AC113: Assurance and Risk Fundamentals

Module code: AC113

Module provider: Finance and Accounting; Henley Business School

Credits: 20

Level: 4

When you’ll be taught: Semester 1

Module convenor: Mrs Kate Jones, email: kathryn.jones@henley.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2025/6

Available to visiting students: Yes

Talis reading list: No

Last updated: 17 November 2025

Overview

Module aims and purpose

This module is targeted primarily at students planning a career in accounting and has a practical and commercial focus. It aims to provide students with an understanding of the assurance process and fundamental principles of ethics. As well as ensuring students are able to contribute to the assessment of internal controls and gathering of evidence on assurance work. 

The module lead at the University of Reading Malaysia is Ammselaxmy Manickadass. 

Module learning outcomes

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

1. Understand the concept of assurance, why assurance is required and the reasons for assurance work being carried out by appropriately qualified professionals with an attitude of professional scepticism and the exercise of professional judgement; 

2. Understand the importance of internal controls, document an organisation’s information flows and internal controls and identify deficiencies in internal control systems; 

3. Select methods of obtaining sufficient and appropriate assurance evidence and recognise when conclusions can be drawn from evidence obtained or where issues need to be referred; 

4. Understand the components of assurance risk involved in assurance work; 

5. Understand the role of the International Sustainability Standards Board (ISSB) and how assurance on sustainability reporting helps meet information needs; and  

6. Understand the importance of regulation of the profession and ethical behaviour to a professional accountant and identify key ethical issues 

Module content

1. The concept, process and need for assurance  

2. Risk, internal controls and information flows 

3. Obtaining assurance evidence 

4. Professional ethics and regulatory issues 

5. Sustainability 

Structure

Teaching and learning methods

Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Seminars will focus on formative question practice and discussion of examination style. 

This module may be taught in a different semester if you are studying at our campus in Malaysia. 

For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of study hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40 hours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian Quality Agency (MQA). 

Study hours

At least 48 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module. Students on BSc Accounting and Business need to achieve 50% to progress on this programme.  

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): 10% of the total marks available for that piece of work will be deducted from the mark for each calendar day (or part thereof) following the deadline up to a total of three calendar days;
• where the piece of work is submitted up to three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in you Individual Learning Plan), the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan), no penalty shall be imposed;
• where the piece of work is submitted more than three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three calendar days of the deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): no penalty will be applied;
• where the piece of work is submitted more than three calendar days after the original deadline (or a DAS-agreed extension as a reasonable adjustment indicated in your Individual Learning Plan): a grade of Fail will be awarded.

Where a piece of work is submitted late after a deadline which has been revised owing to an extension granted through the Assessment Adjustments policy and process (self-certified or otherwise), it will be subject to the maximum penalty (i.e., considered to be more than three calendar days late). This will also apply when such an extension is used in conjunction with a DAS-agreed extension as a reasonable adjustment.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

A Question Bank of MCQ questions forms part of the core text for this module. In addition, exam style formative questions are provided for all main topic areas. Feedback in the form of answer plans, marking guides, assessment Q&As, mock MCQ tests, mock exams, and lecturer advice is also provided to assist students to reflect on and improve their performance. 

Reassessment

Additional costs