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Module ASB-3214:

Module Facts

Run by Bangor Business School

20 Credits or 10 ECTS Credits

Semester 1

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

The content may include but will not be limited to the; theoretical, regulatory, and ethical background to both internal and external auditing. Furthermore, ensuring an understanding of the risk assessment in the context of internal and external audit and determine material misstatements. Also, cover the auditing planning process, internal controls, how auditors gather audit evidence, contents of the audit report, Corporate Governance, as well as international procedural.

Assessment Criteria

C- to C+

C- to C+ (50-59%): Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.


D- to D+ (40-49%): No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.


B- to B+ (60-69%): Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.


A- to A+ (70%+): Outstanding Performance. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

Learning outcomes

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

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

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

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

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

  6. Discuss, examine and evaluate the planning process in auditing to a specific business context.

  7. Explain and examine 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, describe, and appraise 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. Explain and critically discuss the principal elements of internal and external audit reports and evaluate appropriately worded audit reports to the individual circumstances of an audit.

Assessment Methods

Type Name Description Weight
EXAM Exam S1 2hrs

2 hours closed book exam

EXAM Exam S2 2hrs

2 hour closed book exam


Teaching and Learning Strategy


Recorded Tutorials: using pre-set examples.


discussing in more detail some of the points from the lectures and working through case studies.

Private study

includes reading, preparing for lectures and computation practice.


One 2-hour lecture per week.


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

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
  • 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).
  • Numeracy: the use of quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.
  • Self-management: a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.


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: