FACULTY OF BUSINESS and LAW M10EFA: Auditing and Assurance: Audit and Assurance Report for OLZ plc (11 Pages) NO Plagiarism

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MODULE 1. Module Introduction The module aims to develop the knowledge and understanding of carrying out an Independent audit and assurance engagement, within a corporate governance framework. I... ts aim, established within a international environment, is to develop understanding and critical evaluation of: • Audit processes and their application in the context of the prevailing external regulatory frameworks • Internal control risks and organisational responses within a corporate governance framework 2. Module Tutor(s) Module Leader: Dr Sina Yekini Email: [email protected] Tel. No.: 024 7688 8440 Room No. WM228 Office hour: Monday 12pm-2pm Friday 12pm-1pm; 3-4pm Module Tutor: Ms Azizah Abu Bakar Email: [email protected] Tel. No: 024 7765 5788 Room No: WM320 Office hours: Monday 1100-1200 Wednesday 1500-1700 3. Teaching Plan This module is delivered as follows: a) Weekly lectures and seminars Each week you will have a two-hour lecture and a one-hour seminar. Often the content of a lecture builds on what we covered during the previous week. Seminar questions will be handed out during each lecture and you will be required to prepare solutions for the discussions in seminars during the following week. b) Personal study In order to fully understand the various concepts and principles that we study in class, you will be required to review class materials, read chapters in recommended textbooks, and work through practice questions in your own time. In general, for each hour in class, you need to spend at least two hours on personal study. To complete the module successfully, you are advised to attend all classes and complete required exercises. Students are also expected to work independently, undertake any required background reading or practice exercise and actively participate in seminars or other small group work. During the module, we will cover the following topics: Date Theme Topic 26-Jan-2018 Lecture 1 Introduction to Auditing Justification for auditing and audit objectives; governance of audit; theoretical framework 02-Feb-2018 Lecture 2 Auditing and Corporate Governance Theories and Overview 9-Feb-2018 Lecture 3 Legal framework Auditor Appointment & Removal; Acceptance Procedures; Rights and duties 16-Feb-2018 Lecture 4 Operational considerations Audit planning, materiality and risk assessment 23-Feb-2018 Lecture 5 Audit Evidence Nature; reliance on the work of others; documentation 02-Mar-2018 Lecture 6 Internal audit and internal control The nature of the IAF, essence of internal control, IC frameworks 9-March-2018 Lecture 7 Audit Testing Tests of Controls; Substantive Testing 16-March-2018 Lecture 8 Audit Review, Finalisation Subsequent Events and the Going Concern; Management Representations. 23-March-2018 Lecture 9 Reporting Content, types of opinions; Implications and limitations 30-March-2018 Lecture 10 Critical Perspectives Auditor independence; Audit expectations gap; The role of IT 27-April-2018 Lecture 11 Revision Question and Answer session 02/04/2018 – 20/04/2018 (EASTER BREAK) 01/05/2018 – 11/05/2018 (EXAM PERIOD) Note: The teaching plan above is to be taken only as an indication of topics and may be subject to slight variation. Students will be given sufficient notice of any significant changes. If you have a disability or medical condition and need an adjustment to allow you to fully participate in this module (e.g. different format of literature, clear communication for lip reading, breaks for medication, etc.) please tell your lecturer so that arrangements may be made. 4. Intended Module Learning Outcomes It is intended that on completion of this module students should be able to: 1. Critically evaluate the nature, purpose, scope and governance of auditing and internal control processes within business organisations as part of the audit conceptual framework 2. Explain and evaluate accounting and internal control risks and systems 3. Appraise and critically review audit risk, audit procedures and audit evidence. 4. Explain and evaluate audit procedures within audit assignments 5. Explain and appraise the nature of the audit report and its limitations 6. Explain and be aware of the extending audit horizons 5. Assessment Assessment is as follows: a) Coursework Assignment An individual coursework of approximately 3,000 words based on a case study (for 30% of the module mark). (Details of the coursework will be handed out in class at an appropriate date) b) Examination The Module will also be assessed by a three-hour end-of-year examination in May 2017 (for 70% of the module mark) assessing all learning outcomes If there is any change to this, students will be notified in good-time. Revision sessions will be carried out prior to the exam. 6. Moodle (CU Online) Students enrolled on this module will have access to lecture notes via the Moodle module web in CUOnline. Material will be on Moodle during the week prior to the lecture. Seminar questions will also be made available via moodle in the week prior to the seminar. Where available, seminar solutions will be made available after all seminars have taken place Note: To save paper when printing a PowerPoint file, you are advised to print slides double sided, 3 or 6 to a page 7. MODULE RESOURCES The essential textbooks recommended are:- Author Date/ Edition Title Publisher Library Shelf number Gray I and Manson S. and Crawford L. 2015/ 5th Edition The Audit Process: Principles, Practice and Cases Thompson Learning 657.45 GRA Hayes Dassen, Schilder Wallage and Gortemaker H 2014/ 3rd Edition Principles of Auditing: An introduction to International Standards on Auditing Pearson Education Limited 657.45 PRI Other textbooks recommended:- Author Date/ Edition Title Publisher Library Shelf number Millichamp A and Taylor J., 2012/10th Edition Auditing Cengage Learning EMEA 657.45 MIL Beasley M, Buckless F, Glover S, Prawitt D 2015/6th Edition Auditing Cases: an interacting learning approach Pearson Higher Education Folio 657.450722 AUD Malin C 2010/3rd Edition Corporate Governance Oxford University Press 658.422 MAL Solomon J 2013/4rd Edition Corporate Governance & Accountability Wiley 658.422 SOL (Note: Newer editions of the above text-books may be available in the Library. These are also recommended, as they will have updates on different issues.) Web sites Site/ Source URL Comments Annual Reports and Accounts http://www.carol.co.uk Company financial information and reports Accountancy Magazine http://www.accountancymagazine.com Magazine with articles of interest on current and topical accounting issues International Auditing and Assurance Standards Board (IAASB) http://www.ifac.org/IAASB/Pronouncements.php Full text of auditing standards and legislation International Accounting Standards Board http://www.iasb.org International Financial Reporting Standards and current issues ICAEW http://www.icaew.com Current Accounting Issues ACCA http:// www.accaglobal.com Good resource with exam guidance and tips for professional accounting students IIA http://www.iia.org.uk Various articles from the Institute of Internal Auditors Accounting, Auditing & Accountability Journal http://www.emeraldinsight.com/products/journals/journals.htm Journal dedicated to the advancement of accounting knowledge [Show More]

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