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 |
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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 |
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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 |
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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 |
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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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(LO5) Understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement; |
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(LO6) Understand the processes involved in accepting and managing assurance engagements; |
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(LO7) Understand how quality assurance processes mitigate risks; |
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(LO8) Plan assurance engagements in accordance with the terms of the engagements and appropriate standards; |
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(LO9) Conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards. |
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(S1) Adaptability |
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(S2) Problem solving skills |
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(S3) Commercial awareness |
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(S4) Organisational skills |
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(S5) Communication skills |
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(S6) International awareness |
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(S7) Lifelong learning skills |
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(S8) Ethical awareness |
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(S9) Critical and reflective thinking |
Teaching and Learning Strategies |
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Lectures x 63 hours Formative Progress Test x 2.5 hours Self-directed learning hours x 84.5 |
Syllabus |
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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 |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |