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Unit information: Auditing in 2020/21

Unit name Auditing
Unit code EFIM30016
Credit points 20
Level of study H/6
Teaching block(s) Teaching Block 2 (weeks 13 - 24)
Unit director Mrs. Sam Bell
Open unit status Not open
Pre-requisites

Fundamentals of Accounting and Finance 1(EFIM10005) or Introduction to Accounting (ACCG10052) or Accounting and Finance for Managers (EFIM10030)

Co-requisites

None

School/department School of Accounting and Finance
Faculty Faculty of Social Sciences and Law

Description

A theoretical approach to the practical underpinnings of auditing will be adopted which will have significance to both international and domestic students.

Broadly speaking this unit covers four parts: the auditing industry and its surroundings; auditing concepts and techniques, auditing procedures for business functions, and current issues regarding auditing practice.

Aims to equip students with a sound understanding of the theory, principles and practice of auditing, as well as training on methodology and research skills.

Intended learning outcomes

Students should be able to:

a. Understand the theory, principles and practice of auditing and hypothesize why auditing exists.
b. Explain the meaning of key auditing concepts and codes of ethics and be able to apply them to given scenarios.
c. Describe, in general terms, the processes involved in an audit and the nature and structure of the auditing industry.
d. Be able to explain and apply the risk based approach to auditing, distinguish between control and substantive testing and design and describe audit procedures.
e. Discuss the role and responsibility of the auditor including the form and content of the auditors' report.
f. Appraise the audit industry and discuss current issues regarding auditing practice.

Teaching details

Teaching will be delivered through a combination of synchronous and asynchronous sessions including lectures, tutorials, drop-in sessions, discussion boards and other online learning opportunities

Assessment Details

This unit will be assessed by coursework 33% and exam 67%

Reading and References

Variable from year to year as Auditing Standards are updated.

Indicative reading:

Students are recommended to use ONE of the following as a core text:

Auditing (Millichamp & Taylor; 11th Edition) OR The Audit Process (Gray, Manson & Crawford; 7th Edition)

Other supportive texts - copies available from the Library

Auditing & Assurance Services (Eilifsen, Messier Jr., Glover, Prawitt; 3rd International Edition)

Principles of External Auditing (Porter, Simon, Hatherly; 4th Edition)

For the summative coursework, students are expected to explore a range of supplementary sources of their choosing such as academic journals, government reports, pronouncements made by professional and regulatory bodies and articles in the financial press. The current issues section of the textbooks above and the two books listed below can be used a starting point for this exploration.

The Future of Auditing by David Hay, (Routledge Focus on Accounting and Auditing)

Creative Accounting, Fraud and International Accounting Scandals by Michael J. Jones.

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