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ACC411Management Sciences3 Unitsintermediate

Auditing Ii

This course equips students with the knowledge and skills necessary to understand auditing practices at an advanced level. It covers the regulation of audit and assurance services, relevant legislations, ethical considerations, and auditor's professional liability. Students will learn about audit planning, testing, sampling, analytical procedures, and reporting. The course also addresses forensic audits, investigations, due diligence, and special audits in various sectors.

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208h

Study Time

13

Weeks

16h

Per Week

basic

Math Level

Course Keywords

AuditingAssuranceRegulationEthicsForensic

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

Theoretical Focus

Course Topics

Key areas covered in this course

1

Regulation of Audit and Assurance Services

2

Ethical Regulation

3

Auditor's Professional Liability

4

Audit Planning and Control

5

Audit Testing and Sampling

6

Audit Reporting

7

Forensic Audits

8

Special Audits

Total Topics8 topics

Requirements

Knowledge and skills recommended for success

Financial Accounting

Auditing I

💡 Don't have all requirements? Don't worry! Many students successfully complete this course with basic preparation and dedication.

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

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Auditor

Apply your skills in this growing field

Forensic Accountant

Apply your skills in this growing field

Compliance Officer

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Internal Auditor

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

Financial ServicesPublic SectorConsultingAccounting FirmsRegulatory Agencies

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Regulation of Audit and Assurance Services

2h

Unit 1: Regulation of Audit and Assurance Services

2 study hours

•Understand the need for regulation of audit and assurance services.
•Evaluate the sources of regulation and their impact on auditing practices.
•Discuss the implications of the Money Laundering Act for auditors.

Week

2

Module 2: Legislations for Regulation of Audit and Accounting Practices

2h

Unit 2: Relevant Recent Legislations for the Regulation of Audit and Accounting Practices

2 study hours

•Examine the provisions of the Financial Reporting Council Act and its impact on auditing.
•Understand the key components of the Sarbanes-Oxley Act.
•Discuss the role of the audit committee in corporate governance.

Week

3

Module 3: Ethical Regulation

2h

Unit 3: Ethical Regulation: Rules of Professional Conduct

2 study hours

•Explain the fundamental ethical principles as stipulated by the IFAC Code of Ethics.
•Evaluate the necessity for members of the profession to observe these principles.
•Discuss the ethical threats to objectivity and independence of the auditor.

Week

4

Module 4: Auditor's Professional Liability

2h

Unit 4: Auditor's Professional Liability

2 study hours

•Discuss the legal position of the auditor and the concept of duty of care.
•Explain decided cases on the liability of the auditor and their relevance today.
•Discuss steps an auditor may take to avoid/reduce exposure to litigation.

Week

5

Module 5: Audit Expectation Gap, Fraud and Error

2h

Unit 5: Audit Expectation Gap; Fraud and Error

2 study hours

•Explain the meaning and types of audit expectation gap.
•Evaluate steps being taken to reduce audit expectation gap.
•Explain the difference between fraud and error and types of fraud.

Week

6

Module 6: Practice Management Part I

2h

Unit 6: Practice Management Part I (Quality Control: ISA 220 and ISQC 1)

2 study hours

•Discuss the elements of quality control.
•Describe the need for and role of the quality control reviewer.
•Explain the different types of peer review.

Week

7

Module 7: Practice Management Part II

2h

Unit 7: Practice Management Part II

2 study hours

•Outline the procedures an auditor should follow when nominated as a new auditor.
•Explain the process of tendering for a new audit work.
•Discuss the ethical rules to observe when advertising the auditor's services.

Week

8

Module 8: Audit Planning and Control

2h

Unit 8: Audit Planning and Control

2 study hours

•State the requirements of ISA 200 for obtaining reasonable assurance.
•Outline the planning procedure.
•Identify and discuss the elements of audit risk.

Week

9

Module 9: The Use of Computers in Auditing

2h

Unit 9: The Use of Computers in Auditing

2 study hours

•Explain the need for controls over both the auditor's and client's computer systems.
•Distinguish between general IT controls and application controls.
•Identify and discuss the commonly used types of CAAT tools.

Week

10

Module 10: Audit Testing, Sampling and Analytical Procedures

2h

Unit 10: Audit Testing, Sampling and Analytical Procedures

2 study hours

•Understand the two forms of audit testing.
•Explain the importance of sampling in audit testing.
•Discuss the importance of analytical procedures in the planning and conduct of audits.

Week

11

Module 11: Audit Evidence and Using the Work of an Expert

2h

Unit 11: Audit Evidence and Using the Work of an Expert

2 study hours

•Explain audit evidence and state the sources of audit evidence.
•Define auditor's expert and discuss factors that influence reliance on their work.
•Explain factors affecting the decision to use internal audit function's work.

Week

12

Module 12: Evaluation and Reviews

2h

Unit 12: Evaluation and Reviews

2 study hours

•Demonstrate understanding of the requirements of ISA 450 Evaluation of misstatements.
•Discuss the auditor's roles with respect to events after the reporting period.
•Explain the auditor's responsibility for opening balances.

Week

13

Module 13 & 14: Reporting I & II

4h

Unit 13: Reporting I (ISA 700 Revised)

2 study hours

•Understand the requirements of ISA 700 on forming an opinion on a set of financial statements.
•Discuss the elements of the independent auditor's report per ISA 700 (revised).
•Explain the matters to be specifically stated in the auditor's report in line with schedule 6, CAMA.

Unit 14: Reporting II

2 study hours

•Discuss matters of governance interest to be communicated to those charged with governance per ISA 260.
•Describe the purposes/advantages of a management letter.
•Explain the form and content of a management letter.

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

Thoroughly review all Tutor-Marked Assignments (TMAs) and self-assessment questions.

2

Create concept maps linking key concepts from different modules, especially those related to ethical considerations and legal frameworks.

3

Practice applying analytical procedures to sample financial statements and interpret the results.

4

Focus on understanding the specific requirements of each International Standard on Auditing (ISA) covered in the course.

5

Develop strong time management skills to effectively allocate time during the exam.

6

Pay close attention to the practical application of auditing principles in real-world scenarios and case studies.

7

Practice writing clear and concise audit reports, including modifications and emphasis of matter paragraphs.

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