Undergraduate Course: Auditing (ACCN10009)
||College||College of Humanities and Social Science
|Credit level (Normal year taken)||SCQF Level 10 (Year 3 Undergraduate)
||Availability||Available to all students
|Summary||The 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.
Why are Auditors Needed?
Auditor Independence and Ethics
The Risk Based Approach to Audit
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.
Information for Visiting Students
|Pre-requisites||A 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?
Course Delivery Information
|Academic year 2018/19, Available to all students (SV1)
|Learning and Teaching activities (Further Info)
Lecture Hours 20,
Summative Assessment Hours 3,
Revision Session Hours 2,
Programme Level Learning and Teaching Hours 4,
Directed Learning and Independent Learning Hours
|Assessment (Further Info)
|Additional Information (Assessment)
||Examination - 70%
Individual Literature Review (1,500 words) - 30%
||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.
||Hours & Minutes
|Main Exam Diet S1 (December)||Auditing||3:00|
On completion of this course, the student will be able to:
- Understand and critically discuss the nature of the audit function and benefits for the auditee, markets and society.
- Understand and discuss the critical importance of auditors being independent and ethical.
- Understand and critically discuss the nature of the auditor's responsibility for the detection and reporting of fraud.
- Explain and discuss the regulatory framework to which audit is subject, and the procedures auditors undertake from appointment to reporting.
- Understand and critically discuss the nature of corporate governance and the auditor's role within best practice of corporate governance.
|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: www.frc.org.uk
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.
|Graduate Attributes and 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 organiser||Dr Elisa Henderson
|Course secretary||Miss Jen Wood
Tel: (0131 6)50 8335