ULMS Electronic Module Catalogue |
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module. |
Title | AUDIT AND ASSURANCE | ||
Code | ACFI210 | ||
Coordinator |
Mrs H Scott Finance and Accounting Helen.Scott@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2019-20 | Level 5 FHEQ | First Semester | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
Modules for which this module is a pre-requisite: |
Programme(s) (including Year of Study) to which this module is available on a required basis: |
Programme(s) (including Year of Study) to which this module is available on an optional basis: |
Teaching Schedule |
Lectures | Seminars | Tutorials | Lab Practicals | Fieldwork Placement | Other | TOTAL | |
Study Hours |
36 |
36 | |||||
Timetable (if known) |
180 mins X 1 totaling 36
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Private Study | 114 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 1: Mid-term test Assessment Type: Written Exam Duration: 1 hour Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymo | 1 hour | 30 | ||||
Assessment 2: Written Unseen Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty appl | 2 hours | 70 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Aims |
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To examine the regulatory framework within which the statutory audit in the UK operates; To cover key elements of International Standards on Auditing with respect to planning, control, evidence and reporting; To understand the nature and purpose of the assurance process; To understand the fundamental principles of ethics in the context of audit and assurance. |
Learning Outcomes |
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(LO1) explain the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals |
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(LO2) explain the nature of internal controls and why they are important, document an organisation’s internal controls and identify weaknesses in internal control systems |
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(LO3) select sufficient and appropriate methods of obtaining assurance evidence and recognise when conclusions can be drawn from evidence obtained or where issues need to be referred to a senior colleague |
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(LO4) understand the importance of ethical behaviour to a professional and explain issues relating to integrity, objectivity, conflicts of interest, conflicts of loyalty, confidentiality and independence. |
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(S1) Adaptability |
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(S2) Problem solving skills |
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(S3) numeracy |
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(S4) Commercial awareness |
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(S5) Organisational skills |
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(S6) communication skills |
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(S7) international awareness |
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(S8) lifelong learning skills |
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(S9) Ethical awareness |
Teaching and Learning Strategies |
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Teaching Method: Lecture Self-Directed Learning Hours: 114 Costs Information: This module is a pre-requisite for the following modules: Skills/Other Attributes Mapping Skills / attributes: Ethical awareness Skills / attributes: lifelong learning skills Skills / attributes: international awareness Skills / attributes: communication skills Skills / attributes: Organisational skills Skills / attributes: Commercial awareness Skills / attributes: numeracy Skills / attributes: Problem solving skills Skills / attributes: Adaptability |
Syllabus |
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The concept, process and need for assurance The following learning outcomes should be read in conjunction with the Assurance and Audit and Ethics Standards tables in the New ACA Syllabus Technical Knowledge document. The ACA is the Chartered Accountancy qualification of the Institute of Chartered Accountants of England and Wales (ICAEW). THE CONCEPT, PROCESS AND NEED FOR ASSURANCE Define the concept of assurance; INTERNAL CONTROLS State the reasons for organisations having effective systems of control; GATHERING EVIDENCE ON AN ASSURANCE ENGAGEMENT State the reasons for preparing and keeping documentation relating to an assurance engagement; PROFESSIONAL ETHICS State the role of ethical codes and their importance to the profession; |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |