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AC222: Assurance in Context
Module code: AC222
Module provider: Business Informatics, Systems and Accounting; Henley Business School
Credits: 20
Level: 5
When you'll be taught: Semester 2
Module convenor: Ms Rhianydd Dow, email: rhianydd.dow@henley.ac.uk
Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE AC110 (Compulsory)
Co-requisite module(s):
Pre-requisite or Co-requisite module(s):
Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE AC102 OR TAKE AC205 (Compulsory)
Placement information: na
Academic year: 2024/5
Available to visiting students: No
Talis reading list: Yes
Last updated: 19 November 2024
Overview
Module aims and purpose
This module introduces students to the nature and purpose of audit and assurance, and offers a practical understanding of the work undertaken by assurance providers. The module examines the stages of the audit process, considering the work done by the assurance provider at each stage. The importance of assurance in achieving good corporate governance, and its wider political, economic and social context will also be considered.
Module learning outcomes
By the end of the module, it is expected that students will be able to:
- Explain the concept, purpose and functions of audit and assurance, including its role in achieving good corporate governance, and evaluate the significance of recent developments in shaping its future.
- Demonstrate an understanding of the importance of professional conduct in assurance, by applying ethical principles to resolve relevant professional issues.
- Explain how the auditor obtains and accepts audit engagements and obtains an understanding of the entity and its environment, assesses the risk of material misstatement, and plans the audit of financial statements.
- Evaluate the importance of internal controls and the function of internal audit in a business, explain their significance in an audit engagement and devise appropriate tests of internal controls.
- Identify and evaluate the evidence obtained by the auditor to meet the objective of audit engagements and the application of the International Standards on Auditing (ISAs).
- Identify the different types of auditor鈥檚 report and written representations, and explain how consideration of subsequent events and the going concern principle can inform the conclusions from, and reporting of, audit work.
Module content
Module content will include, but not be limited to, the following:
- Regulatory and financial reporting frameworks for external audit and other assurance engagements
- Obtaining, accepting and planning an assurance engagement
- Assessing and responding to audit risks
- Evidence, sampling and audit testing
- Automated assurance tools and techniques
- Internal controls and internal audit
- Revenue, purchase and payroll systems
- Substantive procedures and audit documentation
- Written representations
- Audit finalisation and reporting
- Professional ethics and corporate governance
Structure
Teaching and learning methods
Lectures will be used to introduce the concepts, principles and techniques under consideration. Workshops will be used for problem-solving, group discussions and question practice.
Study hours
At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.
聽Scheduled teaching and learning activities | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Lectures | 20 | ||
Seminars | 10 | ||
Tutorials | |||
Project Supervision | |||
Demonstrations | |||
Practical classes and workshops | |||
Supervised time in studio / workshop | |||
Scheduled revision sessions | |||
Feedback meetings with staff | |||
Fieldwork | |||
External visits | |||
Work-based learning | |||
聽Self-scheduled teaching and learning activities | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Directed viewing of video materials/screencasts | 20 | ||
Participation in discussion boards/other discussions | 10 | ||
Feedback meetings with staff | |||
Other | |||
Other (details) | |||
聽Placement and study abroad | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Placement | |||
Study abroad | |||
聽Independent study hours | 聽Semester 1 | 聽Semester 2 | 听厂耻尘尘别谤 |
---|---|---|---|
Independent study hours | 140 |
Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.
Semester 1 The hours in this column may include hours during the Christmas holiday period.
Semester 2 The hours in this column may include hours during the Easter holiday period.
Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.
Assessment
Requirements for a pass
Students need to achieve an overall module mark of 40% to pass this module.聽
Summative assessment
Type of assessment | Detail of assessment | % contribution towards module mark | Size of assessment | Submission date | Additional information |
---|---|---|---|---|---|
Oral assessment | Group Oral Presentation | 30 | 15 minutes | Semester 2, Teaching Week 12 | Group Presentation |
In-person written examination | Exam | 70 | 3 hours | Semester 2, Assessment Period |
Penalties for late submission of summative assessment
The Support Centres will apply the following penalties for work submitted late:
Assessments with numerical marks
- where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
- the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
- where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
- where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
Assessments marked Pass/Fail
- where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
- where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.
The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/qap/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.
Formative assessment
Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.
In addition to regular scheduled office hours, students will have the opportunity to discuss, and receive formative feedback on, their ideas for the coursework with the lecturer. Group discussion in class will also offer students the chance to receive formative feedback from peers on their developing ideas, and this will be supported by on-line discussion forums.
Reassessment
Type of reassessment | Detail of reassessment | % contribution towards module mark | Size of reassessment | Submission date | Additional information |
---|---|---|---|---|---|
In-person written examination | Exam | 100 | 3 hours | During the University resit period August/September |
Additional costs
Item | Additional information | Cost |
---|---|---|
Computers and devices with a particular specification | ||
Printing and binding | ||
Required textbooks | Set textbook | 拢45 (approx.) |
Specialist clothing, footwear, or headgear | ||
Specialist equipment or materials | ||
Travel, accommodation, and subsistence |
THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.