Audit and Assurance


This module will provide accounting students with an understanding of the nature and purpose of audit/assurance engagements, the role of the auditor, and an appreciation of the legal/regulatory framework, business environment (including corporate governance and internal audit considerations), auditing standards and ethical requirements relevant to the auditor.

Students will gain knowledge and understanding of the process of carrying out an audit/assurance engagement to enable them to correctly identify audit risks and apply appropriate audit procedures in order to gather sufficient and appropriate audit evidence on which to base and recommend appropriate audit opinions and reports.

Learning Outcomes

  1. Discuss the nature, purpose and scope of an audit/assurance engagement incorporating the statutory regulations and professional ethical considerations associated with the role of external auditor.

  2. Describe the legal and business environment (including corporate governance) in which audit and assurance is conducted.

  3. Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements

  4. Discuss appropriate tests of internal controls in order to critically evaluate accounting and internal control systems (including IT systems) and identify and communicate control risks, potential consequences and recommendations.

  5. Describe the scope, role and function of internal audit.

  6. Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing (ISAs)

  7. Illustrate appropriate substantive audit procedures with regard to specific transactions and balances in accordance with International Standards on Auditing (ISAs).

  8. Describe and illustrate audit review and completion procedures, (including consideration of subsequent events, going concern and written representations from management).

  9. Evaluate and interpret audit scenarios in order to recognise and recommend appropriate audit opinions, associated audit reports and reports to management/those charged with corporate governance.

  10. Discuss contemporary issues in Audit & Assurance such as Sustainability and ESG reporting (Environmental, Social & Governance) and consider the role of the external auditor.

% Coursework 30%
% Final Exam 70%