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AC.F307: Issues in Auditing
|Department: Accounting and Finance||NCF Level: FHEQ/QCF/NQF6//RQF6|
|Study Level: Part II (final year)||Credit Points: 15.0|
|Start Date: 09-10-2017||End Date: 11-05-2018|
|Available for Online Enrolment?: Y||Enrolment Restriction: Fully available to all students|
|Module Convenor: Dr JPO Gore|
- Syllabus Rules and Lancaster Part II Pre-requisites
- Curriculum Design
- Assessment Weights
- Educational Aims
- Learning Outcomes
- Part 1 Modules Video
- Teaching Pattern
Syllabus Rules and Pre-requisites
- Prior to AC.F307, the student must have successfully completed:
This module examines the economic rationale for auditing and the structure of the auditing industry. Fundamental issues involved in auditing financial statements and financial information systems are examined. Theories and issue such as audit risk, agency theory, independence and audotor liability, as well as the ethical demands on auditors, are covered.
Curriculum Design: Outline Syllabus
1 : HAPPY MEMORIES: THE AUDIT PROCESS (or AcF 211 Re-Visited)
The audit approach - objectives - overview of the phases of an audit - types of testing - features of good
internal control - evaluation of internal control
2 : MORE HAPPY MEMORIES: MORE AUDIT PROCESS (or AcF 211 Re-Visited again)Assessing the quality of Audit Evidence - recording audit evidence - analytical review. The audit risk
model - using the model - limitations of the audit risk model. Statistical sampling - advantages and
limitations - types of error - attribute and variables sampling - discovery sampling - monetary unit sampling
3 : CONCEPTUALISING THE AUDIT PROCESSThe nature and development of auditing - demand and supply of auditing services - economic
characteristics of the "product" - costs and benefits of auditing ? auditing as an external corporate
4 : THE MARKET FOR AUDIT (AND OTHER) SERVICESThe conflicting demands of professional practice and business objectives - the determinants of audit fees
- downward pressure on fees - audit concentration studies.
5 : RECENT CHANGES AFFECTING AUDITORSScandals ? Regulatory Reponses - SOX ? ISAs - IFRS
6 : PROFESSIONALISM, ETHICS AND INDEPENDENCEWhat is a profession? How does a profession differ from an industry? What are ethics? What are
professional ethics? What is auditor independence and why does it matter? Evidence of failures.
7 : THE EXPECTATIONS GAPUsers' perceptions of the auditor's role - fraud and the auditor
8 : AUDIT REPORTINGThe audit report - types of qualifications - alternative formats
9 : AUDITOR LIABILITYTo whom does an auditor owe a duty of care? - in what circumstances? - implications - reactions
10 OVERVIEW : THE AUDITING PROFESSION - QUO VADIS?
Monday 11th December 2005 11.00-11.50 Cavendish Colloquium Room
- 75% Exam
- 25% Coursework
Educational Aims: Subject Specific: Knowledge, Understanding and Skills
- With the exception of the BSc in Accounting, Auditing and Finance degree, for which it is compulsory, this is an optional half-unit course. Its objectives are to build upon the foundations laid by the pre-requisite course AcF 211 "Accounting Information Systems and Auditing" and thus extend participants' knowledge of the environment, function, scope and methods of auditing. The course also provides an opportunity to reflect upon important issues facing the auditing profession and, by extension, the accounting and financial worlds today. Via both lectures and seminars, contextual material is provided and conceptual bases for understanding the audit function are offered, as is the opportunity to explore the interaction of these.
Learning Outcomes: Subject Specific: Knowledge, Understanding and Skills
- After following the course participants should:
- be aware of the various possible approaches to auditing and some of the techniques involved;
- be aware of and able to utilise in analysis the major theoretical bases for the audit function;
- be aware of the structure of the auditing profession, especially in the UK;
- be able to analyse and discuss major issues and problems facing the auditing profession; and
- be able to provide reasoned arguments, both orally and in writing, in support of their views
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