AUDIT AND ASSURANCE - 2017/8
Module code: MANM367
Surrey Business School
MILLIGAN V Mrs (SBS)
Number of Credits
FHEQ Level 7
Module cap (Maximum number of students)
Overall student workload
Lecture Hours: 22
Tutorial Hours: 11
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||MID-TERM TEST (50 MINUTES)||30%|
|Examination||120 MINUTES EXAMINATION||70%|
Prerequisites / Co-requisites
MANM198 Principals of Accounting
The module offers a structured approach to the conceptual and practical principles of auditing. It provides a real world perspective on current auditing practices with coverage of cutting edge developments and techniques.
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Indicative content includes:
Auditing overview: The audit market and the role of auditor
Ethics, independence and legal liability of auditors
Audit Planning and risk assessment- understanding the entity and its environment including audit documentation
Concepts of audit risk and audit materiality
Internal control – the use of internal control systems by auditors, transaction cycles, tests of control, the evaluation of internal control components, communication on internal control
Substantive testing and analytical procedures
Audit evidence – the use of assertions by the auditor, audit procedures, the audit of specific risk items, audit sampling and other testing, computer assisted audit techniques
Audit opinion and reporting
Review – subsequent events, going concern, written representations, audit finalisation and the final review
Internal audit- the differences between the external auditor and the internal audit function, the scope of the internal audit function, outsourcing the internal audit department, internal audit assignments
Methods of Teaching / Learning
The learning and teaching strategy is designed to provide the students with the essential information, to help them structure the information and to be a source of explanation. Furthermore, short example – cases will be reviewed and discussed during the lectures in order to enhance students’ understanding and promote participation. Also, case studies will be discussed with the students. The case studies will cover the main audit scandals/frauds and other issues raised during the lectures. Doing so, students are expected to understand the importance of auditing and connect issues raised in the module with the “real world”. This learning and teaching strategy seeks to enhance students’ analytical and critical thinking.
The learning and teaching methods include 3 hour per week (2-hour lecture and 1-hour tutorial) x 11 weeks
Tutorial preparation will include
Reading lecturer slides and textbook
Preparing answers to homework questions
Responding to questions in seminars and receiving feedback from the lecturer
Preparing for the mid-term test and the assignment (please see assessment strategy below)
The assessment strategy is designed to provide students with the opportunity to demonstrate understanding in the topics (both auditing theories and practical cases) raised during the lectures and the workshops.
Thus, the summative assessment for this module consists of:
2 Hour Examination (Closed Book) during the formal Examination period
1 Hour Class Test (Closed Book) during Week 7 of the semester
The Class Test will examine student’s learning in topics covered during the first half of the semester, as the test will take place in Week 7. The test seeks to provide students with immediate feedback and prepare them for the final exam. Therefore, marks and feedback on the class test will be provided within 3 weeks.
The 2 hour examination is designed to further examine students understanding and knowledge of the topics raised during the lectures and workshops. Marking and feedback will be provided according to the university’s regulations.
In addition, the tutorials can act as formative assessments, where it will possible to monitor students’ understanding through their participation in the discussion.
Formative assessment and feedback
Both lectures and tutorials are designed in a way to improve students’ participation. Through short cases (in the lectures) and long case studies (in the workshops) students are encouraged to demonstrate understanding through their participation in the discussion
Reading list for AUDIT AND ASSURANCE : http://aspire.surrey.ac.uk/modules/manm367
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.