External and Internal Audit (FAP)

This course examines the design, installation and maintenance of appropriate processes. It focuses on the review and control of operations in an organisation. Professional ethics as they apply to accountants working in public practice and in business; the risk assessment and the response to assessed risks for external auditors; the role of internal audit in risk management and corporate governance; internal controls and audit evidence are topics which are examined in detail.

1. Understand the nature, purpose and scope of auditing and internal review, including the role of external audit and its regulatory framework, and the role of internal audit in providing assurance on risk management and on the control framework of an organization.

2. Discuss and apply the requirements of relevant International Standards on Auditing.

3. Identify risks, describe the procedures undertaken in the planning process, plan work to meet the objectives of the audit or review assignment and draft the content of plans.

4. Describe and evaluate accounting and internal control systems.

5. Explain and evaluate sources of evidence (including sampling and analytical procedures) and design programs for audit and review assignments.

6. Evaluate and discuss findings, investigate inconsistencies, modify the work program as necessary, review subsequent events, and justify and prepare appropriate reports for users within and external to the organisation.

Literatura podstawowa:

Kaplan Publishing Foulks Lynch:

ACCA F8, Study Text, and Exam Kit.

Literatura uzupełniająca:

Handbook of International Auditing, Assurance and Ethics Pronouncements: Part I 2008 edition and Part II 2009 edition issued by IFAC.

Wiedza:

Student

1. knows the process of auditing.

2. is able to differentiate between internal and external audit.

3. knows what the role of an auditor is and will be able to identify risks.

Umiejętności:

Student is able to

1. understand the nature, purpose and scope of auditing and internal review.

2. evaluate and discuss findings, investigate inconsistencies, modify the work program as necessary

3. review subsequent events, and justify and prepare appropriate reports for users within and external to the organization.

Kompetencje społeczne:

Student should:

1. Easily cooperate in a team of professional auditors.

2. Ethically prepare and plan the audit work in the scope of audit social role.

3. Discuss the audit findings and investigated inconsistences.

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