Course Details

1. Interpret the financial statements of a firm (given in a mini-case study scenario) and how this is related to the audit and business risk.
2. Identify and describe the work required to meet the objectives of non-audit assignments.2. Identify and describe the work required to meet the objectives of non-audit assignments.
3. Construct suitable audit reports that involve advanced aspects of accounting based on mini-case study scenarios
4. Examine the advanced aspects of international accounting standards & international financial reporting standards and apply them to mini-case study scenarios.
5. Appraise current issues and developments in the auditing profession

The application of advanced aspects of audit and business risk: Review the audit strategy and evaluating different approaches such as audit risk and business risk approaches. Evaluate systems audits and balance sheet audits. The audit process and business risk.

Audit evidence and its application to the audit: Applying the financial accounting assertions when trying to obtain audit evidence for: documentation, related parties, management representations and using the work of other parties.

Audit related and assurance services: Analyse the difference between audit and assurance assignments. Analyse the characteristics of assurance assignments such as reviews, agreed upon procedures, compilations. The role of the reporting accountant in evaluating prospective financial information. E-commerce and the audit. Examine the procedures carried out in systems reliability reports.

Application of accounting standards to auditing practice: Analyse and apply the accounting standards in the areas of: financial instruments, segmental information, provisions, contingencies, impairment of assets, pension provisions and related parties amongst others.

Outsourcing the internal audit. Evaluate the benefits and drawbacks of outsourcing the internal audit.

Social and environmental audits: Examine the auditor’s role in social and environment audits. Evaluate the accounting practice in environmental issues to the audit opinion.

Advanced aspects concerning the audit report: Evaluating the formats of different types of reports that may be issued for assurance engagements. Critically appraise their effectiveness.

Current issues and developments in auditing: Critically evaluate current developments in auditing and their likely effect on the audit if implemented.

• BPP, AIA Professional Level 2 - Paper 15: Professional Practice (Auditing), 2nd Edition, BPP Learning Materials, 2008.

• Kaplan Publishing, P7 Advanced Audit and Assurance, Kaplan Publishing, Edition, 2011.
• Kaplan Publishing, P1 Professional Accountant, Kaplan Publishing, Edition, 2011

The taught part of course is delivered to the students by means of lectures. Lecture notes and presentations are available through the web for students to use in combination with the textbooks. Lectures are supplemented with class exercises carried out in class and via homework. The students will be asked to complete an assignment during the course.