Auditing and Assurance

2024/2025

Academic Year

ENG

Instruction in English

10

ECTS credits

Delivered at:

International College of Economics and Finance

Course type:

Compulsory course

When:

4 year, 1-4 module

Instructor

Shurchkova, Tatiana

Course Syllabus

Abstract

This course introduces students to the principles of external auditing and other assurance services. Both theoretical and practical aspects of the audit process will be considered including recent developments in the organisation of the profession, the regulatory framework governing practitioners and factors affecting the future evolution of the practice of auditing and other assurance services. Basic prerequisite for the students: Principles of Accounting

Learning Objectives

• to introduce students to the principles of external auditing and other assurance services
• to provide students with an understanding of the nature of the function of auditing and other assurance services and the principles of the related processes

Expected Learning Outcomes

• describe, in general terms, the processes involved in auditing and other assurance services
• discuss current developments in auditing and other assurance services
• discuss the duties of auditors and other assurance providers, how these have changed over time
• discuss the form, content and importance of auditors’ reports provided at the end of the audit or assurance service
• discuss the issue of legal liability arising from audits and other assurance services
• distinguish between compliance and substantive testing and describe various audit tests
• explain the meaning of concepts that are fundamental to auditing and assurance services, such as ‘independence’, ‘audit evidence’, ‘audit risk’, ‘materiality’
• explain why external audits and other types of assurance services are conducted

Course Contents

• 1. Reasons for auditing
• 2. Postulates and concepts of auditing
• 3. Audit reporting. Assurance engagements
• 4. Audit evidence
• 5. Audit planning
• 6. Risk and materiality
• 7. Internal controls
• 8. Compliance testing
• 9. Internal audit
• 10.Fraud and going concern
• 11.Substantive testing: income statement and financial position
• 12.Sampling
• 13.Computer assisted audit tecniques
• 14.Completion and review
• 15.Corporate governance
• 16.Audit committees, corporate responsibility
• 17.Audit regulation and auditors’ liability
• 18.Auditors’ duties and responsibilities
• 19.Audit engagements: staffing, documentation, quality control
• 20.Criticism and developments in audit, audit society, future of audit
• 21 Revision and Students' Presentations

Assessment Elements

• Control work 2
  The first decade of January – 1 case study and 1 essay question. Students should attempt to answer all the questions.
• Home Assignments
  • Home assignments will be given every week or two; can be in the form of a case study, an essay question, an article analysis, an investigation, a presentation etc.
• Classwork
  • Classwork – regular participation in discussions during seminars, not simply attendance.
• Control work 1
  • Interim test: at the end of the 1st Module (end of October) –1 case study and 1 essay question. Students should attempt to answer all the questions.
• Final exam
  In order to get a passing grade for the course, the student must sit (all parts) of the final examination Final exam is in the format similar to the LSE exam: Section A – case studies, Section B – essay questions. There is a choice of questions in each section.
• Presentation

Interim Assessment

• 2024/2025 4th module
  0.1 * Classwork + 0.075 * Control work 1 + 0.075 * Control work 2 + 0.5 * Final exam + 0.2 * Home Assignments + 0.05 * Presentation

Bibliography

Recommended Core Bibliography

• Principles of external auditing, Porter, B., 2014
• The audit process : principles, practice and cases, Gray, I., 2015

Recommended Additional Bibliography

• Turley, S., & Sherer, M. (1997). Current Issues in Auditing : SAGE Publications (Vol. Third edition). London: SAGE Publications Ltd. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=716896

Presentation

• Presentation

Authors

• SHURCHKOVA TATYANA SERGEEVNA