MAN-30039 - Module Specification
Keele Business School
Faculty of Humanities and Social Sciences

Programme/Approved Electives for 2020/21

Available as a Free Standing Elective

Co-requisites

None

Prerequisites

MAN10015

Barred Combinations

N/A

Description for 2020/21

This module draws upon knowledge, understanding and capabilities derived from study of previous business law, financial accounting and reporting modules in the accounting programmes. It develops knowledge and understanding of the roles of the external and internal auditor, the regulatory framework and the theory and practice of external and internal audit. Key techniques in conducting a financial audit will be introduced.
By the end of the module, students should appreciate the need for, and nature of, the audit process. They will also have developed a critical awareness of the roles of auditors within organisations and society.

This module will provide students with the necessary knowledge of regulatory reforms, audit procedures and the ability to undertake a financial report audit in accordance with current standards. Students will develop knowledge and understanding of the key concepts of audit and assurance, regulatory framework and professional ethics, and technical processes involved in conducting a financial audit including planning, risk assessment, testing, reviewing and reporting.

Intended Learning Outcomes

Explain different types of audit and assurance and why external audits are necessary within a statutory and professional framework: 1,2
Identify and evaluate the relevant legislation, auditing standards, professional & legal responsibilities of external financial report auditors: 1,2
Apply concepts of assurance, compliance & business risk to the auditing process: 1,2
Identify & analyse indicators of potential misstatements, including fraudulent & non-fraudulent activities: 1,2
Formulate & perform risk analysis, analytical & review processes & procedures to detect or refute existence of misstatements: 2
Analyse the necessary control procedures to minimise the threat of material misstatements due to either fraud or error within the financial reports of an organisation: 2
Explain the structure and meaning of the audit report and the nature of audit qualifications: 1,2

Study hours

Lecture 11 hours
Tutorials 11 hours
Lecture and tutorial preparation 26 hours
Assignment and examination preparation 60 hours
Private study 40 hours
Exam 2 hours

School Rules

None

Description of Module Assessment