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Module description

In this module you will gain up-to-date knowledge of international development of auditing standards, as well as audit theory and real practice, focusing on:

  • ethical standards
  • client acceptance
  • risk assessment
  • internal control
  • materiality issues
  • testing
  • 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 understanding the client’s industry and business
  • apply and discuss the risk-based approach to audit, and the concept of materiality and performance materiality
  • understand the process of documenting internal control and assess its effectiveness
  • understand the concept of evidence mix and how it varies in different circumstances
  • design and perform substantive tests of transaction for the purchases and payments cycle, and analytical procedures for accounts payable
  • discuss the forms of qualification and the parameters of audit opinion
  • explain subsequent events and going concern.