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Level 6 Diploma in Accounting and Business

Minimising and Managing Audit Risk

AB604 · Audit and Assurance — Week 9 of 16

CourseAB604
Week9 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Minimising and Managing Audit Risk

  1. Planning materiality and performance materiality
  2. Internal control evaluation and testing
  3. Engagement quality management (ISQM 1)
  4. Audit team competence and supervision
  5. Lecture 10 Quality Control

What you will be able to do

  • 3.2 Recommend measures to minimise audit risk.
  • 4.2 Evaluate the impact of the legal and professional requirements on the performance of an audit.

Activity

Start with this week’s video, then: Seminar, guided reading and a short written task: recommend measures to minimise audit risk.

Study materials

Videos

  • Lecture 10 Quality Control · YouTube · Eddy Witzel · 19 min · for registered students
  • ICAEW Insights In Focus: Countdown to ISQM 1 – is your practice ready? · YouTube · ICAEW · 29 min · for registered students

Further resources

  • ISA (UK) 315: Identifying and Assessing the Risks of Material Misstatement (updated September 2025) · PDF · Frc, framework · for registered students
  • Annual Review of Audit Quality 2026 (FRC) · PDF · Frc, report · for registered students
  • ISA (UK) 200: Overall Objectives of the Independent Auditor (updated September 2025) · PDF · Frc, framework · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
MidtermWeek 10
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

Open this week in the portal
Course plan
  • Week 1: Foundations and Objectives of Internal Audit
  • Week 2: Internal Audit Principles and Techniques
  • Week 3: Comparative Analysis of Internal and External Audit
  • Week 4: The Auditing Regulatory Environment and Statutory Value
  • Week 5: Professional Ethics and Auditor Conduct
  • Week 6: Contemporary Developments in Audit Practice
  • Week 7: Audit Risk Analysis
  • Midterm: Midterm evaluation
  • Week 9: Minimising and Managing Audit Risk
  • Week 10: Audit Processes and Evidence Gathering
  • Week 11: Audit Finalisation, Reporting, and Regulatory Impact
  • Week 12: Applying Audit and Assurance in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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