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DRPS : Course Catalogue : Business School : Accounting

Undergraduate Course: Auditing (ACCN10009)

Course Outline
SchoolBusiness School CollegeCollege of Humanities and Social Science
Credit level (Normal year taken)SCQF Level 10 (Year 3 Undergraduate) AvailabilityAvailable to all students
SCQF Credits20 ECTS Credits10
SummaryThe main objective of the course is to enable students to form an understanding of the principles underlying the theory of auditing, of the regulatory framework of auditing and of practical audit approaches and techniques. The latter will be taught with reference to case studies. Students will also be introduced to the critique of the auditing profession and the profession's response. The course further aims to expose students to current academic research in the field of auditing and to enhance their generic and transferable skills.
Course description Syllabus
Why are Auditors Needed?
Auditing Concepts
Auditor Independence and Ethics
The Risk Based Approach to Audit
Auditing Controls
Substantive testing
Completion Procedures and Final Review
Fraud and Going Concern
Audit Reporting and the Expectations Gap
Criticisms and Developments in Auditing

Student Learning Experience
The course consists of ten two hour seminars in the first semester. The course will be taught via a mixture of lectures, discussions and activities
each week. Individual and group participation is expected in activities and class discussions.

Outside of the formal lecture programme, students are expected to undertake additional self-study using the textbooks by reading at least the recommended sections and other suggested references. This will allow students to reinforce and expand on material introduced in the lectures.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Accountancy 2A (ACCN08009) AND Accountancy 2B (ACCN08010)
Prohibited Combinations Other requirements None
Information for Visiting Students
Pre-requisitesA pass in Accountancy 2A (ACCN08009) AND
Accountancy 2B (ACCN08010) equivalents.

Visiting students should have at least 3 Business/Accountancy related courses at grade B or above (or be predicted to obtain this). We will only consider University/College level courses.
High Demand Course? Yes
Course Delivery Information
Academic year 2018/19, Available to all students (SV1) Quota:  None
Course Start Semester 1
Timetable Timetable
Learning and Teaching activities (Further Info) Total Hours: 200 ( Lecture Hours 20, Summative Assessment Hours 3, Revision Session Hours 2, Programme Level Learning and Teaching Hours 4, Directed Learning and Independent Learning Hours 171 )
Assessment (Further Info) Written Exam 70 %, Coursework 30 %, Practical Exam 0 %
Additional Information (Assessment) Examination - 70%
Individual Literature Review (1,500 words) - 30%
Feedback Generic feedback on your coursework, together with individual marks, will be available on Learn 15 working days from the submission date.

Your examination marks will be posted on Learn (together with generic feedback and examination statistics) as soon as possible after the Boards of Examiners' meeting (normally early-mid June). During the summer months (i.e. mid/end June - end August), you may come to the Business School Undergraduate Reception (outside Room 1.11, Business School, 29 Buccleuch Place) to look at your examination scripts. Note that you will not be able to remove any examination scripts from the UG Office as they may be required by the Board of Examiners.
Exam Information
Exam Diet Paper Name Hours & Minutes
Main Exam Diet S1 (December)Auditing3:00
Learning Outcomes
On completion of this course, the student will be able to:
  1. Understand and critically discuss the nature of the audit function and benefits for the auditee, markets and society.
  2. Understand and discuss the critical importance of auditors being independent and ethical.
  3. Understand and critically discuss the nature of the auditor's responsibility for the detection and reporting of fraud.
  4. Explain and discuss the regulatory framework to which audit is subject, and the procedures auditors undertake from appointment to reporting.
  5. Understand and critically discuss the nature of corporate governance and the auditor's role within best practice of corporate governance.
Reading List
The core textbook for this course is:
The Audit Process: Principles, Practice and cases 5th Edition (2011) Iain Gray and Stuart Manson

Another very important resource is the Auditing Practices Board and the Financial Reporting Council:

Useful articles on auditing can be found in the following journals:
Accounting, Organizations and Society
Accounting, Auditing and Accountability Journal
Critical Perspectives on Accounting
Accounting and Business Research
British Accounting Review

Students are strongly encouraged to read current issues of Accountancy, the ICAEW┐s magazine:

Further reading beyond the core textbook is expected in preparation for class and assignments. Recommended readings are given for each week of the course.
Additional Information
Graduate Attributes and Skills Intellectual Skills
Upon completing this course students will be able to:
- Explain the meaning of the social purpose of auditing and key concepts of auditing;
- Discuss the duties and responsibilities of auditors with respect to the law, society and the auditor's clients;
- Evaluate the underlying concepts and theories used in auditing;
- Evaluate the content and effectiveness of the Audit Report.

Subject Specific Skills
The course will develop the following subject-specific skills:
- Be able to build up audit programmes and procedures appropriate for individual case studies based on audit risk;
- Be able to explain and critically evaluate audit procedures from the viewpoint of the profession and wider society
Course organiserDr Elisa Henderson
Course secretaryMiss Jen Wood
Tel: (0131 6)50 8335
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