Module Identifier AC31510  
Academic Year 2003/2004  
Co-ordinator Professor David R Gwilliam  
Semester Semester 2  
Pre-Requisite AC11020 , AC10120  
Course delivery Lecture   14 Hours  
  Other   3 Hours Classes Attendance at classes is compulsory  
Assessment TypeAssessment Length/DetailsProportion
Semester Exam2 Hours  70%
Semester Assessment  30%
Supplementary Assessment If it is necessary to resit this module then the coursework will not be repeated but will be taken in to account in the overall mark calculation if this is to the students favour  100%

Learning outcomes

By the end of the module students should have acquired and be able to demonstrate:
? knowledge and understanding of the theoretical basis of modern auditing, of its principles and practical methodologies and of how it is evolving
? knowledge and understanding of the legal, professional and social environment of, and of the main professional institutions involved in, auditing
? knowledge and understanding of the interaction between external audit and systems of internal control and internal audit within commercial entities
? knowledge of the regulatory framework within which audit takes place and a critical understanding of the current problems facing auditing and those responsible for its regulation


The objective of this module, and the associated module AC31610, is to provide students with a critical introduction to the theory, institutional framework and practice of modern corporate and public sector auditing with a particular focus on the development of risk based audit methodology.

Brief description

As economic and social life have become more complex, there has been a growth in the demand for transparency and accountability in a number of areas. Auditing in its most general sense is an important mechanism for addressing these demands. Historically, financial auditing of some kind has existed wherever economic resources have been entrusted to third parties. Today it has evolved into major tool for regulating corporate activity. The recent crisis of confidence in private sector accounting and auditing in North America has highlighted both the importance of audit within the context of corporate governance and also its strengths and weaknesses.

Reading Lists

** Essential Reading
Michael Sherer and Stuart Turley (1997) Current Issues in Auditing 3rd edition. Paul Chapman
B Porter, J Simon and D Hatherly (1999) Principles of External Auditing John Wiley


This module is at CQFW Level 6