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Audit Principle and Practice I

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74 views1 page

Audit Principle and Practice I

Uploaded by

haminjohn15
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Name of University: Wollo University

Name of College/Faculty: College of Business and Economics


Name of Department: Accounting and Finance Program
Department Accounting & Finance
program BA degree in Accounting & Finance
Module Auditing and Assurance service
Number/Title
Module Code ACFN-4060
Objective of the Upon the successful completion of this module, students should be able to:
module  Plan and design an audit approach for company financial statement audit
 Perform tests of controls and substantive tests of transactions in financial statement
audit
 Perform analytical procedures and test of details of balances
 Issue the appropriate audit report based on the findings
 Conduct internal audit
Total ETCTS and ETCTS: 10
Credit Hours of the Credit Hours: 6
module
Courses of the Module
Course Number AcFn4061
Course Title Auditing principles & Practice I
ETCTS Credits 5
Contact Hours 3
(per week)
After studying this course, the student should be able to:
 Describe the nature of an audit and explain the economic and legal basis for auditing.
 Demonstrate ability in the use of International Auditing Standards in various audit issues.
 Assess professional ethics with respect to the audit function and review the main components of Code
of Professional Conduct.
 Examine the auditor's legal liability to clients and third parties.
 Demonstrate expertise in planning and carrying out audit procedures in accordance with
International Auditing Standards and demonstrate how an auditor documents his work.
 Demonstrate how the auditor obtains an understanding of the entity and its environment and
assesses the risk of material misstatement.
 Explain how materiality and various risk assessments impact the audit program.
 Determine the audit procedure needed to audit any assertion.
 Relate management assertions to general and specific audit objectives, relate audit evidence, and audit
objectives to evidence-gathering decisions.
 Demonstrate ability in carrying out functions of internal control systems and examine the elements of an
internal control structure and their components.
 Describe the audit report and explain conditions for qualifications in the audit report.

WEEKS Course Contents

1. The Nature, Purpose, Scope of Audit and Assurance Services


1.1 Meaning Of Audit
1.2 Assurance Services: Overview
1.3 Why Audits are Conducted
1.4 Types of Audit and Auditors

2. The Auditing Profession


2.1 The Regulatory Framework Governing Auditing
2.2 International Standards on Auditing (ISA)
2.3 Professional Ethics: Fundamental Principles, Threats and Safeguards
2.4 Legal Liability of Auditors
2.5 Rights and Duties, Appointment, Dismissal and Resignation of an Auditor

3.Materiality and Risk Assessment


3.1 Audit Risk
3.2 Materiality

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