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Unit information: Auditing in 2015/16

Please note: you are viewing unit and programme information for a past academic year. Please see the current academic year for up to date information.

Unit name Auditing
Unit code EFIM30016
Credit points 20
Level of study H/6
Teaching block(s) Teaching Block 4 (weeks 1-24)
Unit director Dr. Lu
Open unit status Not open

EFIM1NEW2 Fundamentals of Accounting and Finance 1 OR ACCG10052 Introduction to Accounting



School/department School of Accounting and Finance
Faculty Faculty of Social Sciences and Law

Description including Unit Aims

A theoretical approach to the practical underpinnings of auditing will be adopted which will have significance to both international and domestic students.

Broadly speaking this unit covers four parts: the auditing industry and its surroundings; auditing concepts and techniques, auditing procedures for business functions, and current issues regarding auditing practice.

Aims to equip students with a sound understanding of the theory, principles and practice of auditing, as well as training on methodology and research skills.

Intended Learning Outcomes

Students should be able to:

  1. Explain how auditing theory, concepts and principles underpin auditing practice;
  2. Recall the basic postulates of auditing and explain why they are important;
  3. Define the auditing concepts under the general headings of credibility of the auditor, process of audit, communication by the auditor and performance of the auditor’s work;
  4. Explain the implications of truth and fairness in relation to financial statements and the work of the auditor;
  5. Explain the significance of the concept of materiality;
  6. Explain that the regulatory framework of auditing provides the criteria by which audits are conducted and encompasses the concepts of auditing;
  7. Explain how organisations attempt to control their internal environments in the context of external influences;
  8. Explain the importance of auditor independence and the practical implications for the auditor in meeting the demands of the audit role;
  9. Explain the meaning and significance of auditor independence, discuss the threats to independence and how they might be overcome;
  10. Explain how various kinds of conflict and risk can affect the independence of the auditor;
  11. Use suitable case law to illustrate the responsibilities of auditors and how these have developed over time;
  12. Discuss current debates in auditing and possible trends of topical issues.

Teaching Information

Lectures and small-group tutorials

Assessment Information

Summative assessment: Three-hour closed-book examination in the Summer term: 100%

Formative assessment: Tutorial questions and associated tutorials contributions

Reading and References

Variable from year to year as Auditing Standards are updated.

Indicative reading at time of unit proposal:

Whittington and Pany (2012) Auditing and other assurance services, 18th edition, McGraw-Hill