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Module ASB-3214:

Module Facts

Run by Bangor Business School

20 Credits or 10 ECTS Credits

Semester 1 & 2

Organiser: Mrs Riaz Anwar

Overall aims and purpose

NOTE: If you register for this module, you cannot also register for ASB-3108 Group Marketing Project or ASB-3115 Marketing Psychology.

To develop knowledge and understanding of the principles and practices of external and internal auditing in the context of both the UK and the international regulatory framework.

Course content

Theoretical, regulatory and ethical background to both internal and external auditing; Risk assessment in the context of internal and external audit; The audit planning process; Internal controls; Gathering of audit evidence; Contents of audit reports; International procedural and ethical standards.

Assessment Criteria

C- to C+

50-59% Conceptual and practical issues are covered beyond the basic level, with some material beyond the lecture content. There are few few errors but analysis may lack comprehensiveness. Some detailed knowledge of relevant international standards on auditing is shown, but insight into conceptual issues and auditing procedures lacks some sphistication.


40-49% Conceptual and practical issues are covered in a superficial way with only limited additional material shown beyond the lecture content but with few errors. Some detailed knowledge of international standards on auditing shown.


60-69% Conceptual and practical awareness shown beyond the basic level with evidence of greater depth of reading and development of ideas but may still show some errors or misunderstanding. Good illustration of the content of auditing standards combined with insight into the practical difficulties of auditing in specific areas. Appropriate auditing procedures are designed.


70%+ Demonstration of depth of reading and appropriate analysis of practical problems. Detailed demonstration of knowledge of auditing standards, together with an insightful and innovative response to practical auditing problems.

Learning outcomes

  1. Understand and apply basic conceptual issues surrounding auditing and practical techniques used in auditing.

  2. Understand and explain the role and scope of external audit in the context of national and international economic, legal and regulatory frameworks.

  3. Understand the importance of ethical standards in auditing and apply a conceptual framework for ethics to specific contexts.

  4. Analyse the role of internal audit and developments in corporate governance.

  5. Demonstrate how risk assessment informs the auditing process, and demonstrate the ability to apply risk assessment procedures and appropriate responses on an auditing engagement.

  6. Understand and apply knowledge of the planning process in auditing to a specific business context.

  7. Explain the respective reporting responsibilities of internal and external auditors in relation to internal controls, including the identification of weaknesses in internal controls and applying appropriate tests of controls.

  8. Identify and describe the work auditors carry out and the evidence required to meet the objectives of an audit in accordance with international standards in relation to transactions, balances and disclosures.

  9. Describe the principal elements of internal and external audit reports and draft appropriately worded audit reports to the individual circumstances of an audit.

Assessment Methods

Type Name Description Weight
Individual case study (Sem 1) 20
Individual case study (Sem 2) 20
Exam S1 2hrs 30
Exam S2 2hrs 30

Teaching and Learning Strategy

Private study 146

One 2-hour lecture per week.


One 1-hour tutorial fortnightly.


Transferable skills

  • Literacy - Proficiency in reading and writing through a variety of media
  • Numeracy - Proficiency in using numbers at appropriate levels of accuracy
  • Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
  • Exploring - Able to investigate, research and consider alternatives
  • Information retrieval - Able to access different and multiple sources of information
  • Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
  • Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
  • Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
  • Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
  • Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others

Subject specific skills

  • knowledge of some of the contexts in which accounting can be seen as operating (examples of contexts include the legal, ethical, social and natural environment; the accountancy profession; the business entity; the capital markets; the public sector)
  • knowledge of the main current technical language and practices of accounting (for example, recognition, measurement and disclosure in financial statements; managerial accounting; auditing; taxation) in a specified socio-economic domain
  • knowledge of some of the alternative technical languages and practices of accounting (for example, alternative recognition rules and valuation bases, accounting rules followed in other socio-economic domains, alternative managerial accounting approaches to control and decision-making)
  • knowledge of contemporary theories and empirical evidence concerning accounting in at least one of its contexts (for example, accounting and capital markets; accounting and the firm; accounting and the public sector; accounting and society; accounting and sustainability) and the ability to critically evaluate such theories and evidence age
  • Analysis, deduction and induction. Economic reasoning is highly deductive, and logical analysis is applied to assumption-based models. However, inductive reasoning is also important. The development of such analytical skills enhances students' problem-solving and decision-making ability.
  • An appreciation of the nature of the contexts in which finance can be seen as operating, including knowledge of the institutional framework necessary for understanding the role, operation and function of markets and financial institutions (e.g. the economic, legal, regulatory and tax environment, both national and international; the firm; the capital markets and the public sector).
  • An understanding of financial service activity in the economy, and an appreciation of how finance theory and evidence can be employed to interpret these services (for example, information asymmetry, adverse selection and moral hazard could be employed to analyse the fundamental nature of services, such as insurance, pensions, bank lending and consumer credit, and also explore fundamental problems arising in such financial service provision. Efficient market hypothesis could be used to explore evidence for fund manager performance and the effectiveness of equity and bond saving services).
  • An ability to understand financial statements, and a basic appreciation of the limitations of financial reporting practices and procedures (eg financial statement analysis; the relation between cash flow accounting and accrual accounting; discretionary accounting practices).
  • Communication and listening including the ability to produce clear, structured business communications in a variety of media.
  • Numeracy: the use of quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.
  • Ability to work collaboratively both internally and with external customers and an awareness of mutual interdependence.
  • Ability to work with people from a range of cultures.
  • Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.
  • Self reflection: self-analysis and an awareness/sensitivity to diversity in terms of people and cultures. This includes a continuing appetite for development.


Resource implications for students

Students are advised to purchase the core text for this module: Porter, Simon & Hatherly *Principles of External Auditing*.

Talis Reading list

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses:

Optional in courses: