module specification

AC5061 - Audit and Internal Control (2021/22)

Module specification Module approved to run in 2021/22
Module title Audit and Internal Control
Module level Intermediate (05)
Credit rating for module 15
School Guildhall School of Business and Law
Total study hours 150
 
105 hours Guided independent study
36 hours Scheduled learning & teaching activities
9 hours Assessment Preparation / Delivery
Assessment components
Type Weighting Qualifying mark Description
Coursework 100%   Individual Report -2000 words
Running in 2021/22
Period Campus Day Time Module Leader
Spring semester North Thursday Afternoon

Module summary

This module focuses on the role of the independent external auditor in assessing the internal controls of businesss entities. Students will learn and apply appropriate concepts and techniques in planning the audit and to gather and assess audit evidence to be able to critically evaluate assertions made by others.

Module aims:

to understand the audit process and the regulatory and ethical environment within which external audits take place.
to critically evaluate the procedures for audit planning and risk assessment and for gathering and evaluating audit evidence.
to critically evaluate an entity’s internal control.

Syllabus

  1. The purposes and types of audits and assurance and the need for professional standards - LO1
  2. Auditor rights, duties, obligations and liabilities - LO1
  3. The engagement process, - LO1
  4. Professional ethics, independence and quality control - LO1/LO2
  5. Audit planning; audit risk and risk-based audit - LO2
  6. Audit Evidence - LO3
  7. Internal control risk, procedures and testing, and application to specific business processes - LO3

Balance of independent study and scheduled teaching activity

Scheduled teaching activity is a weekly 2-hour lecture and 1 hour seminar. Independent study is supported by additional practice questions, case studies, past exam questions and current articles and video clips from online accountancy and audit journals, ft.com, FRC and professional accountancy bodies and the websites of the professional accountancy and audit firms.

Learning outcomes

Upon completion of the module, students will be able to:

LO1. critically evaluate the procedures for the audit engagement and explain
        and apply the fundamental principles of professional ethics,
         independence and quality control

LO2. identify and critically assess audit planning, risk assessment procedures
              and audit evidence

LO3. critically assess internal controls over business processes and review
              communication between the auditor and others.

Assessment strategy

Formative assessment 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 comprise an individual report of 2000 words.

Bibliography

Textbooks:

Core Text:  

Auditing and Assurance Services
Eilifsen A., Messier W., Glover S. and Prawitt D. (2014) 3rd International Edition,  McGraw Hill

Other Recommended Texts:
Auditing and Assurance Services, Global Edition
Elder R.J., Beasley M.S., Hogan C.., and Arens A.A. (2017) 16th edition, Pearson Education
E-BOOK
https://ebookcentral.proquest.com/lib/londonmet/detail.action?docID=5185606


Auditing
Millichamp A. and Taylor J. (2018), 11th edition, Cengage
E. BOOK AVAILABLE

The Audit Process – Principles, Practice and Cases
Gray S., Manson S. and Crawford L. (2015), 6th edition, Cengage

Modern Auditing  
Cosserat G. and Rodda N. (2017), 4th edition, Blackwell’s

Principles of External Auditing 
Porter B., Simon J. and Hatherly D. (2014) 4th 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