The aims of this module are:

To develop in students an Understanding of the Principles of Internal and External Auditing and the Role of Professional and Legal Bodies relating to the Audit Function.

To develop in students a Knowledge of the Techniques, Procedures and Skills used in the Internal and External Auditing Process from Planning through to Reporting.

To develop in students the Ability to evaluate the existing ‘body’ of Auditing Knowledge as a basis for further studies in Auditing.

The knowledge, understanding and cognitive, practical and transferable skills which a student is expected to be able to demonstrate after studying this module is expressed in the following learning outcomes. These are grouped under appropriate syllabus headings.

The Environmental and Organisational Context of Auditing
(60 Hours / Four Weeks)

By the end of this Syllabus Topic the student will be able to:

Explain the Duties and Functions of the Internal Auditor and the Relationship between Internal and External Audit.

Understand the Liability of the External Auditor under Contract and Negligence.

Appreciate Broadly Relevant- Legislation, Auditing Standards and Guidelines.

Understand Internal Auditing as Part of Management, Control and Governance.

Understand Modern Internal Auditing Principles and Practices.

Understand What Internal Auditing Standards Require.

Analyse Internal Auditing Practices and Procedures in relation to a Business’s Organisational Structure and its Accounting and Administrative Systems.

Describe Practical Applications of Internal Control within a Small Business.

Understand the Problems of Control within a Small Business.

Understand the effect of Weaknesses in Internal Control on the External Audit.

Understand the Need to Establish Excellence in Internal Auditing Teams.

By the end of this Syllabus Topic the student will be able to:

Plan and Conduct an Audit Assignment-

Understand the Activities of an Audit-

By the end of this Syllabus Topic the student will be able to:

Understand the Objectives and Types of Internal Audit Report

Interfacing Internal Audit with the Audit Committee

Develop a Draft Report in Good Style for Discussion 

By the end of this Syllabus Topic the student will be able to:

Describe the Stages in a Systems Audit and the Specialised Techniques Applicable to Computer Audits

Explain the Use of IT to Improve the Audit Service and the Role of the Internal
Auditor in Performing Audit Tests for

Identify the Audit Problems associated with IT Systems

Assessment

Achievement of these Learning Outcomes will be reflected in student responses to a 
THREE HOUR OPEN BOOK Examination.

Examination Structure

Four Questions each Equally Weighted. Each Question will be based on a Mini Case Study.

Indicative Reading
Current Editions of the following Textbooks are recommended.
 
Textbooks:

Woolf E “ Auditing Today “ Prentice Hall
Ridley J and Chambers A “ Leading Edge Internal Auditing “ ICSA & Prentice Hall
Grey IH and Manson S “ The Audit Process “ Chapman & Hall

Journals:

Financial Accountant
The Internal Auditor