Authorised by Academic Registrar, April 1996
Objectives On completion of this subject students should be able to identify the objectives and principal characteristics of different types of audits, with particular emphasis on financial report audits; able to understand the demand for audit services and the benefits derived from audits; able to apply the legal, ethical and professional rules which govern the conduct of audits; familiar with the concepts and means used by auditors to plan, gather evidence and make judgments in order to form an audit opinion, in both computer and non-computer, environments; familiar with the form and content required for different types of audit reports, including the factors which give rise to qualified audit reports.
Synopsis Topics covered in this subject include an overview of the audit function and of different types of audits; duties of the external auditor; the auditor's liability to third parties; detection and reporting of irregularities including fraud, error and illegal acts; the audit process and techniques including planning, compliance testing, substantive testing, reviewing internal control structure, gathering audit evidence, using analytical procedures, and audit sampling; the audit of computer-based accounting systems including the use of computer-assisted audit techniques; audit reporting, internal auditing; performance auditing; and current developments and emerging trends.
Assessment Written (2000 words): 15% + Mid semester test (50 minutes): 25% + Examination (3 hours): 60%