Audit and Assurance

Course Description

This aim of this unit is to develop learners’ understanding of both internal and external audit principles. Learners will consider current legal and professional requirements and review the risks involved in the external audit process.

Course Objectives

This aim of this unit is to develop learners’ understanding of both internal and external audit principles. Learners will consider current legal and professional requirements and review the risks involved in the external audit process.

Key Topics

1. LO1: Understand internal audit principles.
2. LO2: Understand current external audit legal and professional requirements.
3. LO3: Understand the risk involved in the external audit process.
4. LO4: Understand current external auditing practice.

Course Outline

Learning Outcomes

1. LO1 Understand internal audit principles.
2. 1.1 Explain the reasons for an internal audit.
3. 1.2 Outline internal audit principles.
4. 1.3 Review internal audit techniques used by business organisations.
5. 1.4 Outline the differences between internal and external audits.
6. LO2 Understand current external audit legal and professional requirements.
7. 2.1 Review the current auditing regulatory environment.
8. 2.2 Explain the rules of professional conduct for auditors.
9. 2.3 Review current developments in auditing.
10. 2.4 Evaluate the value of a statutory audit.
11. LO3 Understand the risk involved in the external audit process.
12. 3.1 Analyse audit risk.
13. 3.2 Recommend measures to minimise audit risk.
14. LO4 Understand current external auditing practice.
15. 4.1 Explain audit processes and techniques.
16. 4.2 Evaluate the impact of the legal and professional requirements on the performance of an audit.