AC7072 - Audit and Assurance (2023/24)
| Module specification | Module approved to run in 2023/24 | ||||||||||
| Module title | Audit and Assurance | ||||||||||
| Module level | Masters (07) | ||||||||||
| Credit rating for module | 20 | ||||||||||
| School | Guildhall School of Business and Law | ||||||||||
| Total study hours | 200 | ||||||||||
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| Assessment components |
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| Running in 2023/24(Please note that module timeslots are subject to change) |
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Module summary
The module will develop students’ understanding of the critical aspects of managing audit and assurance engagements: acceptance, planning, managing, concluding and reporting.
Students will apply technical knowledge to support reasoning and conclusions. The module aims to develop the following skills:
- Assimilating and using information
- Structuring problems and solutions
- Applying professional scepticism and critical thinking
- Developing employability and technology skills
Theoretical and practical aspects of the audit process will be considered including recent developments in the organisation of the profession, and the regulatory framework governing practitioners and factors affecting the future evolution of the practice of auditing and other assurance services.
Note: If there are not sufficient student numbers to make a module viable, the School reserves the right to cancel such a module. If the School cancels a module it will use its reasonable endeavours to provide a suitable alternative.
Prior learning requirements
N/A
Syllabus
- Legal and other professional regulations, ethics, accepting and managing engagements. (LO1 & LO2)
- Planning and conducting an audit engagement. (LO2)
- Concluding, reviewing and reporting on engagements in accordance with the terms of the engagement including appropriate auditing standards. (LO3)
- Current issues and developments relating to the provision of audit-related and assurance services. (LO4)
Balance of independent study and scheduled teaching activity
Blended learning strategies will be adopted to provide a combination of face-to-face learning and dynamic digital activities and content that facilitate anytime/anyplace learning. Collaboration tools will be used to support blended learning strategies and promote peer networking.
Scheduled teaching activity will be weekly sessions comprising a 2 hour lecture and 1-hour seminar.
There will be links to relevant external videos in conjunction with either a discussion board or a formative quiz to explore key questions the video has raised.
A formative quiz as a post-sessional activity will allow students to check their understanding of key ideas from the week’s learning.
Independent study will be supported by practice questions, case studies, past exam questions and published academic and professional articles
Learning outcomes
On completion of this module, students will be able to:
- Understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement.
- Understand the processes involved in accepting, planning and managing assurance engagements in accordance with the terms of the engagements and appropriate standards.
- Conclude and report on assurance engagements in accordance with the terms of the engagements as appropriate.
- Critically evaluate the changes to the audit profession and the implications of these changes for companies and audit firms and their impact on audit process and quality.
Assessment strategy
Formative assessment by way of quizzes, presentations, short exercises etc. will be provided throughout the whole study period and ongoing feedback will be provided accordingly to help students identify their strengths and weaknesses and target areas that need more work.
Formal summative assessment will assess learner’s ability to assimilate and use information to offer solutions and apply professional judgement and critical thinking.
Summative assessment will comprise a 3-hour closed book exam comprising mixture of case study, objective test questions and discursive questions (100% weighting)
Bibliography
Reading List Talis Link:
https://rl.talis.com/3/londonmet/lists/5633F8C8-30E3-4A27-0F2E-B5AC5E103D78.html?lang=en-GB&login=1
Core Textbook:
Eilifsen, A. Messie, W. Glover, S. and Prawitt, D. (2014) Auditing and Assurance Services, 3rd International Edition, McGraw Hill (E&M)
Additional Reading:
Arens, A. A., Elder, R. J., Beasley, M. S. and Hogan, C. E. (2019) Auditing and Assurance Services: international perspectives, Pearson 17th Edition (AA) (Online version available)
Cosserat G. and Rodda N. (2017 ) Modern Auditing 4th Edition, Blackwell’s (C&R)
Gray, I Manson, S and Crawford L, (2019) The Audit Process – Principles, Practice and Cases, 7th Edition, Cengage Learning (G&M)
Porter, B. Simon, J. and Hatherly, D (2014) Principles of External Auditing, 4th Edition, Wiley (P&S)
Taylor, J. and Millichamp A. (2018) Auditing, 11th Edition, Cengage (T&M)
Websites:
www.ecconomia.icaew.com
www.ft.com
www.frc.org.uk
www.accaglobal.com
www.ifac.org
www.cimaglobal.com
www.ifrs.org
www.accountancymagazine.com
Electronic Databases: FAME
Text, journals and web sites will be added as necessary