professional Skills

P1 Autonomously use a range of highly specialised practical, technical, creative, cognitive and work-related skills within a professional and ethical framework.Transferable and Key Skills

T1 Communicate effectively using written, visual and oral methods appropriate to the context, audience and purpose of the communication.

AREAS OF STUDY

1. Professional issuesRules of professional conduct, responsibilities and liabilities. Regulatory environment, Quality control. Independence. Fees and billings. Advertising and publicity. Audit and non-audit services. Conflict of interest. Audit concentration and globalisation of audit.

2. Ethics and Corporate GovernanceCodes of ethics and conducts, corporate governance, audit committees.

3. Audit processRisk-based, systems and balance sheet auditing approaches. Materiality and audit risk. Sampling. Reliance on work of others and experts. Related parties. Subsequent events and going concern.

4. Assignment and reportingGroup and international audits. Prospective financial information. Outsourcing of internal services. Types of reports.

5. Current issues and developmentsFraud and litigation. International influences. Social and environmental audits. Introduction to Forensic Accounting.

LEARNING AND TEACHING STRATEGY

The students will develop and their critical knowledge and understanding of audit principles and current global issues in Auditing. This will be achieved through student-centred seminars, which will include case studies, small group presentations and class discussions, together with problem based approaches to audit issues, providing opportunity for formative feedback.

Students are provided with all the study materials on myCourse and are able to use them to set their own pace, which will enhance self management skills. During assignment preparation seminars, along with the tutor, they will identify areas for further research.

Employability Skills

Students will receive hands on experience of using word processing and presentation software.

The skills which the student will develop as part of this unit will be directly relevant to the workplace. Many of the skills could be applicable to a number of areas of business practice, such as, solving weaknesses in accounting systems by proposing controls which should be instigated.

Work related learning opportunities will be provided in class. For example, many of the examples are based on case studies or simulation exercises to gain experience of what it would be like to work in an accounting practice audit department. Students will be encouraged to adopt a global mind-set and exchange cultural perceptions.

Additional work-related opportunities will include the use of real-life case studies and guest lectures where appropriate. Students will be encouraged to perform a thorough literature review in this area, in preparation for their period 3 project.

ASSESSMENT STRATEGY

The summative assessments will require the students to research, and apply that research, to evaluate current issues in auditing. Smaller pieces of formative assessment will be provided during the delivery period which will enable the students to receive unassessed feedback.

All assessments will enable the students to demonstrate achievement of specified unit learning outcomes, demonstrating applied reflective learning and critical understanding of a key aspect of Audit practice.

In particular the assignment will take the form of papers written for a variety of users of Audit reports to encourage the students to relate their studies to a work environment and the needs of a range of user groups.

ASSESSMENT

AE1 weighting: 100% assessment type: Individual Written Assignment length/duration: 4,000 wordsOnline submission: YesGrade Marking: YesAnonymous marking: No

Aggregation of marksNot applicable

Re-assessment RulesReassessment of the unit will be in the same format.

Unit Author: Gill CashellDate of version: March 2014