DETAILED COURSE CONTENT



Course Code :

COMF42552


Title :
Advanced Audit & Assurance

Type/Status :

Elective

aaaaaaaaaaaa Aims :
This course module is designed to enhance the students’ knowledge on assurance and non-assurance engagements and to develop the understanding on concluding, reporting, communicating and decision making in critical issues based on the guidelines established by the Sri Lanka Auditing Standards and Sri Lanka Auditing practices.
Learning Outcome : aaaaaaaaaaaaaaaa
By the end of the course students will be able to
  • understand the ethical ground of auditing of financial statements
  • communicate with the people those charged with governance, professionals and other external parties
  • identify the matters leads to modification of audit opinions and other critical issues.
  • draft appropriate audit/other assurance reports
  • identify the difference between reporting on assurance engagements and non-assurance engagements
  • understand the different audit procedures on special industry audits   .


Course Content : TCommunication of Audit Matters with Those Charged with Governance; The Auditor’s Procedures in Response to Assessed Risks; Initial Engagement; Analytical Procedures; Audit sampling; Auditing Fair Value Measurements and Disclosure; Related Parties; Subsequent Events; Going Concern; Management Representations; Using the Work of Another Auditor; Considering the Work of Internal Audit; Using the Work of an Expert; The Auditor’s Report on Financial Statements; Comparatives; Other Information in Documents Containing audited financial statements; Audit report on special purpose audits; Agreed – upon procedures; Review engagements; Audit of special industry; Plantation, Hotel, Banking.

Method of Teaching & Learning:

Lectures, Class room discussions, Case studies and Presentations.

Scheme of Evaluation:

End semester examination, Assignments and Presentation.

The weights given to each component of the evaluation method is announced at the commencement of the module.


Recommended Readings: Companies Act No. 7 of 2007

Milichamp A.H., (2002), Auditing, an Instructional Manual for Accounting Students, London, D.P. Publications

Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995

Sri Lanka Accounting Standards (2011) - The Institute of Chartered Accountants of Sri Lanka, Sri lanka

Sri Lanka Auditing Practice Statements (2011), The Institute of Chartered Accountants of Sri Lanka, Sri Lanka

Sri Lanka Auditing Standards & Sri Lanka Standards on Quality control (2011), The Institute of Chartered Accountants of Sri Lanka, Sri Lanka