INTERNATIONAL AUDITING AND ASSURANCE - 2021/2

Module Overview

The module offers a structured approach to the conceptual and practical principles of auditing and other assurance engagements.  It provides a real world perspective on current practices with coverage of current developments and techniques.

Module provider

Surrey Business School

Module Leader

MILLIGAN Victoria (SBS)

Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

Module cap (Maximum number of students): N/A

Module Availability

Semester 1

Prerequisites / Co-requisites

MANM198 Principals of Accounting

Module content

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
Fraud
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 pattern

Alternative Assessment

N/A

Assessment Strategy

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 tutorials.

The summative assessment for this module consists of:

• 1 Hour Class Test (Closed Book)
• 2 Hour Examination (Closed Book)

The Class Test will examine the student’s learning in topics covered during the beginning of the semester. The 2 hour examination is designed to further examine students understanding and knowledge of the topics raised during the lectures and workshops. Marking and feedback will be provided according to the university’s regulations.

In addition, the tutorials 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 tutorials 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 discussions.

Module aims

• 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 real-life cases
  

Learning outcomes

Methods of Teaching / Learning

The learning and teaching strategy is designed to provide the students with information, to help them structure that 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 lectures and tutorials.

Tutorial preparation will include

• Reading lecturer slides and textbook
• Preparing answers to homework questions
• Responding to questions in tutorials and receiving feedback from the lecturer

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.

Reading list

https://readinglists.surrey.ac.uk
Upon accessing the reading list, please search for the module using the module code: MANM398

Programmes this module appears in

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.