Auditing 1 ACNE 4321

Course description:

The external and internal audit processes are fundamental to promote the reliability and usefulness of financial statements. This course aims to present a conceptual and practical approach to auditing to ensure that students gain a fundamental understanding of auditing’s key conceptualizations, the stages of audit, audit processes and the inter relationship between auditing, financial accounting, corporate governance and legislation.
As an auditing student you can expect to gain a comprehensive understanding of auditing’s role, stages, and processes in financial reporting verification. Through the materials used and delivered in the course and the assessments undertaken you will also attain practical auditing understandings and experiences through multiple real world and professional auditing knowledge and scenarios.

Course Aims:

  • Describe of the concept and objectives of the audit and its importance to business community.
  • Describe the responsibility of management and auditors.
  • Describe the concept of errors, fraud and types of errors committed.
  • Discuss the concept of evidence in auditing, types and factors affecting the quantity and authoritative evidence.
  • Describe of the concept of internal controls and the reasons for its development. 
  • Discuss the procedures of evaluating and examination and evaluation of internal control system and its importance to the auditor.
  • Explain the Auditor report and related standards and types of reports.

Course outcomes:

    Upon completion of this course, the student should be able to:
    • To apply your auditing knowledge to undertake auditing processes in a variety of professional settings.
    • Evaluate accounting disclosures and reports, identify gaps, manipulations or weaknesses in financial reporting and provide recommendations to a range of audit clients in relation to internal control weaknesses and financial reporting compliance.
    • Solve routine and complex auditing problems in varied business contexts using social, ethical, economic, regulatory and global perspectives.
    • Analyze audit evidence with a skeptical and questioning mind and require remedial action.
    • Justify and communicate auditing approaches, processes within the audit team and in working papers.
    • Apply the Code of Ethics for Professional Accountants in undertaking audit processes and expressing audit opinions.
    • Apply an adaptive and collaborative approach to working with colleagues and clients in professional settings.
    • Explain the audit tests of controls and substantive and other audit tests used in contemporary audit practice
    • Explain the role of the internal auditor.
    • Describe the other assurance services.