AC205-Audit and Assurance

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Autumn / Summer term module
Pre-requisites: AC102 Assurance, Governance and Ethics
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Mrs Elaine Darby

Email: e.s.darby@henley.ac.uk

Summary module description:
This module builds on the part one Assurance, governance and ethics module to equip students with the necessary skills to undertake audit work.

This module is delivered at University of Reading and Beijing Institute of Technology.

Aims:
This module aims to develop students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements). This will include an understanding of the current factors, including legal and ethical factors, surrounding the acceptance, planning, managing, concluding and reporting on assurance engagements.

Assessable learning outcomes:

By the end of the module it is expected that students will be able to:



1. understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement



2. understand the processes involved in accepting and managing assurance engagements



3. understand how quality assurance processes mitigate risks



4. plan assurance engagements in accordance with the terms of the engagements and appropriate standards



5. conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards.


Additional outcomes:
The module also aims to encourage the development of professional skills including oral communication skills and the students’ effectiveness in group situations. Structured activities are designed to develop independent learning.

Outline content:

• Professional and ethical issues and their resolution



• Legal and regulatory requirements and their impact on assurance engagements



• Issues, risks, and processes associated with client acceptance



• Principles and purposes of quality control



• Engagement planning, including understanding the entity and its environment and reliance on internal controls



• Consideration and assessment of audit risk and materiality



• Auditing different types of entities



• Audit completion and reporting


Brief description of teaching and learning methods:
Lectures will be used for the exposition of the main concepts, principles and techniques associated with the main topic areas. Workshops will focus on numerical practice and discussion of examination style questions.

Contact hours:
  Autumn Spring Summer
Lectures 16 12
Practicals classes and workshops 8
Guided independent study 164
       
Total hours by term 188.00 12.00
       
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 100

Other information on summative assessment:

Formative assessment methods:
Formative assessments are available for all weeks of the module to enable students to practice techniques and exam style questions. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Penalties for late submission:
The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.

  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    One 2.5 hour unseen written examination paper. Students are permitted to take a current copy of the Auditing Standards into the exam.

    Requirements for a pass:
    A minimum mark of 40% is required for a university pass.

    This module contributes to the Audit and Assurance module of the ACA Professional Stage. In order to apply for ICAEW credit for prior learning, a minimum mark of 55% must be obtained in this module.

    Reassessment arrangements:
    Reassessment is by examination only in August / September of the same year.

    Additional Costs (specified where applicable):

    Required text books: ICAEW Audit & Assurance Study Manual and Question Bank (2017) £45


    Last updated: 31 March 2017

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