Module Information

Module Identifier
Module Title
The Role and Practice of Auditing
Academic Year
Semester 1 (Taught over 2 semesters)
Other Staff

Course Delivery



Assessment Type Assessment length / details Proportion
Semester Assessment Essay, case study or report  (2,000 words)  40%
Semester Exam 3 Hours   Exam  60%
Supplementary Assessment Essay, case study or report  (2,000 words)  40%
Supplementary Exam 3 Hours   Supplementary Exam  60%

Learning Outcomes

On successful completion of this module students should be able to:

1. ​Analyse the development and theoretical basis of modern auditing and assurance with reference to both private and public sectors.

2. Critically analyse the evolving legal, regulatory, professional and social contexts of auditing, and the responsibilities these place on auditors; and examine the interaction between external audit and systems of governance, internal control and internal audit.

3. Explain the audit process and the concepts and methodologies that it embodies.

4. Demonstrate knowledge and understanding of practices providing audit evidence and supporting the expression of an audit opinion; and critically appraise contemporary developments and issues in the practice and regulation of audit.

5. Explain how the conclusions from audit work are reflected in different types of audit report, explaining the elements of each type of report.

Brief description

This module examines the role and practice of audit in both private and public sectors, in the context of modes of regulation and the dominant corporate governance framework. It provides an overview of audit practice, relevant to those interested in a career in auditing or accounting, while the contemporary issues it addresses are of interest to a wider spectrum of professionals and others using audited information.


The nature of audit and other assurance engagements
Statutory and public sector audits
The audit regulatory environment, including auditing standards and corporate governance
Auditing Practices Board (APB) ethical standards for auditors
Other codes of ethics and conduct (e.g., ACCA’s code)

Internal audit and corporate governance
The interface between the external auditor and the internal auditor
The internal audit function and its limitations
Outsourcing the internal audit function
Other internal audit assignments (VFM, IT audits, etc.)

Scope and general principles
Assessing the risks of material misstatement
Understanding the entity and its environment
Materiality, fraud, laws and regulations
Performing analytical procedures
Audit planning and documentation

Understanding the internal control system
Auditor’s reliance on the internal control system
Transaction cycles and tests of controls
The components of internal control environment
Evaluation of the internal control system
Internal control report

Understanding and use of assertions by auditors
Performing audit procedures
Substantive procedures on specific items of FS
Transactional testing using audit sampling techniques
Computer Assisted audit techniques
The work of experts in audit

Types of audit reports
Management reports/ or letters of weakness
Other audit reports i.e. internal audit reports

Module Skills

Skills Type Skills details
Application of Number Evaluation of numerical problems in lecture examples and appropriate examination questions.
Communication Applied in seminar class discussion.
Improving own Learning and Performance In preparation for, attending and participating and reflecting on seminar classes. Preparing and producing an assignment and preparing for assessment in examination.
Information Technology Appropriate accessing of electronic and internet materials and use of word-processing skills in assignment.
Personal Development and Career planning Preparation for seminar tasks will encourage initiative, independence and self-awareness.
Problem solving Scenario-based problems treated in lectures and applied in seminars, assignment and examination.
Research skills Obtaining, selecting, assimilating information from research literature, professional and regulatory sources for use in seminars, assignment preparation and examination.
Subject Specific Skills Skills relevant to the practice of a regulated profession specifically interpretation of international auditing standards and practice notes (as applicable to the UK and Ireland), and UK Ethical Standards. Studying auditing engenders a focus on evidence and the meaning of professionalism, ethics and independence that is relevant to other professional settings.
Team work Group work in preparation for and during seminars.


This module is at CQFW Level 6