Unit information: Auditing in 2018/19

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	EFIM10005 Fundamentals of Accounting and Finance 1 OR ACCG10052 Introduction to Accounting
Co-requisites	None
School/department	School of Accounting and Finance - Business School
Faculty	Faculty of Social Sciences and Law

Description including Unit Aims

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 Information

10 Two-hour lectures

8 Classes

This pattern of teaching may be changed slightly to accommodate the Easter Vacation.

Assessment Information

Summative assessment:

• Individual written assignment of no more than 2000 words (33%) Titles will change each year and will seek to demonstrate a link between academic literature and auditing practice. (ILO a and f)

• Two-hour closed-book examination in the Summer term (67%). (ILOs b,c,d,e are assessed through this examination.)

Formative assessment:

• Small group class discussions in response to set questions and scenarios, supplemented by optional multiple choice online tests with instant feedback to assess knowledge outcomes.
• One written assignment with tutor feedback.

Reading and References

Variable from year to year as Auditing Standards are updated.

Indicative reading:

Auditing (Millichamp & Taylor, 10th Edition) and The Audit Process (Gray, Manson & Crawford, 6th Edition) or Principles of External Auditing (Porter, Simon, Hatherly, 4th Edition)

Other supportive texts:

Current Issues in Auditing (ed. Sherer & Turley)
Creative Accounting, Fraud and International Accounting Scandals by Michael J. Jones.