ACC5004
(Validated in 2014-15)
Auditing and Assurance
- Credits
- 20
- Level
- HE5
- Type
- Standard
- Trimester 3?
- No
- ECTS
- 10
- Marking Scheme
- Numeric mark scheme (i.e. mark of 0-100)
- Pass Mark
- 40% ,The pass mark for the module is 40% with each item of assessment achieving a mark of at least 35%.
- Delivery Type
- This Module requires you to attend particular classes or events at particular times and in particular locations.
- Module Outline
- Auditing is a fundamental skill and an important undertaking for professional accountants. This module introduces auditing and assurance and develops skills involved in the audit process. You will develop a critical approach to the application of new skills to the professional environment. A wide range of transferable and intellectual skills will be delivered and assessed to allow you to gain confidence and employability skills for the business environment. The module is delivered by professionals and provides a sound knowledge of the concepts of accountability and control, the nature, purpose and scope of audit and assurance engagements, including the statutory audit, its regulatory environment and the professional ethics of audit and assurance services. You will explore national and international auditing regulations; auditing theories, and evaluation of reporting practices for corporations both nationally and internationally. You will be able to exercise judgement and evaluation in corporate reporting matters and can react to current developments and new global practices. This module aims to promote the Bolton core values of Internationalisation via the application of International Standards on Auditing and Social, Public and Ethical responsibility with an emphasis on Auditor Independence, Ethics and Reporting. This module serves to emphasis employability skills for the following means: Numerical and financial interpretation (TDA) Problem solving (TDA) Communication (DA) Team working (D) Organisation & Planning (TD) Flexibility and adaptability (TD) Personal impact and confidence (DA)
Indicative Content
| 1 | The regulatory environment for auditing, including International Standards on Auditing |
| 2 | Auditor Independence |
| 3 | Introduction & overview; history, scope and purposes of auditing; different types of audits |
| 4 | Concepts and of auditing; the audit expectations gap |
| 5 | Materiality |
| 6 | The nature and purpose of an audit |
| 7 | How to identify and manage audit risk |
| 8 | The role of the auditor |
| 9 | The control environment |
| 10 | Internal audit / other auditors |
| 11 | The audit process (including planning and control of the audit assignment through to completion). |
| 12 | Audit testing techniques |
| 13 | Obtaining audit evidence |
| 14 | The Audit report |
| 15 | Current issues |
Learning Outcomes
On successful completion of this Module you will be expected to be able to:
| 1 | Demonstrate an understanding of the principles and practice of auditing, incorporating Problem solving, Communication, Organisation & Planning, Personal impact and confidence, Team working |
| 2 | Demonstrate an understanding of the role of legal and professional bodies in the area of auditing using problem solving, Personal impact and confidence skills |
| 3 | Compose a coherent argument leading to a clearly stated conclusion based on the evaluation of a wide range of published literature and other sources in the area of auditing having used problem solving, communication, organisation & planning, personal impact and confidence and team working skills |
| 4 | Question areas of current development |
- Learning And Teaching Strategy
- Use will be made of lectures for the formal dissemination of information. Seminars will be held each week which allows you to explore the topics in greater detail and to consider the policy and practice involved. This should develop problem solving skills, self awareness, initiative and personal impact and confidence
Learning & Teaching Methods
| Method | KIS | Hours |
|---|---|---|
| Scheduled | Scheduled | 45 |
| Independent | Independent | 155 |
| Total | 200 |
- Formative Assessment Strategy
- Each week you will be given tasks to undertake. These tasks will usually involve a case study relating to a range of organisations to which you will need to apply theory and practical knowledge. Undertaking such tasks helps you to gain an understanding as to how well you might perform in summative assessment. You will receive feedback for all tasks undertaken.
- Summative Assessment Strategy
- The assessment is by way of an audit simulation and examination. The assignment will take the form of an audit simulation designed to determine your ability to utilise a range of auditing practices on an aspect of Financial Statements Auditing within the UK. It will be a requirement of the assignment that you carry out a range of auditing procedures and use these to substantiate your approach, findings and recommendations. The examination will take the form of a three hour closed book examination. The examination will consist of a number of mini case studies covering a range of topics.
Summative Assessments
| Assessment | KIS | Description | Learning Outcomes | Marking Scheme | Passmark | KIS Weighting | ||
|---|---|---|---|---|---|---|---|---|
| 001 | Oral assessment | Practical | Audit Simulation | 1 4 | Not applicable | - | 30% | |
| 002 | Written Exam | Written Exam | 3 Hour closed book Examination | FINAL | 1 2 3 | Not applicable | - | 70% |
Learning Resources
| A Student's Guide to Auditing A. Lewin (2010) - Kaplan Publishing |
| Cosserat, G. and Rodda, N. (2009) Modern Auditing. 3rd ed. Chichester: Wiley |
| Davies, M. and Aston, J. (2011) Auditing Fundamentals FT Prentice Hall |
| Dunn, J. (1996) Auditing Theory and Practice. 2nd ed. London: Prentice Hall |
| Felix, W.L. Jr., Gramling, A.A. & Maletta, M. J. (2001), “The Contribution of Internal Audit as a Determinant of External Audit Fees and Factors Influencing this Contribution”, Journal of Accounting Research, 39 (3), pp.513-534 |
| Grey, I. and Manson, S. (2011) The Audit Process: principles, practice and cases. 5th ed. Andover : South-Western Cengage Learning |
| Millichamp, A. and Taylor, J. (2008) Auditing 9th ed. London: Cengage |
| Porter, B., Simon, J. and Hatherly, D (2009) Principles of External Auditing Chichester: Wiley |
| Woolf, E. (1997) Auditing Today. 6th ed. Harlow: Financial Times, Prentice Hall |
| Talis Aspire Reading lists |
- Feedback to Students
-
Formative and summative assessment feedback will be made available verbally and/or in written form. Feedback will be provided within the terms of the University’s guidelines which are provided in the Module Guides.