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Auditing I Course Outline

This document provides information about an Auditing and Assurance Services module offered by the Accounting and Finance department at Awash Valley College. The 10-credit module aims to teach students how to plan and conduct financial statement audits, perform audit procedures, issue audit reports, and conduct internal audits. It includes one required course, Auditing Principles & Practice I, worth 5 credits. The course objectives are to teach students about the nature and purpose of auditing, apply international auditing standards, assess professional ethics, examine legal liability, plan audit procedures, evaluate risks, and describe audit reports. The course provides conceptual and practical instruction on core external audit processes based on international standards.

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50 views1 page

Auditing I Course Outline

This document provides information about an Auditing and Assurance Services module offered by the Accounting and Finance department at Awash Valley College. The 10-credit module aims to teach students how to plan and conduct financial statement audits, perform audit procedures, issue audit reports, and conduct internal audits. It includes one required course, Auditing Principles & Practice I, worth 5 credits. The course objectives are to teach students about the nature and purpose of auditing, apply international auditing standards, assess professional ethics, examine legal liability, plan audit procedures, evaluate risks, and describe audit reports. The course provides conceptual and practical instruction on core external audit processes based on international standards.

Uploaded by

anasfinkile
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Awash Valley College

Department of Accounting and Finance


Department Accounting & Finance

program BA degree in Accounting & Finance

Module Auditing and Assurance service


Number/Title

Module Code ACFN-4060

Objective of the Upon the successful completion of this module, students should be able to:
module  Plan and design an audit approach for company financial statement audit
 Perform tests of controls and substantive tests of transactions in financial statement audit
 Perform analytical procedures and test of details of balances
 Issue the appropriate audit report based on the findings
 Conduct internal audit

Total ETCTS and ETCTS: 10


Credit Hours of the Credit Hours: 6
module

Courses of the Module


Course Number AcFn4061

Course Title Auditing principles & Practice I

ETCTS Credits 5

Contact Hours 3
(per week)

After studying this course, the student should be able to:

 Describe the nature of an audit and explain the economic and legal basis for
auditing.
Course Objectives  Demonstrate ability in the use of International Auditing Standards in various audit
& Competences to issues.
be Acquired  Assess professional ethics with respect to the audit function and review the main
components of Code of Professional Conduct.
 Examine the auditor's legal liability to clients and third parties.
 Demonstrate expertise in planning and carrying out audit procedures in
accordance with International Auditing Standards and demonstrate how an auditor
documents his work.
 Demonstrate how the auditor obtains an understanding of the entity and its
environment and assesses the risk of material misstatement.
 Explain how materiality and various risk assessments impact the audit program.
 Determine the audit procedure needed to audit any assertion.
 Relate management assertions to general and specific audit objectives, relate audit
evidence, and audit objectives to evidence-gathering decisions.
 Demonstrate ability in carrying out functions of internal control systems and examine the
elements of an internal control structure and their components.
 Describe the audit report and explain conditions for qualifications in the audit report.

Course Description The emphasis of this course is on conceptual, theoretical and practical aspects of auditing financial
statements. The course is designed to develop knowledge, understanding, and practical application
of core external audit processes based on the principles of international auditing standards.
The course commences with an introduction to assurance and auditing and proceeds to the
discussion of audit profession and regulatory organizations, International Auditing Standards (ISAs),
professional ethics and legal liability issues for auditors. Next is a discussion that helps the student
to recognize statement assertions, the evaluation of the risks to which these assertions are
susceptible, and the methodology of planning to assess the degree to which these risks give rise to

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