Audit, Assurance and Ethics

BMAN24731 Audit, Assurance and Ethics 20 Semester 1 Undergraduate Level 5 Reimala Sivalingam Unit coordinator 1 FHEQ level (Framework for Higher Education Qualifications) ' Last part of a Bachelors ' European Credit Transfer & Accumulation System Rating : 10.0 This course builds on student’s knowledge of assurance engagements and ethics covered in their first year of study. The course will explore the regulatory, ethical and professional considerations when accepting, planning, managing, concluding and reporting particular engagements. A deeper consideration will be made of understanding the business and identifying risks on assurance engagements. Appropriate responses to these risks will be considered, including the possibility of using experts and the implications of this. Finally, concluding and reporting on engagements is considered; subsequent events, going concern, analytical procedures, reporting and any modifications required for that report.Students will deepen their knowledge and professional skills about ethics, current issues affecting the accounting profession including the use of big data and the future of audit drawn from academic research and real-world examples. This course builds on student’s knowledge of assurance engagements and ethics covered in their first year of study. The course will explore the regulatory, ethical and professional considerations when accepting, planning, managing, concluding and reporting particular engagements. A deeper consideration will be made of understanding the business and identifying risks on assurance engagements. Appropriate responses to these risks will be considered, including the possibility of using experts and the implications of this. Finally, concluding and reporting on engagements is considered; subsequent events, going concern, analytical procedures, reporting and any modifications required for that report.Students will deepen their knowledge and professional skills about ethics, current issues affecting the accounting profession including the use of big data and the future of audit drawn from academic research and real-world examples. This course aims to develop students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting. It also incorporates ethics, current issues affecting the accounting profession and the future of audit. On completion of this module, students will be able to:• identify and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement;• explain the processes involved in accepting and managing assurance engagements;• explain how quality assurance processes mitigate risks;• plan and perform assurance engagements in accordance with the terms of the engagements and appropriate standards; and• conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standardsThe core content will be updated annually to reflect any changes to legislation following the major reviews on audit reform and assurance processes. Knowledge and understanding - Students will gain a deeper understanding on the regulatory, professional and ethical issues relevant to accepting, carrying out and managing assurance and audit engagements as well as understand how quality assurance processes mitigates risk. Intellectual skills - Students will apply their technical knowledge to case scenarios, identifying and using relevant information, to develop solutions and applying judgement in relation to the case, leading to a credible conclusion and reporting on assurance engagements in accordance with the terms of engagement and appropriate standards. Students will demonstrate ethical reasoning in accounting scenarios. Practical skills - Students will apply technical knowledge and skills to plan assurance engagements in accordance with the terms of engagement and appropriate standards by understanding the business, identifying and responding to risks through reliance on controls, use of experts and analytical procedures. Students will use a range of data types and sources to inform analysis and decision making as well as analyse potential ethical issues in practical settings. Students will conclude and report on assurance engagements, including determining whether to modify a report with or without a modified opinion/conclusion; and identify deficiencies in financial information systems, their potential consequences and recommendations for improvement. Transferable skills and personal qualities - The course supports the student’s development as lateral thinkers. They will be required to analyse courses of actions in terms of the requirements of the scenario, accounting standards, legislation and ethics. The delivery schedule and assessment method for the course demonstrates the student’s ability of time management, applying judgement and problem solving. This module has been specifically designed with the aim to enhance students¿ exposure to professional practice and broaden their knowledge of assurance, audit and ethics. Many aspects of the course are tailored specifically to support students¿ ability to apply for a job within the specialist field of assurance and audit. Analytical skills The methods of assessment engaged in this course will also enhance students¿ employability skills as one of the exam questions will be based around analysing and interpreting a dataset to answer the question. This aims to replicate the data analytics software auditors have available to them within the work environment to perform Audit and Assurance functions. The course