BMM6005 - Audit and Assurance

Objectives:

Assessment tasks are designed to enable students to demonstrate the Learning and Employability outcomes for the relevant level of study. Level Learning Outcomes are embedded in the assessment task(s) at that level. This enables a more integrated view of overall student performance at each level.

Content:

- External Audit planning; framework and regulation; APB, IFRS, EU and ASB ethical standards; and, concepts of materiality and audit efficacy.
- Corporate governance & performance measurement, agency theory and goal congruence of directors and shareholders, risk of material misstatement & detection of fraud. Role and remit of Audit Committees.
- Analytical procedures, tests of control and evaluation, transaction cycles and sampling – Internal & External Audit routines.
- Planning and assessment of internal control systems, components, primary and secondary feedback, open and closed loop control.
- Role of internal audit, audit planning, documentation, questionnaires, sampling and testing.
- The concepts of risk and risk management. Probability, modelling and simulation. Audit reports and reports to management.

Learning and Teaching Information:

Lectures
Hours: 20
Intended Group Size: Cohort

Workshops
Hours: 10
Intended Group Size: Cohort

Guided independent study
Hours: 120

Further Details Relating to Assessment
Assessment tasks are designed to measure the extent to which you have satisfied the Level Learning Outcomes for your programme. Some modules, for example where there are professional body (PSRB) requirements, will also test for module-specific skills and knowledge.

As this module is assessed by one three-hour closed book examination, sessions from week 5 onwards will increasingly focus on skills required to access all levels of performance, including study of exam technique, unpacking of assessment criteria, use of past exam questions and a final mock examination. Formative feedback will be available on a ‘one to one’ basis during office hours or by appointment. Students are also encouraged to book a ‘one to one’ tutorial during the revision/exam preparation period in March.

The final exam will consist of two compulsory case-based questions, each of four parts. One question will focus on External Audit and require students to apply module content to a given scenario and to discuss the duties and planning of statutory audit and ethical standards in more general terms. The second question will focus on Internal Audit and require students to apply module content to a given scenario as well as to discuss the function and operation of systems of internal control in more general terms. Together the questions will cover the full range of topics taught in the module and some questions will cross over into more than one topic area. Effective exam technique, as well as revision, will be required in order to maximise performance. Guidance on exam technique will be given throughout the taught sessions, and additional guidance will be found on Moodle after taught sessions have been completed. A range of past questions and revision broadcasts can also be found on Moodle.

Full details are contained within the Module Handbook.

Assessment:

001 Closed Book Examination; 3 hrs; End of sem 1 100%

Fact File

Module Coordinator - PRS_CODE=
Level - 6
Credit Value - 15
Pre-Requisites - NONE
Semester(s) Offered - 6S1

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