AC205-Audit and Assurance

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Autumn term module
Pre-requisites: AC102 Assurance, Governance and Ethics
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2022/3

Module Convenor: Mrs Helen De Felice
Email: helen.defelice@henley.ac.uk

Type of module:

Summary module description:

This module builds on the part one Assurance, governance and ethics module to equip students with the necessary skills to undertake audit work.

This module is delivered at University of Reading and Beijing Institute of Technology.

BIT module is delivered in the Spring term.

Aims:

This module aims to develop students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements). This will include an understanding of the current factors, including legal and ethical factors, surrounding the acceptance, planning, managing, concluding and reporting on assurance engagements

Assessable learning outcomes:

By the end of the module it is expected that students will be able to:

		Programme level learning outcomes
Module Learning Outcomes	Description	Mastery of Discipline	Skills in research & enquiry	Personal effectiveness & self-awareness	Global engagement and multi-cultural awareness	Employability
1	Understand, evaluate and communicate the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement	6, 8				2
2	Understand and communicate the processes involved in accepting and managing assurance engagements	6				2
3	Understand and communicate how quality assurance processes mitigate risks	6				2
4	Exercise knowledge and judgement to plan assurance engagements in accordance with the terms of engagement and appropriate standards	6	5
5	Exercise knowledge and judgement to conclude and report on assurance engagements in accordance with the terms of engagement and appropriate standards	6
6	Work confidently under pressure and in situations involving some ambiguity			6,7

Additional outcomes:

The module also aims to encourage the development of professional skills including oral communication skills and the students’ effectiveness in group situations. Structured activities are designed to develop independent learning.

Outline content:

• Professional and ethical issues and their resolution

 

• Legal and regulatory requirements and their impact on assurance engagements

 

• Issues, risks, and processes associated with client acceptance

 

• Principles and purposes of quality control

 

• Engagement planning, including understanding the entity and its environment and reliance on internal controls

 

• Consideration and assessment of audit risk and materiality

 

• Auditing different types of entities

 

• Audit completion and reporting

Brief description of teaching and learning methods:

Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Workshops will focus on practice and discussion of examination style questions. 

Intensive revision classes in the summer term form an integral and essential part of this module.

BIT module is delivered in the Spring term and hours differ from the table below, the hours for BIT are:

Lectures 18 hours  ;

Seminars 12 hours

Summer Revision 16 hours

Contact hours:

	Autumn	Spring	Summer
Lectures	16		12
Tutorials	16
Guided independent study:
Preparation for seminars	20		20
Completion of formative assessment tasks	20
Revision and preparation			76
Reflection	10		10
Total hours by term	82	0	118
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	100

Summative assessment- Examinations:

One 2.5 hour unseen written examination. Students are permitted to take a current copy of the International Auditing Standards into the examination.

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

 

Summative assessment- Coursework and in-class tests:

Formative assessment methods:

Formative assessments are available for all weeks of the module to enable students to practice techniques and exam style questions. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance. 

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:

A minimum mark of 40% is required for a university pass.

This module contributes to the Audit and Assurance module of the ACA Professional Stage. In order to apply for ICAEW credit for prior learning, students must be registered on the BA Accounting and Business programme and must obtain a minimum mark of 55% in this module.

Reassessment arrangements:

Reassessment is by examination in the resit period.

Additional Costs (specified where applicable):

Required text books: Digital ICAEW Audit & Assurance Workbook and Question Bank includes digital access to Auditing Standards - £88

The following makes of calculator are permitted in exams and class tests: Casio FX-83GTx or Casio FX-85GTx

Casio FX-83GTPLUS or Casio FX-85GTPLUS - Approximately £15

Last updated: 22 September 2022