AUDIT AND ASSURANCE

Paper Code: 
AAF 411
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:

CO110: Explain the overview of the Audit framework and regulation and Internal audit and governance

CO111: Categorize Planning and risk assessment aspects involved in the audit

CO112: Develop the Internal control systems in an organization as a part of the audit

CO113: Distinguish between Audit evidence, Audit sampling, Computer-assisted audit techniques 

CO114: Analyze the characteristics of review and reporting and Getting overall understanding of review and reporting

CO115: Develop an understanding on documentation of evidences

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: 

• Audit framework and regulation: Concept of audit and other assurance Engagements, External audits, Corporate governance, Professional ethics and ACCA’s Code of Ethics and Conduct
• Internal audit and governance: Differences between external audit and internal audit, scope of the internal audit function, outsourcing and internal audit assignments

12.00
Unit II: 

Planning and risk assessment
• Obtaining and accepting audit engagements, objective and general principles, Understanding the entity and its environment, Assessing audit risks, Fraud, laws and regulations.
• Audit planning and documentation.
• Introduction to audit evidence.

12.00
Unit III: 

Internal control
• Internal control systems, uses and evaluation of internal control systems by auditors, Tests of control.
• Communication on internal control.

12.00
Unit IV: 

Audit evidence
• Financial statement assertions and audit.
• Evidence, Audit procedures, Audit sampling and other means of testing, non current assets , inventory , receivables , cash and bank, common liabilities , directors remuneration and capital, Computer-assisted audit techniques, Work of others and Not-for-profit organizations

12.00
Unit V: 

Review and reporting
• Subsequent events, Going concern, Written representations.
• Audit finalization and the final review, Audit reports

Essential Readings: 

• ACCA Study Text- Audit and Assurance (International)

References: 

• ACCA F8 Audit and Assurance: Study Text

e- RESOURCES:

• https://ebookpbt.files.wordpress.com/2011/11/acca-f8-audit-and-assurance...

REFERENCE JOURNALS:

• International Journal of Auditing

Academic Year: 
2023-2024
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