AC222: Assurance in Context

Module code: AC222

Module provider: Business Informatics, Systems and Accounting; Henley Business School

Credits: 20

Level: Level 2 (Intermediate)

When you'll be taught: Semester 2

Module convenor: Mr Leon Coopasamy, email: l.coopasamy@henley.ac.uk

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE AC110 (Compulsory)

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE AC102 OR TAKE AC205 (Compulsory)

Placement information: na

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 17 June 2024

Overview

Module aims and purpose

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. 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.

Module 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 evaluate the 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.

Module 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

Structure

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.

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module. 

Summative assessment

Penalties for late submission of summative assessment

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

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

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.

Reassessment

Additional costs