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 ACUL702
Coordinator Mr BC Wheaton
Finance and Accounting
Ben.Wheaton@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 7 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 63

        2.5

65.5
Timetable (if known)              
Private Study 84.5
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Examination There is a resit opportunity. Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When): First semester  2.5 hours    80       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Mid-term test Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When): First semester  1.5 hours    20       

Aims

To ensure that students understand the assurance process and fundamental principles of ethics, and are able to contribute to the assessment of internal controls and gathering of evidence on an assurance engagement;

To develop understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting.


Learning Outcomes

(LO1) Explain the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals;

(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;

(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;

(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;

(LO5) Understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement;

(LO6) Understand the processes involved in accepting and managing assurance engagements;

(LO7) Understand how quality assurance processes mitigate risks;

(LO8) Plan assurance engagements in accordance with the terms of the engagements and appropriate standards;

(LO9) Conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards.

(S1) Adaptability

(S2) Problem solving skills

(S3) Commercial awareness

(S4) Organisational skills

(S5) Communication skills

(S6) International awareness

(S7) Lifelong learning skills

(S8) Ethical awareness

(S9) Critical and reflective thinking


Teaching and Learning Strategies

Lectures x 63 hours
Lectures will be delivered in full day blocks. A full day block of lectures involves the student attending class from 9am to 4.30pm with breaks. The day involves a range of activities which can include lectures, guided scenario and question practice, group work and open discussion on relevant business areas. Full day contact with academic staff therefore provides the opportunity for students to interact with each other and with academic staff, to work in teams and receive real time guidance.

Formative Progress Test x 2.5 hours
Unscheduled directed student hours (time spent away from the timetabled sessions but directed by the teaching staff).

Self-directed learning hours x 84.5
Self-directed learning includes wider reading on the related topic areas from academic and professional journals and the financial press, reflection on lecture content and sourcing and attempting scenario-based exercises. Structured preparation for mid-term tests a lso requires self-directed learning.


Syllabus

 

1. The concept, process and need for assurance;

2. Legal and other professional regulations, ethics and current issues;

3. Accepting and managing engagements;

4. Planning engagements;

5. Internal controls;

6. Gathering evidence on an assurance engagement;

7. Concluding and reporting on engagements.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.