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Module BIC-0032:

Module Facts

Run by Marketing: Bangor International College

20 Credits or 10 ECTS Credits

Semester 1 & 2


Overall aims and purpose

This module considers the importance to a business of the monitoring of its financial performance, both in terms of meeting the requirements of the regulatory environment within which businesses operate and of providing information of a company’s performance and its financial standing to its executive and shareholders. Differences between internal auditing through a company’s internal-audit department, non-statutory audit and the external audit which are a legal requirement of limited companies under terms of the Companies Act. Auditing of financial statements e.g. sales summaries as well as of a company’s accounts. Audit exemptions of companies with a limited turnover. The auditing process, evidence requiring to be produced, compliance tests and substantive tests, analytical review and computer-assisted audit techniques and completion checklist. International Standards in Auditing. Auditing Practices Board (APB) and its role as a semi-independent body in providing standards of auditing practice for the UK. Provision of industry-specific, operational and reporting guidelines for the carrying out of an audit. Practice Notes and Bulletins as indicators of good practice. Elements of an auditor’s report, indicating to the company a true and fair view of profit and loss during the audited period and providing evidence of properly submitted accounts to the Registrar of Companies.

Course content

The main topics covered are:Company governance and auditing requirements; various forms of auditing, internal, non-statutory and external and the legal requirements under the Companies Act of limited liability companies Regulation within the profession and the setting of standards, recommended procedures and their monitoring. The auditing process, sources of evidence and the uses of specialist software to investigate the computer-based accounting system of a client company Auditor’s Reports and their uses within the company and in meeting legal requirements. Auditor’s responsibilities and liabilities
International aspects and standards

Assessment Criteria


Student has scored well in demonstrating a secure knowledge and understanding of many of the topics studied and has achieved a grade enabling progression onto the next phase of the master’s programme


Student has engaged consistently with all the topics of the module and so has clearly demonstrated a high level of suitability for the next phase of the master’s programme


Student has performed sufficiently well in demonstrating a basic knowledge and understanding of a number of topics studied to have achieved the lowest level of pass grades.

Learning outcomes

    1. Demonstrate knowledge and understanding of the need for auditing of accounts and the importance of an audit to a company operating with limited liability
    1. Demonstrate knowledge of the significance and uses of the auditor’s report
    1. Show an understanding of how audit software is used by the auditor to interrogate the computer-based accounting systems of a client.
    1. Show knowledge of how auditing standards are articulated and monitored within the profession
    1. Explain the process undertaken during an audit and the evidence required by an external auditor and concept of an audit trail
    1. Work with other students in researching and delivering a group presentation

Assessment Methods

Type Name Description Weight
essay 20
presentation 50
final exam 30

Teaching and Learning Strategy

Practical classes and workshops 120
Private study 80

Transferable skills

  • Literacy - Proficiency in reading and writing through a variety of media
  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Computer Literacy - Proficiency in using a varied range of computer software
  • Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.

Subject specific skills

  • Demonstrate numeracy skills required as a basis for further studies in Economics, Financial Accounting and Management
  • Demonstrate an understanding and ability to analyse economic issues on a local and international scale
  • Accurately apply business models to show an understanding of efficiency and external pressures to an organisation


Resource implications for students

Students will be required to purchase the text book

Reading list

Millichamp, A. and Taylor, J. (2012) Auditing (10th edition) Cenage

Courses including this module