Module Code - Title:
AC6151
-
AUDITING, ASSURANCE AND GOVERNANCE
Year Last Offered:
2025/6
Hours Per Week:
Grading Type:
N
Prerequisite Modules:
Rationale and Purpose of the Module:
The regulatory, governance and legislative environment in which the auditor operates, and reports is complex. This module aims to give students an in-depth knowledge and appreciation of the audit and assurance process in the context of the professional regulatory environment. This module aims to develop student's technical skills and theoretical knowledge to understand risk assessment processes, and to develop and understand the significance of audit evidence, audit procedures and audit planning.
Syllabus:
The syllabus will commence with an overview of the financial objectives of an organization, developing skills to evaluate entities' strategic goals and assess an organisations' financial position. The module will build on students' understanding of the legal and business environment in which audit and assurance is conducted, and will equip students with an in-depth understanding of various stakeholder (sometimes conflicting) perspectives. The module aims to augment students' awareness of business and professional ethics, and to develop an in-depth understanding of the role of professional ethics in an audit environment. Students will be exposed to an exploration of the audit process, and auditing evidence, equipping them with an ability to apply the principles of auditing and assurance in situations frequently encountered in professional practice.
Learning Outcomes:
Cognitive (Knowledge, Understanding, Application, Analysis, Evaluation, Synthesis)
On successful completion of this module, students will be able to:
1. Demonstrate an understanding of how financial, regulatory, legislative and governance mechanisms provide the corporate transparency that underpins the credibility of financial reporting.
2. Critically evaluate firm performance and business model direction using relevant financial statement information and supporting textual evidence.
3. Evaluate audit risk and determine appropriate levels of audit evidence and audit procedures.
4. Identify the stages involved in the audit process and demonstrate an understanding of the role of staff auditors within this process.
5. Explain the influence and interaction of market context, regulation, and compliance on the audit function.
Affective (Attitudes and Values)
On successful completion of this module, students will be able to:
5. Evaluate ethical concerns regarding auditor independence.
6. Critically evaluate the auditors' role in the context of corporate governance.
Psychomotor (Physical Skills)
On successful completion of this module, students will be able to:
How the Module will be Taught and what will be the Learning Experiences of the Students:
The Module will be taught through a combination of lectures, tutorials and guest speakers through which the student will acquire the technical skills and knowledge required to gather and interrogate the audit evidence appropriately so as to develop a clear understanding of the framework for concluding on an area of audit work. This module will prioritize the 'responsible' graduate attribute by enforcing the importance of ethical practice in auditing work, through engaging students with real life complex auditing challenges and allowing students to develop an appreciation for the importance of auditor independence and corporate oversight for a range of vested stakeholders (both internal and external) to the reporting entity.
Research Findings Incorporated in to the Syllabus (If Relevant):
Prime Texts:
Nagle, C. (2022)
External Auditing and Assurance: an Irish textbook. 4th edition.
, Chartered Accountants Ireland
Other Relevant Texts:
Irish Auditing & Accounting Supervisory Authority (2023)
IAASA Ethical and Auditing Standards 2023
, Irish Auditing & Accounting Supervisory Authority
Millichamp, A.H. (2022)
Auditing. 12th Edition.
, Cengage
Ward, A.M. (2020)
Finance: Theory and Practice. 4th Edition.
, Chartered Accountants Ireland
Programme(s) in which this Module is Offered:
MSIACCTFA - ACCOUNTING
Semester(s) Module is Offered:
Autumn
Module Leader:
ruth.lynch@ul.ie