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.
Code ACUL604
Coordinator Mr BC Wheaton
Finance and Accounting
Year CATS Level Semester CATS Value
Session 2021-22 Level 6 FHEQ Second Semester 10

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 49


Timetable (if known)              
Private Study 48


EXAM Duration Timing
% of
Penalty for late
Written assessment There is a resit opportunity. Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When) :Semester two  3 hours    100       
CONTINUOUS Duration Timing
% of
Penalty for late


To develop knowledge and understanding of the process of carrying out audit and assurance engagements and its application in the context of the professional regulatory framework.

Learning Outcomes

(LO1) Students will be able to explain the concept of audit and assurance and the functions of audit, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit.

(LO2) Students will be able to demonstrate how the auditor obtains and accepts audit engagements obtains an understanding of the entity and its environment, assesses the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements.

(LO3) Students will be able to describe and evalute internal controls, techniques and audit tests, including IT systems to identify and communicate control risks and their potential consequences, making appropriate recommendations.

(LO4) Students will be able to identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards of Auditing.

(LO5) Students will be able to explain how consideration of subsequesnt events and the going concern principle can inform the conlusions from audit work and are reflected in different types of audit report, written representations and the final review and report.

(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 Method 1 - Interactive lectures
Description: Full date lectures
Attendance Recorded: Yes
Notes: Modules have been timetabled in such a manner as to provide intensive periods of teaching alternated with periods for self-study and reflection. The direct student contact hours are substantial across the modules in order to ensure sufficient material coverage to secure planned professional body exam exemptions.

Teaching Method 2 - Formative Feedback (e.g. peer, revision sessions)
Description: Formative progress test
Attendance Recorded: Yes

Self-Directed Learning Description: Follow-up suggested work
Wider reading



A) Audit framework and regulation B) Planning and risk assessment C) Internal control D) Audit evidence E) Review and reporting Library resources will be accessible through 'Reading Lists @ Liverpool' Vital will be used to support the course. Pracrice questions and solutions will be provided.

Recommended Texts

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