Audit (Level 8)
The Auditing module in an accounting degree provides students with a thorough understanding of the principles and practices of auditing, both internal and external. Key topics include audit planning, risk assessment, evidence gathering, and the evaluation of internal controls. Students learn the standards and regulations governing auditing, including standards on auditing and ethical considerations in the auditing profession.
Through practical case studies and simulations, the module emphasizes the critical role of auditors in ensuring the accuracy and reliability of financial statements, as well as their contribution to enhancing organizational governance and accountability. By the end of the course, students will be equipped with the skills necessary to conduct audits effectively and to analyse the implications of audit findings for various stakeholders.
Indicative Syllabus
Role, responsibilities and duties of Company Directors & External Auditors
- Role, responsibilities and duties of Company Directors & External Auditors
- Definition of auditing;
- The functions of audit, corporate governance and regulation and how they relate to each other;
- Director and auditor responsibilities in accordance with relevant legislation;
- Appointment, rights, duties, removal, resignation and remuneration of auditors in accordance with relevant legislation;
- Identify and explain the role of various statutory and regulatory agencies in auditing;
- The significance of ethics as part of the external audit framework;
- Knowledge of the ethical framework applicable to external auditions;
- Professional ethics and ACCA’s Code of Conduct;
Understanding the entity and its environment.
Audit planning
- Overview of the stages involved in the audit process;
- Acceptance of an external audit client;
- Terms of engagement and the letter of engagement;
- Planning the audit including consideration of materiality;
- Audit work papers, audit files, audit evidence;
- Risk assessment.
Internal Controls
- Definition and responsibility for internal controls;
- Components and communication of internal controls;
- Control procedures in relation to specific aspects of the audit. For example: purchases/payables, sales/receivables, cash sales, payroll and property, plant and equipment;
- Procedures used to gain an understanding of internal controls;
- Testing internal controls.
Audit evidence and procedures
- Sufficient, appropriate audit evidence;
- Financial statement assertions;
- Audit procedures and sampling;
- Application of audit procedures to the audit of property, plant and equipment, inventory, receivables, payables, and bank;
- Subsequent events;
- Going concern;
- Letter of Representation;
- Management letter (Letter of Weakness);
- Computer assisted audit techniques;
- Audit finalisation and final review, developing an audit opinion and reports including modified audit reports;
- The work of others and not for profit organisations.
Module Details
Audit (Level 8)
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