AUDITING - 2021/2
Module code: MAN3098
In light of the Covid-19 pandemic, and in a departure from previous academic years and previously published information, the University has had to change the delivery (and in some cases the content) of its programmes, together with certain University services and facilities for the academic year 2020/21.
These changes include the implementation of a hybrid teaching approach during 2020/21. Detailed information on all changes is available at: https://www.surrey.ac.uk/coronavirus/course-changes. This webpage sets out information relating to general University changes, and will also direct you to consider additional specific information relating to your chosen programme.
Prior to registering online, you must read this general information and all relevant additional programme specific information. By completing online registration, you acknowledge that you have read such content, and accept all such changes.
The module offers a structured approach to the conceptual and practical principles of auditing. It provides a real world perspective on current auditing practices with coverage of cutting edge developments and techniques
Surrey Business School
SOPER Rhiannon (SBS)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 6
JACs code: N340
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
Students must have completed Company Financial Reporting MAN3081
Indicative content includes:
- Auditing overview: The audit market and the role of auditor
- Ethics, independence and legal liability of auditors
- Client acceptance
- Audit Planning and risk assessment- understanding the entity and its environment including audit documentation
- Concepts of audit risk and audit materiality
- Internal control – the use of internal control systems by auditors, transaction cycles, tests of control, the evaluation of internal control components, communication on internal control
- Substantive testing and analytical procedures
- Audit evidence – the use of assertions by the auditor, audit procedures, the audit of specific risk items, audit sampling and other testing, computer assisted audit techniques
- Audit opinion and reporting
- Review – subsequent events, going concern, written representations, audit finalisation and the final review
- Internal audit- the differences between the external auditor and the internal audit function, the scope of the internal audit function, outsourcing the internal audit department, internal audit assignments
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||1 HOUR MIDTERM TEST (CLOSED BOOK)||30|
|Examination||2 HOUR EXAM (CLOSED BOOK)||70|
The assessment strategy is designed to provide students with the opportunity to demonstrate understanding in the topics (both auditing theories and practical cases) raised during the lectures and the workshops. Thus, the summative assessment for this module consists of:
- 2 Hour Examination (Closed Book) during the formal Examination period
- 1 Hour Class Test (Closed Book) during Week 7 of the semester
The Class Test will examine student’s learning in topics covered during the first half of the semester, as the test will take place in Week 7. The test seeks to provide students with immediate feedback and prepare them for the final exam. Therefore, marks and feedback on the class test will be provided within 3 weeks. The 2 hour examination is designed to further examine students understanding and knoweledge of the topics raised during the lectures and workshops. Marking and feedback will be provided according to the university’s regulations.
In addition, the workshops can act as formative assessments, where it will possible to monitor students’ understanding through their participation in the discussion.
Formative assessment and feedback
Both lectures and workshops are designed in a way to improve students’ participation. Through short cases (in the lectures) and long case studies (in the workshops) students are encouraged to demonstrate understanding through their participation in the discussion
- To introduce students to the major issues in auditing theory and practice
- To explain and analyse the nature of statutory audit and the key stages in the audit process
- To illustrate audit concepts with case studies from well-known companies, such as Enron, Societe Generale and Madoff Investments
|1||Knowledge and understanding of underlying auditing theory||KCPT|
|2||Knowledge and understanding of some of the technical language and practices employed in the audit of company financial statements.||KCPT|
|3||Knowledge and understanding of the nature, role and development of a profession and professional bodies, professional duties and ethics, professional independence, professional negligence and legal liability||KCPT|
|4||Knowledge and understanding of the main stages of the typical audit process and developments in audit methodologies||KCPT|
|5||Examination of auditing practices and techniques||KCPT|
|6||Knowledge and understanding on the differences between external and internal auditing||KCPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 117
Lecture Hours: 22
Tutorial Hours: 11
Methods of Teaching / Learning
The learning and teaching strategy is designed to provide the students with the essential information, to help them structure the information and to be a source of explanation. Furthermore, short example – cases will be reviewed and discussed during the lectures in order to enhance students’ understanding and promote participation. Also, case studies will be discussed with the students. The case studies will cover the main audit scandals/frauds and other issues raised during the lectures. Doing so, students are expected to understand the importance of auditing and connect issues raised in the module with the “real world”. This learning and teaching strategy seeks to enhance students’ analytical and critical thinking.
The learning and teaching methods include 3 hour per week (2-hour lecture and 1-hour tutorial) x 11 weeks
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Upon accessing the reading list, please search for the module using the module code: MAN3098
Programmes this module appears in
|Accounting and Finance BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2021/2 academic year.