will build on the knowledge and employability skills developed in BMAN10760 and if successful on the course students will gain an ICAEW exemption. Problem solving The mode of delivery of this course allows the students to develop self-study and time management skills. Much of the workshop time will be devoted to understanding the critical aspects of managing an assurance engagement and establishing the skills required by employers e.g., communication, digital literacy, applying judgement and problem solving. The key areas of the syllabus are:<ol> <li class="MsoNoSpacing">Reintroduction to audit, assurance and ethics</li></ol>Students will revise the concepts of assurance, audit and ethics that they learned previously in year 1 to understand how these concepts will be integrated in detail within specific topics taught on the course.<ol start="2"> <li class="MsoNoSpacing">Responsibilities and compliance with laws and regulations </li></ol>Students will be able to understand and explain the distinction between the responsibilities of assurance providers and management based on legal and other regulatory requirements.<ol start="3"> <li class="MsoNoSpacing">Professional standards and professional ethics</li></ol>Students will be able to describe and explain the role of national and international standards when conducting statutory audits and providing assurance on internal controls globally and in the UK.  Students will also be able to discuss the importance of professional ethics and apply the rules of the code of professional ethics in specific accounting situations.           <ol start="4"> <li class="MsoNoSpacing">Quality management and accepting engagements</li></ol>Students will be able to identify and explain the quality management processes for accepting and managing an assurance engagement to ensure that the assurance engagement risk is reduced to an acceptable level. Students will also be able to discuss and explain the issues which underlie the agreement of the scope and terms of an assurance engagement (new or continuing), the main ways in which national legislation and other regulations affect the scope and nature of the audit as well as the appointment and removal of auditors.<ol start="5"> <li class="MsoNoSpacing">Planning and performing the audit </li></ol>Students will be able to plan and perform assurance engagements in accordance with the terms of the engagements and appropriate standards. Students will need to understand the business by identifying and responding to risks through reliance on controls, use of experts and analytical procedures including the use of data analytics for a given organisation. <ol start="6"> <li class="MsoNoSpacing">Concluding and reporting the audit</li></ol>Students will be able to conclude and report on assurance engagements i The course will be an intense course taught over a twelve-week period. Thecourse will adopt a blended learning approach. Students will have 200 hours of activity hours based on a mix of delivery styles to accommodatethe timing of the placement period for students on the BSc (Hons) Business Accounting programme. The learning and teaching will include:<ul> <li>Classroom based face-to-face lectures and workshops (synchronous)</li> <li>Online asynchronous videos covering specific standalone topics</li> <li>E-learning materials in the form of videos, short form quizzes, longer online question and answers, and discussion forums</li> <li>Inpreparation for the assessment, students will be given mock examquestions and guidance on the approach to be taken in answering thequestions as well as exam technique</li> <li>Directed independent study.</li></ul>The lectures will focus on the core topics of the course and the morecomplex, integrated topics. Running alongside this will be some asynchronous videos covering the more theoretical aspects of the topic.These asynchronous videos are aimed at teaching the student the topicand enhancing the learning they have gained in their private study.Topics covered in the asynchronous videos will also be covered in theworkshop to give the students the opportunity to have areas ofmisunderstanding or misinterpretation clarified. 0 Other 100% Summative assessment - 100% examination Following the assessment generic feedback posted on Blackboard regarding overall examination performance.Formative feedback will be given by:<ul> <li style="margin-right:7px; margin-bottom:13px">Informal advice and discussion during lectures and workshops.</li> <li style="margin-right:7px; margin-bottom:13px">Online exercises and quizzes delivered through the Blackboard course space.</li></ul>Responses to student emails and questions from a member of staff including feedback provided to a group via an online discussion forum BMAN10760 Auditing & Professional Accounting Practice I Pre-Requisite Compulsory Core and only available for Level 3 BSc Business Accounting with IPE.The pre-requisite course is BMAN10760 Auditing and Professional Accounting Practice. N Auditing 11th Edition by Alan Millichamp and John TaylorAccounting Ethics 3rd Edition by Duska et al.Auditing StandardsICAEW Learning Resources for Audit and Assurance Professional Level Assessment written exam 2.5 Lectures 20 Tutorials 20 0 157.5 InformationPre-requisites: BMAN10760Co-requisites: NoneDependent courses: NoneProgramme Restrictions: Compulsory for and available only to students on the BSc Business Accounting programme.For Academic Year 2025/6Updated: March 2025Approved by: March UG Committee