This module aims to provide a critical review of the role of audit and other assurance services in the context of modern society and studies the development of major assurance concepts, demonstrating how these concepts are applied in practice.

A    Knowledge and Understanding:

• demonstrate an understanding of the principal components of auditing and assurance services viz., auditor independence and objectivity, auditor responsibility, truth and fairness, and audit evidence in various assurance situations.
• demonstrate an understanding of the underlying principles and techniques of current practices in the areas of: risk assessment; planning an audit and assurance engagement; factors determining levels of assurance; internal control systems; tests of transactions and balances and sampling techniques.
• compare and contrast different types of assurance engagements in terms of the position and performance of assurance providers.
• understand the controls over the accounting profession in the context of its regulatory environment.

B    Intellectual skills:

• synthesise and evaluate secondary data.
• solve problems.
• exercise powers of inquiry and logic, and critical analysis, interpretation and evaluation of arguments and evidence.
• sustain a critical argument in writing.

C    Discipline Specific Skills:

• evaluate the principal components of auditing and assurance services viz., independence and objectivity, responsibility, truth and fairness, and audit evidence in various assurance situations
• identify and evaluate the underlying principles and techniques of current practices in the areas of; risk assessment; planning an audit and assurance engagement; factors determining levels of assurance; internal control systems; tests of transactions and balances; auditing computer systems and sampling techniques.
• compare and contrast different types of assurance engagement in terms of the position and performance of assurance providers.
• critically evaluate developments in assurance engagements in an international context.

D    Transferable Skills:

• communicate effectively ideas, principles and theories by oral and written means.
• exercise initiative, self-reliance and time management skills and work independently.
• apply analytical procedures to financial and non-financial data
• appreciate alternative viewpoints.
• exercise problem-solving skills.
• access and utilise information in a variety of research resources both traditional (e.g. library) and IT (e.g. the Internet, databases).

The module will be delivered through a mix of large & small group face-to-face sessions, including, where relevant, supporting digital learning activities and/or recordings

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The examinations contain a range of questions designed to cover the learning outcomes for the module and to test skill development. They aim to test knowledge and comprehension of the syllabus as well as testing students’ ability to apply such knowledge in particular contexts.  Questions require written answers, which test students’ development of intellectual, communication and reasoning skills, as well as subject-specific knowledge. The examinations are individual assessments.

The assessment in the spring semester consists of a group presentation to the module tutor on work completed on the audit process.

Informal assessment is provided through case study based class questions which stimulate independent learning, develop students’ analytical skills and provide an ongoing mechanism for assessing the extent to which students are meeting the module’s learning outcomes.  Student problems are dealt with by the lecturer/tutor in classes or on a one-to-one basis and all students are encouraged to submit queries either in the class or afterwards.

The role of assurance services.  Planning the assurance engagement.  Assessing audit risk.  Factors affecting the desired level of assurance.  Assessing internal controls. Materiality.  Assurance procedures.  The Audit Report.  Fraud.  Internal Audit.  Assurance engagements other than financial audit, including Social and Environmental reporting.  Special classes of audit and assurance services.  Assurance services in the public sector. The regulation of the profession and criticisms of its constitution.  Independence and objectivity: theory vs. practice; legal and professional rules; future development.  The responsibilities and liabilities of providers of assurance services.  Truth & Fairness and other aspects of reporting on an assurance engagement.  Types of evidence, methods of collection and levels required for different assurance engagements. Auditing and assurance services internationally.  Future developments in the role and regulation of the profession.