Module Aims: The aims of this module is to build on he objectives, risks and controls knowledge of each of the major accounting cycles to enable the students to build a comprehensive audit programme including substantive tests associated with audit conclusion and audit reporting.
Audit of inventories and PPE
Relevant to each audit objective/assertion, and taking into account the control environment, assess the risk of material misstatement and design substantive audit procedures to gain SAAE over the area of Inventory and PPE. In doing so gain an understanding of the key documentation associated with each cycle. Be able to demonstrate and apply substantive audit procedures noting where CAATs can be of benefit to the auditor in the performance of substantive procedures relating to PPE and Inventory.
Audit of Revenue and Receivables.
Relevant to each audit objective/assertion, and taking into account the control environment, assess the risk of material misstatement and design substantive audit procedures to gain SAAE over the area of Revenue & Receivables. In doing so gain an understanding of the key documentation associated with each cycle. Be able to demonstrate and apply substantive audit procedures noting where CAATs can be of benefit to the auditor in the performance of substantive procedures relating to Revenue & Receivables.
Audit of bank and cash,investments, share capital and reserves
Relevant to each audit objective/assertion, and taking into account the control environment, assess the risk of material misstatement and design substantive audit procedures to gain SAAE over the area of Bank and Cash, Investments, and Share Capital & Reserves. In doing so gain an understanding of the key documentation associated with each cycle. Be able to demonstrate and apply substantive audit procedures noting where CAATs can be of benefit to the auditor in the performance of substantive procedures relating to Bank and Cash, Investments, and Share Capital & Reserves.
Audit of Purchases , Creditors and Payroll
Relevant to each audit objective/assertion, and taking into account the control environment, assess the risk of material misstatement and design substantive audit procedures to gain SAAE over the area of Purchases, Payables and Payroll. In doing so gain an understanding of the key documentation associated with each cycle. Be able to demonstrate and apply substantive audit procedures noting where CAATs can be of benefit to the auditor in the performance of substantive procedures relating to Purchases, Payables and Payroll.
Audit Work Conclusions
Gain an understanding of the substantive procedures carried out at the completion stage of the audit including: Final Analytical procedures; Evaluating the findings and the creation and assessment of Schedule of unadjusted misstatements; Subsequent events review; Provisions, contingent liabilities and contingent assets; Going Concern; Written representations; Management letter/letter of weakness; Audit working papers.
Audit reports
Gain an understanding of: Standards relating to reporting; the form and content of The Audit Report; Forming the audit opinion (the various types of audit opinions); Drafting sections of the audit reporting relevant to case studies; Further disclosures; Listed companies- special provisions; Other Reporting considerations; Other reporting considerations. The student should be able to formulate an opinion based on case study material.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 30 |
| Formal Examination | 70 |