Module Code: H9AA
Long Title Audit and Assurance
Title Audit and Assurance
Module Level: LEVEL 9
EQF Level: 7
EHEA Level: Second Cycle
Credits: 5
Module Coordinator: Patricia Maguire
Module Author: Andrea Del Campo Dugova
Departments: School of Business
Specifications of the qualifications and experience required of staff

The lecturer of this module is required to have a Level 9 qualification in Accounting, relevant practice experience in external audit and a track record of teaching in a higher institution. 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Appreciate the respective responsibilities of directors and auditors in the context of corporate governance and statutory audit.
LO2 Critically reflect on the ethical and regulatory environment
LO3 Evaluate the importance of the risk assessment process and demonstrate how to use this in the audit process including the audit plan, concept of materiality and analytical procedures.
LO4 Appraise the audit approach to the main business cycles including the concept of, internal controls, audit evidence and controls testing.
LO5 Evaluate and critique an audit report and the different types of audit opinion informed by contemporary company law developments.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements

There are no additional entry requirements for this module.  The programme entry requirements apply.  No pre-requisites or co-requisites apply.   
 

Module Content & Assessment

Indicative Content
Audit and Assurance Environment:
The purpose and scope of external audit. Understand and appreciate the legal and business environment in which audit and assurance is conducted. an understanding of the respective responsibilities of directors and auditors in the context of corporate governance and statutory audit. An understanding and appreciation of the related ethical and regulatory environment. An understanding of the auditing standard setting process (ISA’s). An overview of the stages involved in the audit process and an understanding of the role of staff auditors within this.
The Risk Assessment Process:
An understanding of the risk assessment process. The concept of audit risk and the relationship between inherent risk, control risk and detection risk. The concept of materiality and the implications of an item being material or not. Design audit procedures to reduce the risk of material misstatement to an acceptable level. Understanding the entity and its environment. The ability to assess specific systems of internal control with a view to identifying the critical risks and related controls. The use of analytical procedures. The impact of fraud and fraud risk assessment procedures.
Audit Planning:
An understanding of the audit process and its importance in overall context of audit and assurance. Overall audit strategy. The continuous audit process. Distinguish between interim and final audit. The scope of an audit. The nature and timing of audit procedures.
Audit of Financial Statement Line Items:
An appreciation of evidence gathering principles and procedures. The ability to select and apply appropriate audit procedures to typical profit or loss account and statement of financial position account captions. Audit of non-current assets, investments, bank and cash, inventory, revenue and receivables, purchases and payables, provisions and capital. The ability to select and apply audit procedures to typical accounting estimates. An understanding of the use of big data in IT auditing.
Audit Completion:
A clear understanding of the framework for concluding on an area of audit work and the ability to draw appropriate conclusions based on a description of audit evidence available. An understanding of the principles underpinning audit reporting. An understanding of the matters that do and do not affect the auditor’s opinion. An understanding of the most likely circumstances where, in practice, audit reports may need to be modified / qualified.
Current Affairs in the Audit Environment:
An appreciation of current topical environmental and economic items and the impact on the audit environment. Topics will be selected by the lecturer and will include new and emerging developments. Given that the content is focused on current issues a flexible approach to both content and delivery is adopted however an example of some topics include environmental, social and corporate governance (ESG), sustainability, artificial intelligence and legislation updates.
Assessment Breakdown%
Coursework30.00%
End of Module Assessment70.00%

Assessments

Blended

Coursework
Assessment Type: Continuous Assessment % of total: 30
Assessment Date: n/a Outcome addressed: 1,2,3
Non-Marked: No
Assessment Description:
Candidates are required to complete one in-class examinations. The in-class examination will be worth 30%.
End of Module Assessment
Assessment Type: Terminal Exam % of total: 70
Assessment Date: End-of-Semester Outcome addressed: 2,3,4,5
Non-Marked: No
Assessment Description:
Final Examination.
No Workplace Assessment
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.
Reassessment Description
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Blended
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Directed Learning Directed e-learning 36 Per Semester 3.00
Independent Learning Independent Learining 89 Per Semester 7.42
Total Weekly Contact Hours 3.00
 

Module Resources

Recommended Book Resources
  • Martin Nolan & Christine Nangle. External Auditing and Assurance, 3rd Ed. Chartered Accountants Ireland.
  • Gray, Iain and Manson. The Audit Process, Principles, Practice and Cases, Latest Edition. Stuart.
Supplementary Book Resources
  • John Dunne. Auditing Theory & Practice, Latest Edition.
  • G.W. Cosserat. Modern Auditing, Latest Edition.
This module does not have any article/paper resources
This module does not have any other resources
Discussion Note: