Auditing

Topics: Business ethics, Auditing, Ethics Pages: 5 (1400 words) Published: February 19, 2013
BF3394 – AUDITING AND PROFESSIONAL ETHICS
Module Number: Module Title: BF3394 AUDITING & PROFESSIONAL ETHICS 10 credits

Number of Aston Credits:

Total Number of ECTS Credits: 5 credits (European Credit Transfer) Staff Member Responsible for the Module: Dr Melina Manochin Finance and Accounting Group ABS Building, Room 410, Extension 3732 m.m.manochin@aston.ac.uk Availability: Please see office hours on door or group administrator, Ms Rosaleen Shirley, ABS 404, Extension 3238

Other Staff Contributing to the Module: Mrs Lisa Weaver Finance and Accounting Group ABS Building, Room 408, Extension 3024 l.weaver@aston.ac.uk Availability: Please see office hours on door or group administrator, Ms Rosaleen Shirley, ABS 404, Extension 3238

Pre-Requisite(s) for the Module: Module Objectives/Learning Outcomes:

BF2211 Financial Accounting

The purpose of this module is to explore the role of self-regulation and address some of the ethical issues faced by accountants and auditors, and to enable students to obtain a critical understanding of the practice and function of auditing in ensuring the accountability of organisations to interested parties. Upon successful completion of the module students will be able to: 1. Understand the social, economic, legal and ethical responsibilities of auditors; 2. Highlight the interconnectedness of law and ethics and be aware of their legal and professional obligations; 3. Embed ethical thinking within their professional decision making process; 4. Show an increased sensitivity to potential ethical conflicts within auditing. 5. Explain the relevance of the concepts of materiality and audit risk to planning the audit; ABS 2011/12 Page 1 of 5 BF3394

BF3394 – AUDITING AND PROFESSIONAL ETHICS
6. Discuss the importance of the business risk model for assessing audit risk and identifying high-risk audit areas; 7. Discuss the importance of reviewing and documenting the accounting system and the control environment; 8. Describe the audit procedures which are used to gather evidence and the ways in which that evidence is collected and evaluated; 9. Prepare and interpret auditors’ reports, including reports qualified in response to disagreement and uncertainty; 10. Explain the meaning of going concern and identify indicators of non-going concern; 11. Discuss the roles of audit committees and internal auditing Module Content: The topics below listed in the week they are taught enhance and demonstrate the way the learning outcomes are fulfilled. Detailed reading guidance is also shown for some weeks. Week 1 2 Lecture topics per week Introduction to auditing and professional ethics Why have an audit? UK Company audit requirements Auditing standards and guidelines The audit process Risk-based approach to planning an audit Materiality and analytical review Role of internal audit and audit committees Objectives and assessment of internal controls

3 4

5

Obtaining audit evidence and sampling Nature and sources of audit evidence 6 Audit reports and going concern 7 Professional ethics: context, content and debate; professional ethical codes; the relationship between law, ethics and individual morality 8 Introduction to ethical theories, Utilitarianism, Deontology, Ethical Relativism, Psychological Egoism, Feminism, Procedural v Distributive Justice and how such theories are relevant in the sense of yielding a more suitable description or leading to higher quality decision-making for professionals 9 Professional Codes of conduct: Discreditable acts; Resolving ethical conflict; Attaining and maintaining professional competence 10 Objectivity and professional competence: Principles and rules-based approaches to professional ethics; principles of objectivity and independence; Confidentiality Legal liability 11 Revision 12/13 Exam International Dimensions: The course implements the new developments in the International Standards on Auditing (ISAs) - along with the developments in UK auditing...

Bibliography: J. Dunn (2006), Auditing: theory and practice, 2nd edition, Prentice Hall Arens, A., Best, P., Shailer, G, Fiedler, B. Elder R. and Beasley M. (2005), Auditing and Assurance Services (7th ed), Pearson Education (includes ACL software disk) A. Arens and J. Loebbecke (2008), Auditing: an integrated approach, Pearson Education J. Maltby (2006), Cases in auditing, 2nd edition, Paul Chapman Publishing Ltd D. Walters and J. Dunn (2005), Student’s manual of auditing, 6th edition, Thomson Learning D. Guy, D. Carmichael and O. Whittington (2004), Audit sampling: an introduction, John Wiley & Sons Inc
ABS 2011/12 Page 4 of 5 BF3394
BF3394 – AUDITING AND PROFESSIONAL ETHICS
Callahan.J (1988) Ethical Issues in Professional Life Oxford University Press Desjardins J (2003), An Introduction to Business Ethics, London: McGraw Hill. Duska R.F (2005) Accounting Ethics Blackwell Publishing R.T Wearing (2005), Cases in corporate governance, Sage publications R. Duska, B. Duska and J. Ragatz (2011), Accounting ethics (foundations of business ethics), Wiley-Blackwell http://www.frc.org.uk/apb/publications/ethical.cfm - Auditing Practices Board Ethical Standards
Journals Auditing: a Journal of Praqctice and Theory International Journal of Auditing Accounting Review Journal of Accounting and Economics Journal of Accounting Research Journal of Business Finance and Accounting British Accounting Review Journal of Business Ethics Business Ethics: a European Review Journal of Ethics Journal of Academic and Business Ethics Business Ethics Quarterly Journal of Business Ethics Education (JBEE). Corporate Governance: An International Review, Corporate Governance: the International Journal of Business Newspapers/ Magazines The Economist: www.economist.com Financial Times: www.ft.com Wall Street Journal: www.wsj.com Institute of Chartered Accountants of England and Wales: www.icaew.com Institute of Chartered Accountants in Scotland www.icas.org.uk Institute of Business Ethics www.ibe.org.uk/ International Auditing and Assurance Standards Board http://ifac.org/IAASB
ABS 2011/12
Page 5 of 5
BF3394
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • AUDITING Essay
  • Auditing Essay
  • Auditing Essay
  • Auditing Essay
  • Auditing Essay
  • Auditing Essay
  • Auditing Essay
  • Accounting and Auditing Differences Essay

Become a StudyMode Member

Sign Up - It's Free