Audit and Assurance

Paper Code: 
24AAF411
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Objectives:

This course will enable the students to cultivate knowledge and understanding of the assurance engagement process within the context of the professional regulatory framework.

Course Outcomes (COs):

 

Course

Course Outcomes

Learning and teaching strategies

Assessment Strategies

Course Code

Course Title

 

 

 

 

 

 

 

 

 

24AAF411

 

 

 

 

 

 

 

 

 

Audit and Assurance

(Theory)

CO121: Develop an understanding of Audit framework, regulations, audit and governance.

CO122: Analyze planning and risk assessment aspects involved in the audit.

CO123: Describe the Internal control system, Audit Evidence and internal audit function.

CO124: Distinguish between internal and external audit, Audit sampling and Computer-assisted audit techniques 

CO125: Analyze the concept of  Subsequent events, Going concern, Written representations and auditor’s report.

CO126: Contribute effectively in course – specific interaction.

Approach in teaching: Interactive Lectures, Discussion, Tutorials, Reading assignments, Demonstration,

 

 

Learning activities for the students: 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 Internal Audit:

• 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.
• Work performed during interim and final audit.

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.
• Audit of Specific items like inventory, receivables, cash and bank, common liabilities, directors remuneration and capital.
• Automated tools and 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.
• Independent Auditors reports.

Essential Readings: 

1. ACCA Study Text- Audit and Assurance (International)

References: 

1. ACCA F8 Audit and Assurance: Study Text

E-Content:

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

Reference Journals:

1. International Journal of Auditing

Academic Year: 
2024-2025
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