AC222-Assurance in Context

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Spring term module
Pre-requisites: AC110 Introduction to Accounting
Non-modular pre-requisites:
Co-requisites:
Modules excluded: AC102 Assurance, Governance and Ethics and AC205 Audit and Assurance
Current from: 2023/4

Module Convenor: Ms Rhianydd Dow
Email: rhianydd.dow@henley.ac.uk

Type of module:

Summary module description:

This module introduces students to the nature and purpose of audit and assurance, and offers a practical understanding of the work undertaken by assurance providers. 

Aims:

The module examines the stages of the audit process, considering the work done by the assurance provider at each stage. The importance of assurance in achieving good corporate governance, and its wider political, economic and social context will also be considered.  

Assessable learning outcomes:

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

1. Explain the concept, purpose and functions of audit and assurance, including its role in achieving good corporate governance, and evaluate the significance of recent developments in shaping its future.  


2. Demonstrate an understanding of the importance of professional conduct in assurance, by applying ethical principles to resolve relevant professional issues. 


3. Explain how the auditor obtains and accepts audit engagements and obtains an understanding of the entity and its environment, assesses the risk of material misstatement, and plans the audit of financial statements. 


4. Evaluate the importance of internal controls and the function of internal audit in a business, explain their significance in an audit engagement and devise appropriate tests of internal controls. 


5. Identify and evaluatethe evidence obtained by the auditor to meet the objective of audit engagements and the application of the International Standards on Auditing (ISAs). 


6. Identify the different types of auditor’s report and written representations, and explain how consideration of subsequent events and the going concern principle can inform the conclusions from, and reporting of, audit work. 

Additional outcomes:

This module offers students the opportunity to develop team working, presentational and research and writing skills which will help to prepare them both for their further academic study and for their professional careers.

Outline content:

Module content will include, but not be limited to, the following: 

• Regulatory and financial reporting frameworks for external audit and other assurance engagements 


• Obtaining, accepting and planning an assurance engagement 


• Assessing and responding to audit risks 


• Evidence, sampling and audit testing 


• Automated assurance tools and techniques 


• Internal controls and internal audit 


• Revenue, purchase and payroll systems 


• Substantive procedures and audit documentation 


• Written representations 


• Audit finalisation and reporting 


• Professional ethics and corporate governance 

Brief description of teaching and learning methods:

Lectures will be used to introduce the concepts, principles and techniques under consideration. Workshops will be used for problem-solving, group discussions and question practice. 

Summative assessment- Examinations:

One three-hour written exam in the Summer exam period.  

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:

Group presentation worth 30% to take place during final workshop of the term. 

Formative assessment methods:

In addition to regular scheduled office hours, students will have the opportunity to discuss, and receive formative feedback on, their ideas for the coursework with the lecturer. Group discussion in class will also offer students the chance to receive formative feedback from peers on their developing ideas, and this will be supported by on-line discussion forums. 

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:

Requirement for a University pass:

A minimum mark of 40% from coursework and examination combined.  

Reassessment arrangements:

Reassessment, where necessary, will be by examination only.

Additional Costs (specified where applicable):

Set textbook - £45 approx. 

Last updated: 12 September 2023