Module Overview


The purpose of this module is to equip students with the necessary skills to manage audit assignments in conjunction with the Audit Engagement Partner. It will include the objectives of audit reporting and the correct approach to arriving at reliable audit opinions. It will develop proficiency in technical subjects/knowledge areas that are relevant to the profession of auditor. It will detail the parameters and application of ethical standards and practices as they apply to the profession. In addition, student will put into practice appropriate technical, ethical and reporting methods, practices and procedures in a variety of business situations and sectors.

Module Code

ACCT 9003

ECTS Credits


*Curricular information is subject to change

Statutory and Regulatory Framework

Statutory and regulatory framework governing the responsibilities of directors and auditorsAudit standard setting process, including the scope and authority of FRC / IAASA publications and announcements.

​​​​​​​Ethical Framework

The ethical framework in which auditors perform their duties Recognition of ethical issues and recommend appropriate actions


Evaluation of potential engagements, in the context of the Ethical CodePre-engagement procedures and assessing the appropriateness of the engagementIdentification of further (pre-engagement) procedures to be undertaken if appropriate

​​​​​​​Risk Assessment Process

Understanding of the business and assess the related business risksThe system of internal control and identification of risks within the system and related controls (or lack thereof)Identification of appropriate points for the Management LetterAssessment of materiality and identification of any risk of material misstatementAssessment of the impact of identified risk at the financial statement and assertion levelsDeveloping appropriate responses to the identified risks

Fraud, Laws and Regulation

Common fraud methodologies and the associated risk factors, with reference to examples of committed fraudRecognition and assessment of the risk factors associated with fraud in a given scenarioWhat can and ought to be done when fraud occurs, including the duty and right of the auditor to report to third partiesThe legal and regulatory environment associated with fraud, including money laundering

Audit Procedures & Audit Evidence

Design and application of audit tests which will provide appropriate audit evidence to support financial statement assertions taking into account identified risksChoosing and applying appropriate sampling techniquesAssessment of the quality and sufficiency of audit evidenceAdvising on appropriate accounting treatment (to include the provision of correcting journals as applicable)Considering the advent of big data in auditing to include:• The impact of artificial intelligence on the auditing profession• Formalisation of audit through automation

Supervision and Review

Evaluation of completed audit work papers, demonstrating an ability to recognise and assess the work of the audit team – to include making recommendations to audit staff where appropriateEvaluation of whether the audit evidence obtained supports the financial statement assertions, given the risks identifiedThe implications of audit issues for other aspects of the audit or for other levels of the audit to include selection and appraisal of the work of experts, specialists, internal auditors and component auditors

​​​​​​​Audit Work Conclusions

The appropriate framework for concluding an area of audit work.Distinguishing between specific issues which can arise when concluding on an area of audit work:- Disagreement over amount of an account caption or relating to the adequacy of a disclosure.- Limitation of scope where evidence ought reasonably to be available to the auditor but is unavailable. - Significant uncertainty, where the auditor is required to make a professional judgement based on the evidence available.- Describing the potential financial statement implications of the issues above, where appropriate.- Drafting the appropriate double entry for proposed adjustments.

​​​​​​​Audit Reports

The principles underpinning audit reports, with reference to the relevant standards and legislationEvaluation of the audit evidence and justification of the appropriate audit reportDrafting the appropriate audit report, in line with relevant standards and legislation

Content is delivered through blended mix of lectures, guest speakers, case analysis, videos and exercises, supported by peer and self-directed learning.
Lectures are interactive in character to encourage exchange of ideas, and participants are expected to actively contribute to material directly through group presentations, and being called on directly to explain/discuss material or indirectly through in-class group work.  Class sessions will consist of collaborative case discussions, exercises, and discussions.  Participants are expected to have read/prepared all assigned material prior to class, to actively contribute to class discussions on the material and reflect on the module content. 

Module Content & Assessment
Assessment Breakdown %
Formal Examination70
Other Assessment(s)30