Module title: Auditing

SCQF level: 09:
SCQF credit value: 20.00
ECTS credit value: 10

Module code: ACC09109
Module leader: Rachel Findlay
School The Business School
Subject area group: Accountancy Finance and Law
Prerequisites

To study this modules you will need the learning equivalent to the module listed or to have passed this module

Corporate Accounting
Equivalent course overseas or preparation of primary financial statements for limited companies in accordance with accounting regulations

2018/9, Trimester 2, Face-to-Face, Edinburgh Napier University
Occurrence: 001
Primary mode of delivery: Face-to-Face
Location of delivery: CRAIGLOCKHAR
Partner: Edinburgh Napier University
Member of staff responsible for delivering module: Alun Fotheringham
Module Organiser:


Learning, Teaching and Assessment (LTA) Approach:
Learning and teaching outcomes including their alignment to LO’s
Lectures and reading provide knowledge and draw attention to potential issues. Understanding of the issues and possible methods of auditing is reinforced by examples in tutorials. The emphasis is on developing a logical and practicable approach to the task of conducting audit work which fulfils the goals of auditing.
Embedding of employability/PDP/scholarship skills
Students will develop general skills in the logical analysis of information and evidence. The ability to communicate requirements to others will also be developed.
Assessment (formative and summative)
There will be two components of assessment an individual report and a written closed book individual examination. The report will be based on a case study scenario and will require students to demonstrate the ability to conduct an exercise related to audit work. This reflects the need for all professional auditors to be able to present their findings in a clear and concise format. The examination will comprise a mix of objective, scenario-based and essay style questions which require the student to demonstrate the ability to explain and apply auditing theories and principles to the conduct of audit work.
Research / teaching links
The area of audit regulation is in a constant state of change and the module content will be revised to keep up to date with the regulatory environment.
Supporting equality and diversity
A study pack will be supplied detailing topic areas with reading references and tutorial questions, this information together with lecture slides, examples and web links will be available via Moodle.
Internationalisation
This module will be taught using International Standards on Auditing and financial accounting terminology and practice will follow International Financial Reporting Standards.


Formative Assessment:
The University is currently undertaking work to improve the quality of information provided on methods of assessment and feedback. Please refer to the section on Learning and Teaching Approaches above for further information about this module’s learning, teaching and assessment practices, including formative and summative approaches.

Summative Assessment:
The University is currently undertaking work to improve the quality of information provided on methods of assessment and feedback. Please refer to the section on Learning and Teaching Approaches above for further information about this module’s learning, teaching and assessment practices, including formative and summative approaches.

Student Activity (Notional Equivalent Study Hours (NESH))
Mode of activityLearning & Teaching ActivityNESH (Study Hours)
Face To Face Lecture 24
Face To Face Practical classes and workshops 24
Face To Face Centrally Time Tabled Examination 3
Independent Learning Guided independent study 149
Total Study Hours200
Expected Total Study Hours for Module200


Assessment
Type of Assessment Weighting % LOs covered Week due Length in Hours/Words
Report 30 3 - 5 5-6 HOURS= 0, WORDS= 6 A4 PAGES
Centrally Time Tabled Examination 70 1-5 1 HOURS= 3, WORDS= 0
Component 1 subtotal: 30
Component 2 subtotal: 70
Module subtotal: 100

Description of module content:

Rationale of auditing.
Legal and professional framework of auditing.
Audit risk and materiality.
Analytical reviews, substantive testing and audit evidence.
Evaluation and testing of control procedures.
Sampling methods in audit testing.
Letters to auditee management.
Audit of non-current and current assets, liabilities, income, expenditure, reserve movements and reserve balances.
Events after the reporting period, going concern questions and audit closure procedures.
Audit reports.
Auditing postulates.
Ethics, responsibilities and public expectations of auditors.

Learning Outcomes for module:

LO1: Explain the legal requirements for auditing in the UK and the framework for the professional regulation of auditors.
LO2: Interpret the underlying theory behind the audit process, the purpose of external audit and the essential postulates of auditing
LO3: Assess the quality and relevance of audit evidence
LO4: Appraise financial control and recording systems and the value of their outputs as audit evidence
LO5: Recommend improvements to financial control system

Indicative References and Reading List - URL:

Core - MILLICHAMP, A.H. AND TAYLOR, J.R. (2012) AUDITING: CENGAGE LEARNING, 10th ed. - ISBN: 9781408044087
Recommended - GRAY, I., AND MANSON, S. (2011) THE AUDIT PROCESS: PRINCIPLES PRACTICE AND CASES: THOMSON, 5th ed.
Recommended - PORTER, B., HATHERLY, D.J., AND SIMON, J. (2014) PRINCIPLES OF EXTERNAL AUDITING: WILEY, 4th ed.
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