AC6062 - Assurance Services (2020/21)
| Module specification | Module approved to run in 2020/21 | ||||||||||||
| Module title | Assurance Services | ||||||||||||
| Module level | Honours (06) | ||||||||||||
| Credit rating for module | 15 | ||||||||||||
| School | Guildhall School of Business and Law | ||||||||||||
| Total study hours | 150 | ||||||||||||
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| Assessment components |
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| Running in 2020/21(Please note that module timeslots are subject to change) |
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Module summary
The module is a Level 6 15 credit option module running in the Autumn semester. It has a pre-requisite of Audit and Internal Control which precedes this module in Level 5 Spring semester. If students pass both modules they will gain exemption from ACCA Paper F8.
Module aims :
1. to provide an understanding of the internal and external audit review and reporting functions in the context of the regulatory frameworks and professional and ethical dimensions of audit practice
2. to critically appraise and evaluate the audit process and select appropriate techniques and judgements in performing and reporting on audit and assurance services
3. to develop advanced skills in forming judgements and opinions whilst exercising an appropriate degree of professional judgement and professional scepticism in audit and assurance engagements
Syllabus
1. nature and function of the external audit process LO1
2. legal, regulatory and corporate governance frameworks of audit and assurance services, international audit standards and code of ethics LO1
3. risk based approach to external audit, going concern, materiality and the audit risk model LO2/LO3
4. the role of internal audit, IT control systems and assurance services LO2/LO3
5. audit reporting and current issues in audit, the audit profession and corporate governance
Balance of independent study and scheduled teaching activity
Scheduled teaching activity is a weekly one hour lecture and a one hour seminar. Independent study is supported by practical seminar examples, case studies, past exam questions and current articles and video clips from online accountancy and audit journals, ft.com, ICAEW economia website, FRC and professional accountancy bodies and the websites of the professional accountancy and audit firms.
Learning outcomes
On completing the module students will be able to :
1. critically evaluate the regulatory, ethical and professional frameworks of the external audit function and internal review within which audit and assurance services are undertaken
2. critically analyse and evaluate comprehensive and appropriate audit procedures and techniques in the statutory audit of financial statements and other relevant information
3. form an opinion and exercise professional judgement in a variety of practical audit contexts and evaluate current and emerging issues in the audit and assurance services environment and evaluate the requirements of a range of assurance services offered to clients
Assessment strategy
Individual report based on a case study of a UK plc, 1500 words. 2 hour closed book exam, one compulsory scenario-based 60 mark question, two from three 20 mark questions ( professional requirement to assess all LO’s in exam )
Bibliography
Textbooks:
Core Text:
Eilifsen A., Messier W., Glover S. and Prawitt D. ( 2014 ) Auditing and Assurance Services ( Third International Edition ) McGraw Hill
Other Texts: Cosserat G. and Rodda N. ( 2017 ) Modern Auditing Fourth edition Blackwell’s
Gray S., Manson S. and Crawford L. ( 2015 ) The Audit Process – Principles, Practice and Cases Sixth edition Cengage Learning
Porter B., Simon J. and Hatherly D. ( 2014 ) Principles of External Auditing Fourth edition Wiley
Websites:
Financial Reporting Council www.frc.org.uk
ICAEW www.icaew.com
ACCA www.accaglobal.com
ICAEW online journal www.accountancymagazine.com
Accountancy Age www.accountanyage.com
Financial Times www.ft.com
Electronic Databases: FAME