BMM6542 - Audit and Assurance

Objectives:

On successful completion of the module, students will be able to:
Appraise the nature, purpose and scope of assurance engagements, including the role of the external audit and its regulatory and ethical framework.
Evaluate the nature of internal audit and its role in performance management.
Produce an audit plan and analyse potential problems, recommend action to improve efficiency, effectiveness and control.
Assess audit principles and practice and distinguish between internal and external audit, preparing and commenting on different types of audit report.
Evaluate systems of internal controls and information systems to identify, communicate and control risks with appropriate recommendations.

Content:

This module introduced students to a range of specific techniques concerning the audit context and regulatory frameworks in auditing (inc IAS). Students will study internal and external audit objectives, foci, systems and processes, audit standpoint and professional scepticism, APB ethical standards, EU Audit directive (2016).

This module will also discuss the concept of materiality, the evaluation of systems of risk identification and mitigation, analytical procedures, tests of control and evaluation, transaction cycles and sampling, as well as internal audit and internal control systems: components, primary and secondary feedback, open and closed loop control. The role of internal audit in performance management, audit planning, documentation, questionnaires, sampling and testing will also be discussed, as well as the detection and investigation of fraud, the concept of risk and risk reduction, probability, modelling and simulation, and audit reports and reports to management.

Learning and Teaching Information:

The module will be delivered via a series of weekly 3 hour whole-group interactive lectures, supported by tutorial/workshop sessions. Questions/exercises will be set during each lecture meeting for students to complete alone or in pairs/small groups before the next session.

Students will be provided with, and/or directed to, relevant reading, small group and individual research tasks and additional questions/ exercises to support their progress through the module material. The module is essentially practically based; workshops focus on planning, developing and evaluating audit routines and systems of internal control.

Lectures/Seminars
Contact hours: 30
Intended Group size: Cohort

Workshops/Tutorials
Contact hours: 10
Intended Group size: Cohort or variable sized groups

Guided Independent Study
Hours: 160

Further details relating to assessment
Written examination: Accounting and finance module are assessed by closed book examinations to meet the requirements of ACCA as accrediting external professional body. Exams consist of questions based on a number of 'real life' case studies and are designed to enable candidates to demonstrate knowledge, understanding and skills related to module content, as well as analytical and evaluative skills required for professional practice.

Assessment:

001 Exam; 3 hours; end of semester 2 100%

Fact File

Module Coordinator - Andrew Gilliland
Level - 6
Credit Value - 20
Pre-Requisites - BMM5572 FINANCIAL ACCOUNTING
Semester(s) Offered - 6S2

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