| Unit name | Auditing |
|---|---|
| Unit code | EFIM30016 |
| Credit points | 20 |
| Level of study | H/6 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Mrs. Sam Bell |
| Open unit status | Not open |
| Units you must take before you take this one (pre-requisite units) |
EFIM20007 Financial Accounting |
| Units you must take alongside this one (co-requisite units) |
None |
| Units you may not take alongside this one |
None |
| School/department | School of Accounting and Finance - Business School |
| Faculty | Faculty of Social Sciences and Law |
Why is this unit important?
External auditing plays a vital role in helping to ensure we can trust the financial statements produced by organisations, which is critical for the functioning of organisations, markets, and society. This unit examines the risk-based audit process, helping you understand how and why auditors provide independent assurance to enhance the credibility and reliability of financial statements.
You will develop your judgement, critical thinking, analytical skills and financial accounting knowledge through case studies and scenarios. We also explore real-world contemporary audit developments and challenges including audit market concentration, financial statement fraud, audit quality, and audit technological advancements, equipping you to engage in discussion of these issues.
This unit develops applied knowledge of risk assessment, internal controls and evidence gathering alongside an understanding of ethics. These skills are particularly valuable for those pursuing professional accounting qualifications and roles.
How does this unit fit into your programme of study
This final-year unit consolidates your prior learning by moving beyond preparation of financial information and the introduction to auditing covered in Financial Accounting to examine in detail how and why auditors independently audit financial statements. You will build awareness of auditing’s place within the wider financial reporting environment and the interactions between audit firms, their clients, the profession, regulators and the law. You will deepen your understanding of core accounting concepts such as ‘going concern’ and ‘true and fair’. The unit develops judgment, discursive and qualitative skills and is less numerical than core accounting units. The unit complements modules related to financial reporting, financial statement analysis and corporate governance, enhancing your ability to assess the veracity of financial information in relation to evidence.
An overview of content
This unit progresses from the introduction to auditing covered in Financial Accounting by taking an in-depth look at the auditing process from acceptance of an audit appointment to production of an independent audit report on financial statements. We examine a range of real-world contemporary auditing issues and developments such as audit market concentration, audit quality and audit technology. We consider the ethical and legal principles which auditors must adhere to.
How will students, personally, be different as a result of the unit
You can demonstrate that you can apply your technical knowledge and judgement to assess risks, evaluate evidence and form opinions related to practical scenarios. You can develop thoughtful discursive responses that are reasoned and subjective and less structured than computational approaches encountered on other accounting units. You can take advantage of opportunities to develop and enhance your critical thinking and written communication skills and develop a curious investigative mindset. You can appreciate the complexity of challenges facing the audit profession, consider the views of a range of stakeholders and suggest realistic solutions.
Learning outcomes
Upon successful completion of the unit, you will be able to:
The content of the unit will be delivered in lectures spread over the duration of the unit which, due to the practical nature of the course, will include scenario-based examples demonstrated in the lecture to help develop understanding and application of the subject. Exercise lectures will support learning for both the coursework and exam assessment and will be interactive and encourage questions to clarify your understanding. In tutorials you will be expected to engage with your peers in small groups to discuss your prepared work and respond to in-class questions. The tutor will provide verbal feedback and clarification.
How you will be assessed
Tasks which help you learn and prepare you for summative tasks (formative):
A variety of formative tasks which will help you prepare for both the coursework and examination will be delivered through activities in class and asynchronous online activities. Students will be encouraged to review and reflect on their coursework drafts and opportunities to receive feedback on the development of your coursework will be available and may include written, verbal and peer feedback delivered in person or online. Practical tutorial preparation work should be completed weekly and brought to the tutorial class for verbal feedback from your tutor and peers. Suggested answers to tutorial work and additional exam style questions will be made available to students for self-assessment online.
Tasks which count towards your unit mark (summative):
An individual coursework project (40% of unit mark). The structure and topic of the project may vary year to year but will demonstrate discussion and critical evaluation of a contemporary external auditing topic and engagement with relevant sources including academic literature. The coursework project will be equivalent to no more than 2,000 written words including citations and references. (ILO 4).
2 hour in person individual closed book examination worth 60% of the final mark. (ILO 1, ILO 2 and ILO 3)
When assessment does not go to plan
As this is a final year unit reassessment is not normally permitted. However, where it is permitted, it will be like for like.
Where a student is permitted a reassessment for the exam component an equivalent reassessment exam will be offered in the same format and carry the same weighting (60%).
Where a student is permitted a reassessment for the individual coursework project an equivalent reassessment coursework project will be offered in the same format and carry the same weighting (40%).
If this unit has a Resource List, you will normally find a link to it in the Blackboard area for the unit. Sometimes there will be a separate link for each weekly topic.
If you are unable to access a list through Blackboard, you can also find it via the Resource Lists homepage. Search for the list by the unit name or code (e.g. EFIM30016).
How much time the unit requires
Each credit equates to 10 hours of total student input. For example a 20 credit unit will take you 200 hours
of study to complete. Your total learning time is made up of contact time, directed learning tasks,
independent learning and assessment activity.
See the University Workload statement relating to this unit for more information.
Assessment
The assessment methods listed in this unit specification are designed to enable students to demonstrate the named learning outcomes (LOs). Where a disability prevents a student from undertaking a specific method of assessment, schools will make reasonable adjustments to support a student to demonstrate the LO by an alternative method or with additional resources.
The Board of Examiners will consider all cases where students have failed or not completed the assessments required for credit.
The Board considers each student's outcomes across all the units which contribute to each year's programme of study. For appropriate assessments, if you have self-certificated your absence, you will normally be required to complete it the next time it runs (for assessments at the end of TB1 and TB2 this is usually in the next re-assessment period).
The Board of Examiners will take into account any exceptional circumstances and operates
within the Regulations and Code of Practice for Taught Programmes.
