Topics: Business ethics, Auditing, Ethics Pages: 5 (1400 words) Published: February 19, 2013
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 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 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

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


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...
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