Module Details

Module Code: ACCT H3011
Full Title: Auditing 1
Valid From:: Semester 1 - 2019/20 ( June 2019 )
Language of Instruction: 
Duration: 1 Semester
Credits:: 5
Module Owner:: Pat O Neill
Departments: Unknown
Module Description: This module provides an introduction to Auditing. It presents the regulatory and ethical framework governing an audit.It explains how to plan an audit and how to assess internal controls in the major transaction cycles.
 
Module Learning Outcome
On successful completion of this module the learner will be able to:
# Module Learning Outcome Description
MLO1 Discuss the concept of auditing and assurance engagements and debate and evaluate the regulatory and ethical framework for same.
MLO2 Plan the audit by utilising the concepts of audit risk the risk of fraud and the concept of materiality.
MLO3 Describe the characteristics of audit evidence and the types of audit procedures be able to describe and prepare typical audit documentation
MLO4 Explain the concept of Internal control, evaluate an accounting system in terms of its internal control elements and communicate internal control weaknesses to those charged with governance
MLO5 Design and implement tests of the operating effectiveness of control systems and respond appropriately to the results of such tests
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named DkIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
 
Module Indicative Content
The need for auditing: both external and internal auditing.
Auditing - a definition. Auditing hypotheses. True and Fair and other assurance engagements
The legislative and regulatory framework for external auditing.
Companies Acts requirements for companies and the auditor concerning the audit. The regulation of the auditing profession
Ethical issues and the regulation of the auditing profession.
Significant Ethical principles and standards governing the audit as set out by the Auditing Practises Board
The search for audit evidence. Using assertions to assist in targeting evidence.
n/a
The audit risk model
Understanding and applying the various components of audit risk
Planning, controlling and documenting the audit.
How the auditor plans the audit and documents the audit plan
The concepts of internal control: understanding, recording, evaluating and testing internal controls for the various transaction cycles of the business.
Internal Control: a definition: the components and limitations. Application of the model to the significant accounting transaction cycles
Testing the Operating effectiveness of Control systems and communicate internal control weaknesses
Understanding Tests of the operating effectiveness of controls - their nature, timing and extent and designing tests for different controls.Prepare the letter og internal control weakness.
Module Assessment
Assessment Breakdown%
Course Work20.00%
Final Examination80.00%
Module Special Regulation
 

Assessments

Full-time

Course Work
Assessment Type Continuous Assessment % of Total Mark 20
Marks Out Of 100 Pass Mark 0
Timing Every Second Week Learning Outcome 2,4
Duration in minutes 0
Assessment Description
An individual or group based assignment(s) on the ongoing learning
No Project
No Practical
Final Examination
Assessment Type Formal Exam % of Total Mark 80
Marks Out Of 0 Pass Mark 0
Timing End-of-Semester Learning Outcome 1,2,3,4,5
Duration in minutes 0
Assessment Description
End-of-Semester Final Examination
Reassessment Requirement
A repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

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

 

Module Workload

Workload: Full-time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact 1 hour lecture Every Week 3.00 3
Directed Reading Non Contact No Description Every Week 2.00 2
Independent Study Non Contact No Description Every Week 4.00 4
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 3.00
Workload: Part-time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact No Description Every Week 2.00 2
Directed Reading Non Contact No Description Every Week 2.00 2
Independent Study Non Contact No Description Every Week 5.00 5
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 2.00
 
Module Resources
Recommended Book Resources
  • Kaplan Publishing. (2018), ACCA Audit and Assurance Study Manual, 2018. Chapters 1 to 10 inclusive, Kaplan Publishing, p.527, [ISBN: 9781787400863].
Supplementary Book Resources
  • Gray I, Manson S and Crawford L. (2015), The Audit Process; Principles, Practice and Cases, 6. Cengage Learning, [ISBN: 9781408081709].
  • Nolan M and Nangle C. (2018), External Auditing and Assurance, Chartered Accountants Ireland, [ISBN: 9781912350032].
  • Cosserat G & Rodda N. (2017), Modern Auditing, 4. John Wiley and Sons Ltd, p.656, [ISBN: 978-111896282].
  • Porter B., Simon J. & Hatherly D.. (2014), Principles of External Auditing, 4. John Wiley & Sons Ltd, p.816, [ISBN: 978-047097445].
This module does not have any article/paper resources
Other Resources
  • Website, University of the West of England. AuditSim, University of the West of England.
  • Journals of the Accounting Institutes.
  • Websites to support the recommended textbooks.
  • The AccountingWeb website..
  • Student sections of the websites of the accounting institutes.