| CODE | ACC3412 | ||||||||
| TITLE | Fundamentals of Auditing | ||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||||
| MQF LEVEL | 6 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Accountancy | ||||||||
| DESCRIPTION | This study-unit introduces students to the basic theory and practice of auditing in order to provide the necessary ground-work from which to study auditing in the Master of Accountancy course. The syllabus is divided into the following key areas: Audit Framework and Regulation The Concept of audit and other assurance engagements Statutory audit The regulatory environment and corporate governance Professional ethics and the Malta Code of Ethics for Warrant Holders Internal Audit Internal audit and corporate governance Differences between external and internal audit Internal audit, risk and internal controls The internal audit role Planning and Risk Assessment Objective and general principles Understanding the entity and knowledge of the business Assessing the risks of material misstatement and fraud Analytical procedures Planning an audit Audit documentation Internal Control Internal control systems The use of internal control systems by auditors Transaction cycles Tests of control The evaluation of internal control components Communication on internal control Audit evidence The use of assertions by auditors Audit procedures The audit of specific items Review Management representations Audit finalisation and the final review Reporting Audit reports Reports to management Internal audit reports Study-unit Aims: The aim of this study-unit is to enable students to develop the knowledge and understanding of the process of carrying out an assurance engagement, and its practical application in the context of the relevant professional regulatory framework. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: - explain the concept of audit and assurance, as well as the functions of audit, corporate governance, including ethics and professional conduct; - describe the role, function and scope of internal auditing and external auditing; - explain the procedures undertaken by an external auditor at the planning, execution and completion stages of an external audit. 2. Skills By the end of the study-unit the student will be able to: - apply the knowledge acquired in this study unit to answering questions in the form of scenario/case studies; - evaluate the ethical considerations that an external auditor may be faced with in practice, and duly recommending safeguards that can be implemented to address such considerations. Main Text/s and any supplementary readings: - Porter Brenda, Simon Jon and Hatherly David . Principles of External Auditing, John Wiley and Sons. - Hayes R, Dassen R, Schilder A, Wallage P - Principles of Auditing: An Introduction to International Standards on Auditing (Prentice Hall). - International Federation of Accountants. International Standards on Auditing. |
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| RULES/CONDITIONS | Before TAKING THIS UNIT YOU MUST TAKE EMA1316 AND TAKE ACC1994 | ||||||||
| ADDITIONAL NOTES | Pre-Requisite Study-units: EMA1316 and ACC1994 | ||||||||
| STUDY-UNIT TYPE | Lecture and Tutorial | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Britney Pisani Peter J. Baldacchino Norbert Tabone |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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