Course Description

Course Name

Auditing

Session: VGSS3122

Hours & Credits

20 SCQF Credits

Prerequisites & Language Level

Financial Accounting 2 or equivalent.

Taught In English

  • There is no language prerequisite for courses at this language level.

Overview

The course provides students with a critical introduction to the understanding of modern auditing theory and practice. It also provides them with the technical and intellectual skills on how to plan and carry out the financial statements audit engagement.

 
The aim of this course is provide students with a critical introduction to the theory and practice of auditing. The course will specifically review: 1) the theory of auditing; 2) the practical application of that theory; 3) the regulatory framework for audit; 4) the pressures and problems facing the audit profession. Students will also be introduced to the assurance cycle for statutory audits under the Companies Act, from planning and evidence gathering to completion and reporting. Students will have studied the key concepts and techniques relating to the provision of statutory assurance (auditing) under the Companies Act, public interest entities audit, and the impact of risk on auditing, and the internal control systems and their limitations.
 
On completion of this course students should be able to:
 
1. Evaluate the role and responsibilities of the external auditor, the audit process and the evidential base for making audit judgments.
2. Explain the legislative, professional provisions (including the international auditing standards and ethical guidelines) that constitute the regulatory framework for the conduct of external auditing.
3. Explain how the auditor obtains an understanding of the entity and its environment, when planning and assessing the risk of the audit and how auditors collect relevant, reliable and sufficient audit evidence.
4. Assess the specific substantive audit testing related to fixed assets and payroll, and for revenue expenditure, financing & investing cycles.
5. Describe what are meant by public entities and environmental audits in relation to financial reporting and the external audit.

*Course content subject to change