Registry

Module Specifications

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

Module Title	Audit Theory & Practice
Module Code	AC306
School	DCUBS
Online Module Resources
Module Teacher	Brid Gleeson
NFQ level	8	Credit Rating	5
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

Description

The purpose of this module is as follows: (a) familiarise students with the theory and legal framework underlying the audit process, (b) introduce students to the contemporary issues in auditing practice and (c) develop an awareness of business ethical issues.

Learning Outcomes

1. Outline how ethical issues may impact upon decision making in business
2. Identify and assess audit risk
3. Prescribe appropriate substantive audit procedures to respond to audit risk
4. Determine how the results of audit procedures affect the final audit opinion reported
5. Explain the differences between unqualified, modified and qualified audit reports
6. Discuss some of the current issues facing the auditing profession, for example, audit liability, the level of auditor responsibility for the detection of fraud and IAASA among others

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	24	Two hours a week for one semester
Tutorial	9	One hour a week for 8 weeks
Independent learning	70	Weeekly review of class materials and reading material given in class
Assignment	22	Individual Ethics Assignment
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

Introduction to Business Ethics.
Fundamental principles in business ethics, social responsibility in business, employer/employee relations, ethics and financing business, ethical issues in auditing, responsibilities of accountant/auditor..

Substantive Testing of Balance Sheet.
Audit of fixed assets, debtors, creditors, bank and cash, audit of share capital, reserves, attendance at stock-takes and relevant audit procedures..

Reporting Framework.
Subsequent events, going concern issues, overall review, issue of management letters, formulating an audit opinion, preparing an unqualified audit report..

Auditor liability under the law.
Negligence, duty of care, case law, reducing auditor liability..

Fraud and the Auditor.
Fraud detection and prevention, responsibilities of directors and auditors..

Current Issues.
Coverage of issues of relevance to the profession as they arise..

Assessment Breakdown
Continuous Assessment	15%	Examination Weight	85%

Course Work Breakdown
Type	Description	% of total	Assessment Date
Essay	Ethical Assignment	15%	Week 10

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, G., Rodda, N.: 2009, Modern Auditing, 3rd Edition, John Wiley,
Porter, B., Simon, J. and Hatherly, D.: 2008, Principles of External Auditing, 3rd Edition, Wiley,
Gray, I. and Manson, S.: 2011, The Audit Process, 5th Edition, Cengage,
Ferrell, O. C., Fraedrich, J. and Ferrell, L.: 2011, Business Ethics: Ethical Decision Making & Cases, 8th Edition, Cengage, SBN-13: 9781439042236

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)

Timetable this semester: Timetable for AC306

Date of Last Revision

19-JAN-11