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 ADVANCED AUDITING
Code ACFI301
Coordinator Mrs H Scott
Finance and Accounting
Helen.Scott@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 6 FHEQ Second Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

ACFI201 FINANCIAL REPORTING 1; ACFI210 AUDIT AND ASSURANCE; ACFI101 INTRODUCTION TO FINANCIAL ACCOUNTING 

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   12

      36

12

60
Timetable (if known)   60 mins X 1 totaling 12
 
      60 mins X 1 totaling 12
180 mins X 1 totaling 36
 
 
Private Study 90
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Written Unseen Examination Assessment Type: Written Exam Duration: 2.5 Hours Weighting: 100% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty A  2.5 hours    100       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             

Aims

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


Learning Outcomes

(LO1) understand and advise on the regulatory,professional and ethical issues relevant to those carrying out an assurance engagement

(LO2) understandthe processes involved in accepting and managing assurance engagements

(LO3) understand how quality assurance  processes mitigate risks

(LO4) planassurance engagements in accordance with the terms of the engagements andappropriate standards

(LO5) concludeand report on assurance engagements in accordance with the terms of theengagements and appropriate standards

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) International awareness

(S8) Lifelong learning skills

(S9) Ethical awareness


Teaching and Learning Strategies

Teaching Delivery: Mixed, hybrid delivery with social distancing on campus

Teaching Method: Online Asynchronous Learning Materials
Unscheduled Directed Student Hours: 36
Attendance Recorded: No

Teaching Method: Seminar
Scheduled Directed Student Hours: 12
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Weekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 12
Attendance Recorded: No

Self-Directed Learning Hours: 90
Description: These independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the seminar activities and to understand the content of learning Materials. Self-Directed Learning will in clude research activity, developing academic writing skills, and wider reading to support the module

Costs Information:
There are no specific costs attached to this module.

There are the following non-modular requirements:
ACFI101, ACFI201 and ACFI210


Syllabus

 

The nature and purpose of the audit function

Auditing postulates

Positive auditing theory

The auditor and the law

Auditing standards

The approach to audit work & audit planning

Internal controls

Auditing procedures and audit evidence

Audit reports

Other audit procedures required by ISAs

Ethics and independence

Assurance


Recommended Texts

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