Overview

To acquire knowledge and understanding of the principles and practices of external and internal audit in an international regulatory context with a view to understanding auditor’s professional responsibilities.

The course will cover the following:

• Regulatory and ethical background to internal and external auditing.
• Risk assessment in the context of internal and external audit.
• Client screening and acceptance process. • Relevant accounting and auditing standards and guidelines. • The audit planning process.
• Gathering of audit evidence and audit testing using tests of controls.
• Business risk approach to auditing. • Code of corporate governance and ethical standards.

Assessment Strategy

-threshold -D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

-good -B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

-excellent -A- to A+ (70%+): Outstanding performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

-another level-C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

Learning Outcomes

• Appraise the role of audit committees by discussing their advantages and shortcomings.

• Appraise the regulatory environment within which external audits take place and describe the statutory regulations governing the appointment, rights, removal and resignation of auditors.

• Discuss the need for and the importance of planning an audit.

• Explain the significance of corporate governance and professional code of ethics.

• Explain why an auditor needs to obtain an understanding of internal control and relate it to control objectives, control procedures, activities and tests of control in relation to various transaction cycles during an audit.

• Explain the audit risks in the financial statements and explain the auditor's response to each risk

• Explain the level of assurance provided by an external audit and other review engagements.

• Report significant deficiencies within an internal control system and provide recommendations for overcoming these deficiencies to management in a report.