Advanced Audit and Assurance

Paper Code: 
24AAF512
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

 

This course will enable the students to analyze, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.

 

Course Outcomes (COs):

Course

Course Outcomes

Learning and teaching strategies

Assessment Strategies

Course Code

Course Title

24AAF512

Advanced Audit and Assurance

(Theory)

CO163:Demonstrate effective, efficient auditing and service engagement within a professional, ethical framework, developing auditor knowledge, competence, skepticism, and skills.

CO164: Assess and recommend quality control policies in practice management, recognizing the auditor's role in professional appointment acceptance and retention.

CO165: Identify and plan audit work to meet objectives, apply International Standards on Auditing, evaluate findings, and draft appropriate assignment reports.

CO166: Identify and formulate the work required to meet the objectives of non-audit assignments.

CO167:  Acquire knowledge regarding the current issues and developments relating to the provision of audit-related and assurance services.

CO168: Contribute effectively in course – specific interaction.

Approach In Teaching: Interactive Lectures, Discussion, Tutorials, Reading assignments, Demonstration, Self-learning assignments, Seminar presentation

Learning activities for the students:

Assignment, presentations, group discussions

 

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

 

12.00
Unit I: 
Regulatory Environment and Professional and Ethical Considerations:

Regulatory Environment: International regulatory frameworks for audit and assurance services, Money laundering, Laws and regulations
Professional and Ethical Considerations: Code of Ethics for Professional Accountants, Fraud and error, Professional liability

12.00
Unit II: 
Quality Control and Practice Management:

Quality Control and Practice Management: Quality control (firm-wide), Advertising, tendering and obtaining professional work and fees, Professional appointments

12.00
Unit III: 
Audit:

Planning and conducting an audit of historical financial information: Planning, materiality and assessing the risk of material misstatement, Evidence and testing considerations, Audit procedures and obtaining evidence, Using the work of others, Group audits

12.00
Unit IV: 
Completion, Review and Reporting:

Completion, review and reporting : Subsequent events and going concern, Completion and final review, Auditor’s reports, Reports to those charged with governance and management

12.00
Unit V: 
Other Assignments:

Other assignments: Audit-related and assurance services, Specific assignments, The audit of social, environmental and integrated reporting, The audit of performance information (pre-determined objectives) in the public sector, Reporting on other assignments

Essential Readings: 

ACCA Study Text- Advanced Audit and Assurance (International), Kaplan

References: 

CCA Study Text- Advanced Audit & Assurance- BPP Module

E- Contents:
1.https://www.accaglobal.com/an/en/student/exam-support-resources/professi...
resources/p7.html

Reference Journals:
1.International Journal of Auditing

Academic Year: 
2024-2025
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