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.

(LO1) Students will be able to explain the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals

(LO2) Students will be able to 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) Students will 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) Students will be able to demonstrate an understanding of the importance of ethical behaviour to a professional and explain issues relating to integrity, objectivity, conflicts of interest, conflicts of loyalty, confidentiality and independence.

(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 Method: Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method: Seminar
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Learning Hours: 120
Description: During self-directed learning students will have a variety of activities to undertake. This will include undertaking e-learning activities, completing assigned questions, reading and completing exercises from the recommended textbook and reading assigned articles from professional publications.

This module is a pre-requisite for the following modules:
ACFI301

Skills/Other Attributes Mapping

Skills / attributes: Ethical awareness
How this is developed: Lectures – A whole week covering ethical problems an auditor will face and safeguards
Mode of assessment Exam and Coursework

Skills / attributes: lifelong learning skills
How this is developed: Lectures – Employability through aut hentic assessment
Mode of assessment: Exam and Coursework

Skills / attributes: international awareness
How this is developed: Lectures – cover international auditing standards
Mode of assessment (if applicable): Examination and Coursework

Skills / attributes: communication skills
How this is developed: Assessment centre day– groupwork needed for assessment centre day linked to coursework
Mode of assessment (if applicable): Examination and Coursework

Skills / attributes: Organisational skills
How this is developed: Alongside the Lectures there will also be elements of self study students will need to organise themselves for
Mode of assessment (if applicable): Examination and Coursework

Skills / attributes: Commercial awareness
How this is developed: Lectures – Linked to internal controls and audit risk assessment
Mode of assessment (if applicable): Examination and Coursework

Skills / attributes: numeracy
How this is developed: Lectures / self study - Through applied analytical review exercises
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Problem solving skills
How this is developed: Lectures / self study - Audit risk and internal controls questions based on scenarios and problems companies may find themselves in, learning how to approach these questions will guide students on how to solve practical problems such as this in the workplace.
Mode of assessment (if applicable): Examination and Mid-term test

Skills / attributes: Adaptability
How this is developed: Lectures / self study / Through the assessment students will have to be able to apply knowledge to various scenarios.
Mode of assessment (if applicable): Exam

The concept, process and need for assurance
Internal controls
Gathering evidence on an assurance engagement
Professional ethics

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
Students will be able to explain the concept of assurance, why assurance is required and the reasons for assurance engagements being carried out by appropriately qualified professionals.

INTERNAL CONTROLS
Students will be able to explain the nature of internal controls and why they are important, document an organisation’s internal controls and identify weaknesses in internal control systems.

PLAN AND GATHER EVIDENCE FOR AN ASSURANCE ENGAGEMENT
Students will be able to follow a risk based approach to 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.

PROFESSIONAL ETHICS
Students will be able to understand the importance of ethical behaviour to a professional and identify issues relating to integrity, objectivity, professional competence and due care, confidentiality, professional behaviour and independence.

Experience the group exercise aspect of the graduate recruitment process of a national accounting firm.