Surrey University Stag


Module code: MANM398

Module Overview

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 topical developments and issues.

Module provider

Surrey Business School

Module Leader


Number of Credits: 15

ECTS Credits: 7.5

Framework: FHEQ Level 7

JACs code: N421

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

Overall student workload

Independent Learning Hours: 90

Lecture Hours: 10

Seminar Hours: 20

Guided Learning: 20

Captured Content: 10

Module Availability

Semester 1

Prerequisites / Co-requisites


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


  • Review – subsequent events, going concern, written representations, audit finalisation and the final review


  • Responsibilities for detecting fraud


  • Audit opinion and reporting


  • 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

Assessment type Unit of assessment Weighting
School-timetabled exam/test TEST 60 MIN 30
Examination Online ONLINE EXAM 120 MIN 70

Alternative Assessment


Assessment Strategy

The assessment strategy is designed to provide students with the opportunity to demonstrate

  • Their knowledge of auditing theory and practice.


  • Their ability to apply their knowledge to scenarios given in the assessments.

Thus, the summative assessment for this module consists of:


  • A midterm test that assesses students’ understanding of auditing theory and practices including (but not limited to) ethical considerations, planning and internal controls (covering Learning Outcomes 1, 2 and 3).


  • A final term examination covering all course materials (covering all learning outcomes).

    Formative assessment and feedback

Students will receive verbal feedback during lectures through direct questioning, also from class

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

Attributes Developed
001 To explain and analyse the nature of statutory audit and the key stages in the audit process KCPT
002 To apply theoretical audit concepts and use their understanding and insight gained throughout the module to interpret case study scenarios and review real life case studies KCPT
003 To apply the professional standards, including the nature, role and development of a profession and professional bodies, professional duties and ethics, professional independence, professional negligence and legal liability KCPT
004 To follow and complete the main stages of the typical audit process and developments in audit methodologies KCPT
005 To differentiate between external and internal auditing KCPT

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Methods of Teaching / Learning

The learning and teaching strategy is designed to:


  • Give students the opportunity to gain knowledge and understanding of relevant auditing theory and practices


  • Equip students with a practical awareness of the use of audit issues in a real-world context


The learning and teaching methods include:


  • A combination of lecture and seminar classes including practice exercises and exam style questions over 10 weeks of the semester

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
Upon accessing the reading list, please search for the module using the module code: MANM398

Other information

Surrey Business School is committed to developing graduates with strengths in Employability, Digital Capabilities, Global and Cultural Capabilities, Sustainability, and Resourcefulness and Resilience. This module is designed to allow students to develop knowledge, skills, and capabilities particularly in the following areas: 



Real life examples will be used to show the steps taken during an audit. This knowledge is useful for graduates entering the auditing profession and also those who are likely to be audited as part of their future careers in commerce or industry.  Skills required by auditors include analysis, review and communication which are essential employability skills for any graduates.


Global capabilities

The module is based on International Standards on Auditing (ISAs) which are applicable to most countries around the world. 


Resourcefulness and resilience

The module’s mixture of analysis, mathematics and real-world data requires students to demonstrate resourcefulness and resilience in answering seminar questions and recommended appropriate practical suggestions for how they would proceed.

Programmes this module appears in

Programme Semester Classification Qualifying conditions
Accounting and Finance MSc 1 Compulsory A weighted aggregate mark of 50% 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 2024/5 academic year.