Assurance and Audit in the Global Environment

FIN5840

Title	Assurance and Audit in the Global Environment
Code	FIN5840
School	RBS
Module Level	5
Module Code	FIN5840
Available Summer	N
Semester	1
Credits	12
ECTS Credits	6
Contact Hours	48
Course Length (wks)	12
Course Leader	Brian Kriefman
Lecturers	Marie Byrom
Course Aims	The module aims to: Enable students to develop knowledge of the audit and assurance process, and understand the changing nature of auditing. Allow students to evaluate the importance of internal audit processes Enable students to evaluate the importance of the external audit regulatory framework. Provide students with an in depth appreciation of corporate governance in relation to current audit and assurance issues. Develop a critical understanding of statutory audits, accountability, stewardship and agency. Provide students with a critical understanding of the importance of identifying the potential of corporate risk. Develop a critical understanding of International Standards on Auditing Enable students to assess current international issues within the context of global company audit and assurance.
Course Content	Accounting techniques, data collection and problem solving skills. In addition, students are directed towards developing the skill of examining and assessing recent peer reviewed journals on current issues.
Learning Outcomes	On completion of this module, students should be able to: LO1 Understand the nature, purpose and scope of auditing and internal review. LO2 Understand the role of external audit and its regulatory framework. LO3 Understand the role of internal audit in providing assurance on risk management and on the control framework of the organization. LO4 Identify risks, describe procedures undertaken in the planning process of auditing. LO5 Evaluate internal control systems and identify and communicate control of risks, potential consequences and recommendations. LO6 Evaluate sources of evidence. LO7 Evaluate findings of audits, including recommendations to enhance business performance. LO8 Assess and evaluate current global issues within the context of company audit assurance and corporate governance.
Presentation	Students attend class sessions which will include a range of activities, interactive lectures and class discussions which are related to the module topics above. Learning outcomes for the module are linked to the content of each week’s work. Students are introduced to theories and content, and throughout the module there is a consistent approach to theory and practice.
Reading Recommended	ALVIN A. (2007), Auditing and Assurance Services (International edition) 13th edition. Pearson Education, London Handbook of International Auditing, Assurance and Ethics – published by the I.F.A.C.
Reading Required	HAYES R. (2004) Principles of Auditing–An Introduction to International Standards 2^nd Ed. FT Prentice Hall, London MANSON S. (2006), The Audit Process. Prentice Hall, London
Pre-Requisites	ACC5820 Financial Accounting II
Asseseement Methods	In-class test Focus: the purpose of audit and assurance - Week 6 - 25% Individual Assignment based on global topical issue in a recent journal article - Week 9 - 25% Written exam - Exam week - 50%
Weekly Schedule	Introduction to the nature, purpose and scope of the audit review Internal audit and the internal audit review The international regulatory audit environment, corporate governance and the code of best practice Professional ethics and professional codes of conduct Planning and audit – the work plan, the work programme and documentation Internal control, revenue, purchases, inventory, revenue expenditure and capital expenditure, payroll and cash Other audit and review evidence and going concern review Audit finalisation and the final review Current global issues in audit and company assurance Examination revision