MODULE SPECIFICATION UNDERGRADUATE PROGRAMMES KEY FACTS

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1 MODULE SPECIFICATION UNDERGRADUATE PROGRAMMES KEY FACTS Module name Audit and Assurance Module code AF3100 School Cass Business School Department or equivalent UG Programme UK credits 15 ECTS 7.5 Level 6 Delivery location (partnership programmes only) MODULE SUMMARY Module outline and aims Audit and Assurance is one of the foundation blocks of the accounting profession and one of the application modules of the ACA qualification offered by the ICAEW. This module will equip you to develop knowledge and understanding of the process of carrying out the assurance engagement and its application in the context of the professional regulatory framework. It will also help you to explain the nature of internal audit and describe its role as part of overall performance and its relationship with external audit. In addition, it will explore the evaluation of information systems, internal controls, audit evidence, audit planning and the audit report. By the end of this module, you should understand critical aspects of managing an assurance engagement (including audit engagements): accepting, planning, managing, concluding and reporting. Content outline - Legal and ethical and current issues in assurance engagements - Regulatory and professional issues in assurance engagements - Accepting and managing engagements - Planning assurance engagements - Management of assurance engagements - Preparation and management of audit engagements - Planning assurance and audit engagements - Risks in assurance and audit engagements

2 - Concluding and reporting on assurance engagements - Understanding audit in its societal context - Module Review Pre-requisite Modules BS2104 Financial Accounting OR AF2102 Financial Accounting AF2204 Corporate Law WHAT WILL I BE EXPECTED TO ACHIEVE? On successful completion of this module, you will be expected to be able to: Knowledge and understanding: - Understand the process involved in accepting and managing assurance engagements and how quality assurance processes mitigate the risks to those conducting the engagement - Acquire the skills to explain the nature, purpose and scope of an external audit. - Possess a full understanding of the profession and regulatory requirements governing an audit, assurance engagement, corporate governance and audit report - Demonstrate an in depth knowledge of the planning, performance and reporting of an audit - Identify the current concerns and issues facing the auditing profession from an international perspective - Demonstrate the appropriate use of basic audit skills in a practical setting - Identify threats to objectivity and relevant safeguards to reduce the threats to an acceptable level Skills: - Plan assurance engagements in accordance with the terms of the engagements and appropriate standards - Interact effectively within a team / learning / professional group - Analyse new and or abstract data and situations without guidance - Engage effectively in debate in a professional manner

3 - Confident and flexible in identifying and defining complex problems - Conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards. - Recognise, support or be proactive in leadership - Transform abstract data with minimum guidance and design novel solutions - Negotiate in a professional manner - Critically evaluate evidence to support conclusions / recommendations, reviewing its reliability, validity and significance - Manage own learning with minimum guidance - Investigate contradictory information; identify reasons for contradictions - Work professionally within the discipline - Be confident and flexible in identifying and defining complex problems and apply appropriate knowledge and skills to their solutions - Confident in application of own criteria of judgement and can challenge recieved opinion and reflect on action - Seek and make use of feedback - Select and manage information - Take responsibility for own work and criticise it Values and attitudes: - Understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement HOW WILL I LEARN? Lectures, self-guided study, coursework preparation and exam revision. Teaching pattern: Teaching component Teaching type Contact Selfdirected Placement Total student

4 study learning Lectures Lecture Tutorial Tutorial TOTALS: WHAT TYPES OF ASSESSMENT AND FEEDBACK CAN I EXPECT? Assessments Coursework and exam. Assessment pattern: Assessment component Coursework Exam 2.25 Assessment criteria Assessment type Written assignment, including essay Written Exam Weighting Minimum qualifying mark Pass/Fail? 30 0 N/A 70 0 N/A Assessment Criteria are descriptions of the skills, knowledge or attributes students need to demonstrate in order to complete an assessment successfully and Grade-Related Criteria are descriptions of the skills, knowledge or attributes students need to demonstrate to achieve a certain grade or mark in an assessment. Assessment Criteria and Grade-Related Criteria for module assessments will be made available to students prior to an assessment taking place. More information will be available from the module leader. Feedback on assessment Following an assessment, students will be given their marks and feedback in line with the Assessment Regulations and Policy. More information on the timing and type of feedback that will be provided for each assessment will be available from the module leader. Assessment Regulations The Pass mark for the module is 40%. Any minimum qualifying marks for specific assessments are listed in the table above. The weighting of the different components can also be found above. The Programme Specification contains information on what happens if you fail an assessment component or the module.

5 INDICATIVE READING LIST CORE The Audit Process Iain Gray & Stuart Manson, 4th Edition, Thomson Learning Audit and Assurance, Study Manual and Question Bank published by the ICAEW. The Audit Society: Rituals of Verification, Michael Power, Oxford University Press Other Reading Auditing, Millichamp. A Principles of Auditing Hayes R., Dassen R., Schilder A., Wallage P. Auditing & assurance Services (Int. Ed.) Arens.A.A,Elder R.J, Beasley M.S. Modern Auditing Cosserat. G.W Version: 2.0 Version date: July 2013 For use from:

6 Appendix: see for the full list of JACS codes and descriptions CODES HESA Code Description Price Group 27 Business and Management D Studies JACS Code Description Percentage (%) N421 The specific techniques involved in auditing financial accounts. 100