AF3U096 - Audit and Assurance 01 Sep 2020 - 31 Aug 2026 | Version 2
Associated Module Information
| Module Code: | AF3U096 | ||
|---|---|---|---|
| Module Title: | Audit and Assurance | ||
| Faculty: | Faculty of Business and Creative Industries | ||
| Faculty Group: | Accounting and Finance | ||
| Faculty Sub Group: | Accounting and Finance | ||
| Module Leader: | Jared Davies, Joanna Howell | ||
| Module Team: | Rosemary Eaton, Rebecca Wright, Nicola Gilbert | ||
| First Intended Intake: | SEP 2019 | Final Year of Intake: | |
| Date Closed: | |||
| Credit Value: | 40 | Credit Level: | 5 |
| Language: | English | ||
| Percentage of Module Taught in Welsh: | 0 | ||
| Equivalent Module: | |||
| HECOS codes: | 100840 - audit management | ||
| HECOS Code Weighting: | 100 | ||
Document Version Information
| Version | 2 |
|---|---|
| Valid From | 01 Sep 2020 |
| Valid To | 31 Aug 2026 |
Module Aims
This module is one of six modules that form the Applied Skills Level of the ACCA Qualification.
Please note that aims, learning outcomes and content are based on the 2020 ACCA Audit and Assurance Syllabus & Study Guide. Latest versions of all ACCA Syllabus & Study Guide documents can be found at:
https://www.accaglobal.com/ca/en/student/exam-support-resources.html
Successful completion of the internal assessments for this module will allow a student to claim exemption from ACCA’s Audit & Assurance module.
Students may opt to sit ACCA’s external equivalent of this module.
The main aim of this module is to develop knowledge and understanding of the principles of external audit, assurance engagements and audit the process and its application in the context of the professional regulatory framework.
Content Summary
The syllabus for Audit and Assurance introduces candidates to the assurance engagements, regulations, building to examine candidates on the planning, execution and finalisation of an assurance engagement.
The syllabus begins with the nature, purpose and scope of assurance engagements, including the statutory audit, its regulatory environment, and introduces professional ethics and conduct relating to audit and assurance engagements. The ethics area of the syllabus is more detailed than other modules in the ACCA syllabus, reaffirming the importance of the ethical code and independence of accountants and auditors.
The syllabus then introduces how then auditor obtains and accepts audit engagements and covers planning and risk assessment of audits.
The syllabus then introduces the more practical application of a real-life audit covering a range of areas relating to an audit of financial statements. These include evaluating internal controls, audit evidence, and the use of substantive procedures and a review of the financial statements. This includes the scope, role and function of internal auditors.
The syllabus concludes with completion and reporting, including statutory audit reports and management reports. Introducing candidates to a decision-making exercise to form an audit opinion on the financial statements as a whole. This is perhaps the most technical area of the module providing a foundation from which the candidates will build should they choose to study the optional Advanced Audit and Assurance paper
Learning and Teaching Methods
| Activity Type | Hours |
|---|---|
| Practical classes and workshops | 50 |
| Independent Study | 190 |
| Directed Study | 150 |
| Formative Assessment - Scheduled | 10 |
| Total Hours Selected | 400 |
Learning Outcomes
| # | Learning Outcome |
|---|---|
| LO1 | Explain the concept of audit and assurance and the functions of audit and its regulatory framework, corporate governance, including ethics and professional conduct, describing the scope and distinguishing between the functions of internal and external audit. |
| LO2 | Demonstrate how the auditor obtains and accepts audit engagements, obtains an understanding of the entity and its environment, assesses overall audit risk and the risk of material misstatement (whether arising from fraud or other irregularities) and plans an audit of financial statements. |
| LO3 | Describe and evaluate internal controls, techniques and audit tests, including IT systems, to identify and communicate control risks and their potential consequences, making appropriate recommendations. |
| LO4 | Identify and describe the work and evidence obtained by the auditor and others required to meet the objectives of audit engagements and the application of the International Standards on Auditing. |
| LO5 | Explain how consideration of subsequent events and the going concern principle can inform the conclusions from audit work and are reflected in different types of audit report, written representations and the final review and report. |
| LO6 | Display competence in a range of soft/transferable skills. |
Module Requisites
N/A
Assessment Criteria
| Assessment Category | Assessment Type | Description | Duration | Word Count | Weight (%) | Best of? | Pass Mark |
|---|---|---|---|---|---|---|---|
| Synchronous Onsite Assessment (Exam) | Onsite Open Book Examination 1 | Scenario based exam | 195 | N/A | 70 | No | 40 |
| Asynchronous Assessment | Report 1 | Case study | 0 | 2000 | 30 | No | 40 |
Assessment Matrix
| Assessment Type | Learning Outcomes | |||||
|---|---|---|---|---|---|---|
| LO1 | LO2 | LO3 | LO4 | LO5 | LO6 | |
| Onsite Open Book Examination 1 | ✔ | ✔ | ✔ | ✔ | ✔ | ✔ |
| Report 1 | ✔ | ✔ | ✘ | ✘ | ✘ | ✔ |