Module Title:Audit and Assurance
Language of Instruction:English
Credits: 10
NFQ Level:8
Module Delivered In 3 programme(s)
Teaching & Learning Strategies: Lectures - communication of knowledge and ideas from the lecturer to the student. Problem Solving Exercises - student will work as part of a team and will work together to resolve various audit scenarios. Class Discussion/Debate - Students will be encouraged to actively participate in the class sessions which will develop their analytical and communication skills. E-Learning - It is envisaged that the module will be supported with on-line learning materials. Self-Direct Independent Learning - the emphasis on independent learning will develop a strong and autonomous work and learning practices.
Module Aim: The aim of this module is to equip students with a knowledge and understanding of the concepts and principles of the audit and assurance process (enabled by the students’ knowledge from Financial Accounting). The students will gain an appreciation of its application in the context of the professional regulatory and ethical framework. The depth and breadth of module content and assessment are designed to gain maximum exemptions from professional accountancy bodies, appropriate to a B.A. (Honours) in Accounting program.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Define and explain the key terms, concepts and practices for the audit framework, regulatory environment, corporate governance, ethics and internal audit, audit planning and risk assessment, internal control systems assessment, substantive audit procedures, audit review and reporting.
LO2 Identify and apply appropriate audit and assurance techniques when presented with defined and undefined practical business problems.
LO3 Analyse and interpret results and outcomes within an auditing and assurance framework and make recommendations.
LO4 Examine the tools and techniques that are used in the area of auditing and assurance.
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.

No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
Financial Accounting II (BA in Accounting) or its equivalent
 

Module Content & Assessment

Indicative Content
Audit framework, regulation and Internal audit
The concepts of auditing and other assurance engagements, Statutory Audits, The regulatory environment, corporate governance, Internal Audit (differences with external audit, IA scope, IA & corporate governance, Outsourcing IA, IA assignments,) Professional ethics and conduct.
Planning and Risk assessment
Objective and general principles, Assessing the risk of material misstatement, Understanding the entity and its environment, Materiality, fraud, laws & regulations, Analytical procedures, Planning an audit, Audit documentation.
Internal control
Internal control systems, The use of internal control systems by auditors, Transaction cycles, Tests of control, The evaluation of internal control components, Communication on internal control
Audit evidence / Substantive Audit
The use of assertions by auditors, Audit evidence & procedures, Analytical Review. The audit of specific items, Audit sampling and other means of testing, Computer assisted audit techniques, The work of others
Review and Reporting
Subsequent events, Going Concern, Written representations, Audit finalisation and the final review. Audit reports, Reports to Management, Internal audit reports
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Other e.g. Class test/Project/Essay/Case Study/MCQ 1,2,3,4 10.00 Week 6
Other e.g. Class test/Project/Essay/Case Study/MCQ 1,2,3,4 10.00 Sem 1 End
Other e.g. Class test/Project/Essay/Case Study/MCQ 1,2,3,4 10.00 Week 25
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4 70.00 End-of-Semester

ITCarlow reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 4.00
Independent Learning Every Week 6.00
Total Hours 10.00
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 2.00
Independent Learning Time Every Week 8.00
Total Hours 10.00
 

Module Delivered In

Programme Code Programme Semester Delivery
CW_BBACT_B Bachelor of Arts (Honours) in Accounting 3 Mandatory
CW_BBACF_B Bachelor of Business (Honours) in Accounting & Finance 4 Mandatory
CW_BBACF_B_OLD2 Bachelor of Business (Honours) in Accounting & Finance - Add on 3 Elective