Bachelor
2023/2024
Auditing and Assurance
Type:
Elective course (International Programme in Economics and Finance)
Area of studies:
Economics
Delivered by:
International College of Economics and Finance
When:
4 year, 1-4 module
Mode of studies:
offline
Open to:
students of one campus
Instructors:
Tatiana Shurchkova
Language:
English
ECTS credits:
10
Contact hours:
112
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
- Final exam• Final exam (mid of April) 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.
- Interim exam• Interim exam: at the end of the 2nd Module (end of December) –2 case studies 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.
- Interim test• 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.
- Classwork• Classwork – regular participation in discussions during seminars, not simply attendance.
Interim Assessment
- 2023/2024 2nd module0.075 * Classwork + 0.075 * Classwork + 0.1 * Home Assignments + 0.1 * Home Assignments + 0.45 * Interim exam + 0.2 * Interim test
- 2023/2024 4th module0.075 * Classwork + 0.075 * Classwork + 0.65 * Final exam + 0.1 * Home Assignments + 0.1 * Home Assignments
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