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AC4533: AUDIT THEORY AND EVOLUTION (2020-2021)

Last modified: 05 Aug 2021 13:04


Course Overview

This course builds on the knowledge and understanding gained in Audit practice in year 3. It will explore the historical context and current professional, regulatory, ethical and societal challenges and developments facing the audit and assurance profession. As such it contextualises financial statement audit within the expanding audit universe. A main objective of the course is to provide an opportunity for students to think critically about the state and future direction of audit as a profession.

Course Details

Study Type Undergraduate Level 4
Session Second Sub Session Credit Points 15 credits (7.5 ECTS credits)
Campus Aberdeen Sustained Study No
Co-ordinators
  • Mrs Lindsay Tibbetts

What courses & programmes must have been taken before this course?

What other courses must be taken with this course?

None.

What courses cannot be taken with this course?

None.

Are there a limited number of places available?

No

Course Description

This course builds on the knowledge and understanding gained in the year 3 Audit practice course. This course will explore the historical context and current professional, regulatory, ethical and societal challenges and developments facing the audit and assurance profession. As such it contextualises financial statement audit within the expanding audit universe. A main objective of the course is to provide an opportunity for students to think critically about the state and future direction of audit as a profession.

 

Topics covered will represent current thinking and as such will be updated to reflect contemporary issues, debates and academic thought. Topic areas will include:

  1. The historical context and development of audit and assurance
  2. Forms of Assurance (Including Internal audit)
  3. The audit expectations gap
  4. The ethical challenge
  5. Reviews of audit and assurance
  6. Future thinking and remedies proposed in relation to the profession, regulation and standard setting

The course aims to develop in the students a constructively critical mindset by exposing them to a mix of academic, professional, regulatory and independent material generated by the reviews led by the House of Lords, EU, CMA, Sir John Kingman and Sir Donald Brydon.

Guest lectures/workshops from professional firms will provide a clear link from theory to practice.

This course builds on the knowledge and understanding gained in the year 3 Audit practice course. This course will explore the historical context and current professional, regulatory, ethical and societal challenges and developments facing the audit and assurance profession. As such it contextualises financial statement audit within the expanding audit universe. A main objective of the course is to provide an opportunity for students to think critically about the state and future direction of audit as a profession.

 

Topics covered will represent current thinking and as such will be updated to reflect contemporary issues, debates and academic thought. Topic areas will include:

  1. The historical context and development of audit and assurance
  2. Forms of Assurance (Including Internal audit)
  3. The audit expectations gap
  4. The ethical challenge
  5. Reviews of audit and assurance
  6. Future thinking and remedies proposed in relation to the profession, regulation and standard setting

The course aims to develop in the students a constructively critical mindset by exposing them to a mix of academic, professional, regulatory and independent material generated by the reviews led by the House of Lords, EU, CMA, Sir John Kingman and Sir Donald Brydon.

Guest lectures/workshops from professional firms will provide a clear link from theory to practice.


Details, including assessment, may be subject to change until 31 July 2022 for 1st half-session courses and 23 December 2022 for 2nd half-session courses.

Contact Teaching Time

Information on contact teaching time is available from the course guide.

Teaching Breakdown

  • 1 Seminar during University weeks 25 - 33, 38
  • 2 Seminars during University week34
  • 1 Tutorial during University weeks 27, 29 - 32, 34

More Information about Week Numbers


Details, including assessment, may be subject to change until 31 July 2022 for 1st half-session courses and 23 December 2022 for 2nd half-session courses.

Summative Assessments

4 x MCQ tests (50%, weeks 28, 30, 32, 24);

1x Essay (50%, submit week 35, maximum 2000 words)

Resit (for students who took the course in Academic Year 2020/21):   

1x Essay assignment (select 3 of 4). Max 1500 words per essay. (100%)

Formative Assessment

There are no assessments for this course.

Course Learning Outcomes

Knowledge LevelThinking SkillOutcome
ReflectionApplyOn completion of this course students should demonstrate an ability to apply current ethical standards and critically assess their appropriateness in a case study environment.
ConceptualUnderstandOn completion of this course students should have knowledge and understanding of contemporary debates impacting the audit and assurance universe.
ReflectionEvaluateOn completion of this course students should demonstrate an ability to think critically about contemporary issues within the audit and assurance universe.
ReflectionEvaluateOn completion of this course students should demonstrate an ability to think critically about the remedies proposed to resolve contemporary issues within the audit and assurance universe.

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