ACFI 301 Module Handbook 2014 15 Draft 1 Essay

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Learning to Make a Difference



Semester 2


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1. Module information

Name of module: Advanced Auditing

Module code: ACFI 301

Credit value: 15 credits

Semester: TWO

Pre-requisites: ACFI 210

Co-requisite: N/A

The module is available to programmes NZ00 and N401

Professional accreditation: This module provides, in combination with other modules, exemptions from some professional exams in audit and assurance. The ICAEW demands a minimum mark of 55% in this paper in order to obtain exemption.

2. Module Leader and Contact Details

Phillip Ormrod

Room: Room F13, First floor, Management School; Chatham St

Telephone: (0151) 795 3504 (direct) (0151) 795 3102 (undergraduate office)


Office hour Monday 1.30pm to 2.30pm (or you can drop in at any time that I am available)

Helen Scott

Room: Room F13, First floor, Management School; Chatham St

Telephone: (0151) 795 3102 (undergraduate office)


Office hour Thursday 2:30pm to 3:30pm (or send me an e-mail if you would like to meet at a different time)

3. Module Objectives

The aims of this module are:

To develop an understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting.

4. Learning Outcomes

On completion of this module, students will be expected to demon:

ASSESSED understand and advise on the regulatory, professional and ethical issues relevant to those carrying out an assurance engagement.

√ understand the processes involved in accepting and managing assurance engagements.

√ understand how quality assurance processes mitigate risks.

√ plan assurance engagements in accordance with the terms of the engagements and appropriate standards

√ conclude and report on assurance engagements in accordance with the terms of the engagements and appropriate standards.

5. Transferable Skills

The Management School has identified a set of key skills which it expects its students to develop throughout their studies. These are skills which are actively sought by employers and which together form the “ULMS Graduate”.

This module helps students to develop the following skills:


Problem solving skills


Commercial awareness


Organisational skills

Communication skills

IT skills

International awareness

Lifelong learning skills

Ethical awareness

For further information about the ULMS Graduate and an explanation of what we expect our students to develop in relation to each skill, please see appendix A at the end of this handbook.

6. Teaching and Learning Strategies


In order to cover the wide range of regulatory material relevant to this course there will be three hours of lectures per week. This weighting is also necessary to satisfy the accreditation requirements of the professional accounting bodies.

Lectures will be interactive requiring students to work through short problems to test understanding.

Some of the lecture times will be used to hold a workshop. Where appropriate, it is essential that this work is completed and brought along to the workshop lecture where the solutions will be explained and discussed. Additional questions will also be handed out.

It is important that you are willing to participate in lectures and workshops.

One part of the lectures will aim to test your learning. This will include regular questions in lectures, but also using a