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CHINHOYI UNIVERSITY OF TECHNOLOGY

SCHOOL OF BUSINESS SCIENCE & MANAGEMENT


DEPARTMENT OF ACCOUNTING SCIENCE & FINANCE

ADVANCED AUDITING (CUAC409)

BCOM (HONS) ACCOUNTANCY

COURSE OUTLINE 2017

COURSE LECTURER: Matowanyika K

1.0 Aim

To ensure that candidates can exercise judgment and apply techniques in the analysis of
matters relating to the provision of Audit and Assurance Services and can evaluate and
comment on current practices and developments.

2.0 Objectives

To enable the candidates to:

i. Demonstrate the ability to work within a professional and ethical framework


ii. Understand current issues relating to Auditing
iii. Explain and evaluate the auditors position in relation to the acceptance and
retention of professional appointments
iv. Evaluate and recommend quality control policies and procedures
v. Apply and evaluate the requirements of relevant International Standards on
Auditing

3.0 Method of instruction

3.1 Lectures/tutorials
3.2 Discussions
3.3 Field trips

4.0 Assessment

1 Presentations 20%
1 Assignment 10%
Final exam 70%

5.0 Content

5.1 Professional and ethical consideration

5.1.1 Rules of professional conduct and general ethical guidelines

5.2 Practice Management


1
5.2.1 Quality Control Practices and Procedures
5.2.2 Advertising, publicity and obtaining professional work
5.2.3 Fees
5.2.4 Tendering
5.2.5 Audit Engagement

5.3 Audit Process

5.3.1 Audit strategies:


Risk Based Auditing
Balance Sheet approach:
P&L
Occurrence
Completeness
Accuracy
Cutoff
Classification
Balance Sheet
Existence
Completeness
Rights & Obligations
Valuation
Presentation & Disclosure

5.3.2 Audit Planning - including materiality and risk assessment


5.3.3 Knowledge of Business
5.3.4 Fraud and Error
5.3.5 Audit Evidence
5.3.6 Analytical Review Procedures
5.3.7 Audit Sampling
5.3.8

5.4 Assignments

5.4.1 Audit of Financial Statements


Non - Current Assets
P & L items in general (expenses, income, Revenue, Inventory,
Purchases & Sales)
5.4.2 Internal Audit and External Audit
Differences and similarities
Internal and External Audits are a duplication of tasks and a mere
waste of resources: Discuss.
5.4.3 Environmental Audit

5.5 Reporting
2
5.5.1 Audit Opinions
5.5.2 Elements the new audit report structure
5.5.3 Reports to Management

5.6 Current Issues and Developments

5.6.1 Professional ethics


5.6.2 Corporate governance and Auditing
Integrated Sustainability Reporting King 3 Chapter 6
Managing Stakeholder Relations King 3 Chapter 8
Compliance with law, Regulations, Rules & Standards King 3-C7

6.0 Course Text (s) Recommended Reading

6.1 Kings Report CIS


6.2 Audit and Assurance Services BFP
6.3 Auditing Millichamp
6.4 Audit Standards