ADVANCED AUDIT AND ASSURANCE

Paper Code: 
AAF 612 B
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Course Outcomes

Learning and teaching strategies

Assessment Strategies

On completion of this course, the students will be able to:

CO186: Recognise the legal and regulatory environment and its impact on audit and assurance practice

CO187: Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework

CO188: Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditor’s position in relation to the acceptance and retention of professional appointments

CO189: Identify and formulate the work required to meet the objectives of audit assignments and apply the International Standards on Auditing

CO190: Evaluate findings and the results of work performed and draft suitable reports on assignments

CO191: Identify and formulate the work required to meet the objectives of non-audit assignments

Interactive Lectures, Discussion, Tutorials, Reading assignments, Demonstration, Self learning assignments, Effective questions, Seminar presentation

 

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

 

12.00
Unit I: 

·         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 (firm-wide), Advertising, tendering and obtaining professional work and fees, Professional appointments

 

12.00
Unit III: 

·         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 : 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: 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: 
Academic Year: 
2022-2023
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