Auditing and Assurance

Examine the role of the auditor in assessing financial statements, in the Auditing and Assurance unit.

This unit introduces you to the key tools used by auditors for collecting and evaluating evidence in accounting information systems. These tools enable auditors to express an opinion on the fair presentation of financial statements.

In addition, you'll gain insights into the current auditing environment, including:

• legal liability
• ethical considerations
• electronic transactions in a computerised accounting environment
• the "audit expectation gap".

By the end of the unit, you will have the full picture of the contemporary audit process, based on conceptual and practical approaches to external, internal and public-sector auditing.

Learning Outcomes

On successful completion of this unit, students will be able to:

1. Synthesise the reasons for the existence of a societal demand for audit and assurance services, and an understanding of the current environment in which auditors operate, including legal, ethical and professional aspects;
2. Investigate the audit process and the techniques used by auditors including business risk analysis, internal control assessment, evidence collection and evaluation, use of computer assisted audit techniques and audit reporting;
3. Investigate and formulate an insight into the audit of specific transactions and account balances;
4. Articulate the auditor’s responsibility in completing an audit; and,
5. Clarify and advocate other assurance engagements that can be offered by accounting firms.