Registry

Module Specifications

Current Academic Year 2012 - 2013
Please note that this information is subject to change.

Module Title	Audit Principles and Procedures
Module Code	AC222
School	DCUBS
Online Module Resources
NFQ level	8	Credit Rating	5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

Description

The purpose of this module is to introduce the student to the underlying theories, principles and practices of modern auditing. In doing so it will examine the modern auditing process and identify contemporary issues in auditing practice. It will provide students with the ability to assess audit risk and its component parts and evaluate a company's internal control systems and environment. This module is deliered through a combination of lectures and tutorials.

Learning Outcomes

1. Demonstrate comprehension of the role, responsibility and duty of the auditor as well as the purpose, benefits and limitations of auditing.
2. Identify relevant audit regulation and standards.
3. Assess the importance of ethics in auditing and the independence of the auditor.
4. Outline the main steps in the audit process.
5. Demonstrate the importance of audit planning and factors impacting on it.
6. Evaluate and assess audit risk and its constituent components.
7. Evaluate control procedures in an internal control system.
8. Critically assess current issues facing the auditing profession.

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	24	Lectures
Tutorial	10	Tutorials
Independent learning	40	Lecture & Tutorial Preperation
Independent learning	21	Reading & Research
Independent learning	30	Study for exams
Total Workload: 125

All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml

Indicative Content and Learning Activities

Nature, Purpose and Scope of an Audit.
Definition of auditing, historical background, examination of the need for and theories of auditing, advantages, limitations of auditing, directors' responsibilities', responsibilities of the auditor, the audit report, types of audits, types of auditors.

Audit Regulation.
Role of the International Federation of Accountants (IFAC), International Auditing and Assurance Standards Board (IAASB), Auditing Practices Board (APB), Irish Auditing and Accounting Supervisory Authority (IAASA), Auditing Standards (ISAs), Statute, Professional Bodies.

Auditor Independence.
Introduction to ethics in auditing, the importance of the independence of auditors, the ethical code.

The Audit Process.
An overview of the planning, interim and final audit stages. introduction to audit evidence, audit objectives, audit procedures, working papers..

Planning an Audit.
Appointment of auditors and the terms of engagement, planning the audit, audit risk and assessing the risk of material misstatement, understanding the entity and its environment, consideration of planning materiality, audit procedures in response to assessed risks..

Assessment of Accounting System.
Definition and the responsibility of internal control, the importance and the limitations of internal control, components of internal control, procedures used to obtain an understanding of internal control, documenting internal control, preliminary assessment of internal control, tests of control, consideration of audit objectives and control procedures for individual audit objectives and control procedures for individual audit components (for example sales, purchases, stock, bank and cash, and payroll.).

Introduction to Current Issues.
Discussion of the issues and challenges facing the accounting and auditing profession. Creative accounting and the auditors role in relation to fraud..

Assessment Breakdown
Continuous Assessment	0%	Examination Weight	100%

Course Work Breakdown
Type	Description	% of total	Assessment Date

Reassessment Requirement
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List

Cosserat, Graham W.: 2008, Modern Auditing., Third edition, John Wiley,
Gray, Iain ; Stuart Manson: 2008, The Audit Process, 4th edition, Thomson Learning,
Porter, B, Simon, J., and Hatherly, D.: 2008, Principles of External Auditing, 3rd Edition, Wiley,,

Other Resources

None

Array

Programme or List of Programmes

BA in Accounting & Finance

BSSA

Study Abroad (DCU Business School)

BSSAO

Study Abroad (DCU Business School)

ECSA

Study Abroad (Engineering & Computing)

ECSAO