Modiwl ACC-1105:
Audit and Assurance I
Audit and Assurance I 2023-24
ACC-1105
2023-24
Bangor Business School
Module - Semester 2
15 credits
Module Organiser:
Debbie Gilliland
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.
Assessment method
Class Test
Assessment type
Crynodol
Description
As part of the course requirements, students will be given two tests, each is a one-hour long and carries 10%. The test comprising of short questions intended to assess their comprehension of the key topics within the subject matter. The aim of these tests is to provide students with ongoing feedback on their progress within the course, allowing them to monitor their learning and identify areas where they may need additional support or study.
Weighting
20%
Assessment method
Coursework
Assessment type
Crynodol
Description
Students will be paired in groups of not more than 4 and will perform assignment tasks as a team. The assignment will require students to research a real-life case involving external auditors. 67% marks of the project will be awarded on group work whereas 33% marks will be awarded on individual presentations.
Weighting
30%
Assessment method
Exam (Centrally Scheduled)
Assessment type
Crynodol
Description
Students will attempt an unseen two-hour-long examination paper. The paper will consist of two sections, the first will require students to describe or explain key topics and concepts, while the second will focus on analysing concepts and the practical application of those concepts to specific scenarios.
Weighting
50%