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Module description

The module aims to provide fully up-to-date knowledge of international development of auditing standards, a sound balance of audit theory and real practice, focusing on ethical standards, client acceptance, risk assessment, internal control, materiality issues, testing and reporting to shareholders.

Learning objectives

By the end of this module, you will be able to:

  • explain how the need for accountability resulted in external reporting and auditing
  • describe the role of the auditor
  • understand the process of accepting an engagement
  • discuss why adequate audit planning is essential
  • discuss the process of gaining an understanding of the client’s industry and business
  • apply and discuss the risk-based approach to audit
  • apply and discuss the concept of materiality and performance materiality
  • understand the process of documenting internal control
  • assess the effectiveness of internal control
  • understand the concept of evidence mix and how it should vary in different circumstances
  • design and perform substantive tests of transaction for the purchases and payments cycle
  • design and perform analytical procedures for accounts payable
  • discuss the forms of qualification and the parameters of audit opinion
  • explain subsequent events and going concern.