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ACC210Management Sciences2 Unitsintermediate

Auditing I

This course equips students with a foundational understanding of auditing principles and practices. It covers key areas such as the concept of auditing, types of audits, regulatory frameworks, and the role of the independent auditor. Students will explore audit planning, professional ethics, corporate governance, and internal control systems. The course also delves into audit programs, testing methodologies, and the verification of assets and liabilities, culminating in the preparation of audit reports.

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130h

Study Time

13

Weeks

10h

Per Week

basic

Math Level

Course Keywords

AuditingAssuranceEthicsInternal ControlAudit Report

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

➕

Math Level

Basic Math

🔬

Learning Type

Hands-on Practice

Course Topics

Key areas covered in this course

1

Introduction to Auditing

2

Regulation of Audit and Assurance Services

3

Audit Planning and Strategy

4

Professional Ethics

5

Corporate Governance

6

Internal Control

7

Audit Programmes and Audit Testing

8

Internal Audit and Outsourcing

9

Verification of Assets and Liabilities

10

Audit Report

Total Topics10 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

Assignments

Comprehensive evaluation of course material understanding

Written Assessment

Tutor-Marked Assessments

Comprehensive evaluation of course material understanding

Written Assessment

Final Examination

Comprehensive evaluation of course material understanding

Computer Based Test

Career Opportunities

Explore the career paths this course opens up for you

Auditor

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Compliance Officer

Apply your skills in this growing field

Internal Auditor

Apply your skills in this growing field

Forensic Accountant

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Financial ServicesPublic AccountingGovernment AgenciesNon-profit OrganizationsConsulting Firms

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Introduction to Auditing

4h

Unit 1: Introduction to Auditing

4 study hours

•Read the introduction to auditing.
•Define auditing and its objectives.
•Discuss the evolution of auditing.
•Identify the advantages and limitations of auditing.

Week

2

Module 2: Regulation of Audit and Assurance Services/Assurance Engagements

4h

Unit 2: Regulation of Audit and Assurance Services/Assurance Engagements

4 study hours

•Discuss the need for regulation of audit and assurance services.
•Explain the sources of regulation.
•Review the provisions of CAMA regarding the auditor.
•Define assurance engagements and their objectives.

Week

3

Module 3: Audit Planning and Strategy

4h

Unit 3: Audit Planning and Strategy

4 study hours

•Discuss the nature of and need for planning an audit engagement.
•Explain the requirements of ISA 300 for planning an audit.
•Discuss matters to be considered when establishing an audit strategy.
•Describe the contents of an audit plan.

Week

4

Module 4: Professional Ethics

4h

Unit 4: Professional Ethics

4 study hours

•Discuss the fundamental ethical principles as stipulated by the IFAC code of ethics.
•Explain the concept of independence and discuss ethical threats to auditor's objectivity.
•State possible safeguards to ethical threats.
•Discuss the consequences of unethical behaviors.

Week

5

Module 5: Corporate Governance

4h

Unit 5: Corporate Governance

4 study hours

•Explain corporate governance.
•Explain the factors that have heightened the concern for good corporate governance practices.
•State the significance of good corporate governance.
•Discuss the responsibilities of the Board of directors and the Audit committee.

Week

6

Module 6: Internal Control

4h

Unit 6: Internal Control

4 study hours

•Explain internal control and discuss the components of internal control.
•Discuss the General and application controls expected to be found in a computer-based environment.
•Discuss the inherent limitations of internal controls.
•Demonstrate understanding of the techniques auditors use in recording the assessment of a client's control risk/internal control system.

Week

7

Module 7: Audit Programmes and Audit Testing

4h

Unit 7: Audit Programmes and Audit Testing

4 study hours

•Explain the concept "audit programme" and its usefulness in the audit process.
•Discuss the different types of audit programmes and state the advantages and disadvantages.
•Discuss the types of audit testing and their importance in the audit process.

Week

8

Module 8: Internal Audit and Outsourcing

4h

Unit 8 Internal Audit and Outsourcing

4 study hours

•Describe the functions of internal audit and differentiate between internal and external audits.
•Explain the types of audits: financial, operational and compliance audits.
•Discuss the relative advantages and disadvantages of outsourcing internal audit function.

Week

9

Module 9: Verification of Assets and Liabilities

4h

Unit 9: Verification of Assets and Liabilities

4 study hours

•Explain the audit objectives for the verification of assets and liabilities.
•Describe the general procedures for the verification of assets and liabilities.
•Give audit procedures and tests applicable to the verification of specific assets and liabilities.

Week

10

Module 10: Audit Report

4h

Unit 10: Audit Report

4 study hours

•Describe the financial statement evaluation process that guides the forming of auditor's opinion on a set of financial statements.
•Discuss the elements of an independent auditor's report in accordance with ISA 700 (revised).
•Explain the types of modification of independent auditor's report as stipulated by ISA 705.
•Explain a letter of weakness and its usefulness in the audit process.

Week

11

Module 11: Review and Practice

4h

Unit 1: Review of Auditing Concepts and Regulations

4 study hours

•Review key concepts from Modules 1 and 2.
•Practice problems on audit objectives and regulation.
•Discuss ethical considerations in auditing.

Week

12

Module 11: Review and Practice

4h

Unit 2: Review of Audit Planning, Ethics, and Governance

4 study hours

•Review key concepts from Modules 3, 4, and 5.
•Practice problems on audit planning, ethics, and corporate governance.
•Discuss case studies on internal control weaknesses.

Week

13

Module 11: Review and Practice

4h

Unit 3: Review of Internal Control, Audit Programs, and Reporting

4 study hours

•Review key concepts from Modules 6, 7, 8, 9, and 10.
•Practice problems on internal control, audit programs, and asset verification.
•Discuss case studies on audit report modifications.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Create concept maps linking Units 1-3 auditing foundations and regulations.

2

Practice ethical dilemma scenarios from Unit 4 weekly.

3

Review corporate governance structures from Unit 5 and their impact on auditing.

4

Analyze internal control weaknesses from Unit 6 case studies.

5

Practice asset and liability verification procedures from Unit 9 with sample balance sheets.

6

Study audit report formats and modifications from Unit 10, focusing on real-world examples.

7

Review all TMAs and self-assessment questions.

8

Allocate study time proportionally to the weight of each module in the final exam.

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