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Audit and Assurance

Module description

Audit and assurance are not just about numbers on a spreadsheet; they are about unravelling the narratives woven within financial statements, dissecting risks, and illuminating the path to transparency. As we embark on this exploration, we will delve into the art and science of safeguarding financial information, understanding the significance of audits in bolstering investor confidence, and unravelling the symbiotic relationship between auditors and the organisations they scrutinise.

By the end of this module, you will gain an understanding of the importance of the internal and external audit function and the significance of providing information requested from the audit teams to fulfil their duties. In doing so you will be able to analyse financial and non-financial internal data and compare with benchmark data such as from competitors, stakeholders, and market trends.

Finally, you will produce the information required by internal and external auditors in a clear format applying rigorous and empirical approach to the analysis of data and research the facts and gathering expert opinion before recommending action.

Most importantly, you will be able to act with professional scepticism including a questioning mind, being alert to conditions which may indicate a possible misstatement due to error or fraud and a critical assessment of evidence.

Module aims - intentions of the module

The module aims to give you an understanding of the basic concepts and techniques relating to the execution of an audit of financial statements in terms of International Standards on Auditing and provides you with an understanding of the legal and ethical framework surrounding auditing.
The overall aim of the auditing module is to enable students to understand:

• The nature and objectives of the audit function
• The audit process
• The concepts underlying, and the principles of, audit practice
• Some of the current issues and challenges facing the audit profession

Intended Learning Outcomes (ILOs)

ILO: Module-specific skills

On successfully completing the module you will be able to...

• 1. Provide an in depth explanation of the importance of the internal and external audit function and the significance of providing information requested from the audit teams to fulfil their duties.(K21)
• 2. Critically analyse financial and non-financial internal data and compare with benchmark data such as from competitors, stakeholders, and market trends. (S3)

ILO: Discipline-specific skills

On successfully completing the module you will be able to...

• 3. Produce in depth information required by internal and external auditors in a clear format. (S20)

ILO: Personal and key skills

On successfully completing the module you will be able to...

• 4. Act with professional scepticism including a questioning mind, being alert to conditions which may indicate a possible misstatement due to error or fraud and a critical assessment of evidence. (B5)
• 5. Rigorous and empirical approach to the analysis of data and research the facts and gathering expert opinion before recommending action. (B2)

Syllabus plan

• Audit framework and regulation
• Planning and risk assessment
• Internal control
• Audit evidence
• Review and reporting
• Employability and technology skills

Learning activities and teaching methods (given in hours of study time)

Details of learning activities and teaching methods

Formative assessment

Summative assessment (% of credit)

Details of summative assessment

Details of re-assessment (where required by referral or deferral)

Re-assessment notes

Deferral – if you have been deferred for any assessment you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of deferral will not be capped and will be treated as it would be if it were your first attempt at the assessment.

Referral – if you have failed the module overall (i.e. a final overall module mark of less than 40%) you will be expected to submit the relevant assessment. The mark given for a re-assessment taken as a result of referral will be capped at 40%

Indicative learning resources - Basic reading

• Büchling, M., Cerbone, C., Kok, M., Maroun, W., Marques, G., & Segal, T. (2019). Assurance, risk and governance: An international perspective. Claremont, Cape Town: Juta & Company

Indicative learning resources - Other resources

• www.ifac.org  – Source of all International Standards on Auditing and Code of Ethics for Professional Accountants, and International Education Standards
• www.frc.org.uk  – Source of all International Standards on Auditing (UK and Ireland) and Ethical Standards
• www.icaew.com  , www.icas.com  and www.accaglobal.com  – Various publications of the key professional bodies in the UK

Key words search

Audit and Assurance