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Qualification - OTHM Level 6 Diploma in Accounting and Business
Unit Name - Audit and Assurance
Unit Level - Level 6
Unit code - D/617/4378
Unit Credit - 20
Assignment Title - Audit and Assurance
Learning outcome 1: Understand internal audit principles.
Learning outcome 2: Understand current external audit legal and professional requirements.
Learning outcome 3: Understand the risk involved in the external audit process.
Learning outcome 4: Understand current external auditing practice.
Aim:
This aim of this unit is to develop learners' understanding of both internal and external audit principles. Learners will consider current legal and professional requirements and review the risks involved in the external audit process.
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LO 1
Reasons for internal audit: to maintain systems of control within the business; to document systems of internal control; to evaluate internal control.
Internal audit principles: scope and limitations of internal audit; nature and purpose of internal audit; components of internal control systems; types of controls.
Internal audit techniques: audit strategy; audit assignments (value for money, IT, financial, regulatory, compliance, fraud investigations, customer experience); planning; sampling and testing; communication to management; reporting; recording of systems (notes, flowcharts, internal control questionnaires, evaluation).
Difference between internal and external audit: internal audit for management purposes; external regulatory.
LO 2
The regulatory environment: laws; rules and regulations which are put in place by the state, or other government entities, to control the behaviour and actions of business activities; appointment of auditors and nature of relationship with organisation.
Professional conduct: the field of regulation of members of professional bodies acting under statutory or contractual powers: rules of professional conduct to ensure proper standards of professional conduct are observed (integrity; objectivity, confidentiality, competency).
Current developments: development and status of international standards; relationship between international and national standards; audit committees' benefits and limitations; responsibilities in relation to governance and corporate social responsibility; impact of global financial crisis.
Value of statutory audit: objectivity of auditors; value to different stakeholders; conflicts of interest; usefulness of auditors report; account preparation and other services provided to the organisation.
LO 3
Audit risk: components of audit risk model (inherent risk, control risk, detection risk); assessing risk; concept of materiality; calculating materiality levels; legal responsibilities and liability; risks for each item in financial statements.
Minimising risk: preconditions for audit; audit engagement; engagement letters; planning; exercising professional judgement; understanding of entity; using ratios.
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LO 4
Audit processes and techniques: audit planning; audit evidence; audit procedures; sampling and testing; computer assisted auditing techniques; reliance on work of others; auditing not-for-profit organisations; review and reporting; qualification of reports.
Impact of legal requirements: responsibilities and liability of external auditors in relation to auditing, evidence and reporting.
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Learning Outcomes- The learner will:
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Assessment Criteria- The learner can:
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1. Understand internal audit principles.
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Explain the reasons for an internal audit.
Outline internal audit principles.
Review internal audit techniques used by business organisations.
Outline the differences between internal and external audits.
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2. Understand current external audit legal and professional requirements.
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Review the current auditing regulatory environment.
Explain the rules of professional conduct for auditors.
Review current developments in auditing.
Evaluate the value of a statutory audit.
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3. Understand the risk involved in the external audit process.
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Analyse audit risk.
Recommend measures to minimise audit risk.
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4. Understand current external auditing practice.
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Explain audit processes and techniques.
Evaluate the impact of the legal and professional requirements on the performance of an audit.
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