Overview

The content will include: theoretical, regulatory, and ethical background to both internal and external auditing. Furthermore, ensuring an understanding of the risk assessment in the context of internal and external audit and determine material misstatements. The module will also cover the auditing planning process, internal controls, how auditors gather audit evidence, contents of the audit report, Corporate Governance, as well as international procedural.

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 internal audit; discuss the general approach, identify any procedures to mitigate the risk, evaluate effectiveness of the procedures. And, critically discuss the developments in corporate governance issues to external financial statement audits.

• Appraise the work of auditors. This includes designing and selecting samples to gather the evidence required to meet the objectives of an audit in accordance with international standards in relation to transactions, balances, and disclosures.

• Critically discuss a wide range of benefits and characteristics of auditing planning in accordance with the international standard on auditing. This includes appraising the impact of planning materiality at the financial statement level.

• Critically evaluate the fundamental principles of professional ethics and ethical framework in relation to the acceptance of an audit engagement, planning and carrying out the audit.

• Critically explain the risk of issuing an inappropriate audit opinion by being able to identify and define different type of audit risk. Discuss how risk assessment informs the auditing process, explain impact of fraud and illustrate the ability to apply risk assessment procedures and examine appropriate responses on an auditing engagement.

• Discuss the phases of planning an audit and demonstrate an understanding of the related documentation required. Examine and evaluate the planning process in auditing to a specific business context.

• Explain and critically discuss the principal elements of internal and external audit reports and evaluate appropriately worded audit reports to the individual circumstances of an audit.

• Explain and examine the respective reporting responsibilities of internal and external auditors in relation to internal controls, including: - the components of internal control - the identification of weaknesses in internal controls and applying appropriate tests of controls. - appraising the systems - develop safeguards