GRA 6279 Auditing, advanced
The course builds on the knowledge of GRA 6219 Auditing, theory and methodology and together with this, gives the necessary insight in the theoretical and applied auditing practice nationally and internationally. The course is the final course in the mandatory part of Master of Accounting and Auditing and integrates the knowledge of other courses in the programme.
The objective of the course is to deepen the understanding of the theoretical and methodological foundation of auditing and how this is applied in the professional practice of the annual audit of the financial statements. There is emphasis on the communication with shareholders through reporting to the board and management through different types of reporting, including requirements of internal control reporting. The course is based on international literature, standards as well as professional practiceand research based on the development of laws and international standards (in particular IFAC and Norwegian audit standards). Quality assurance and supervision of the audit profession is covered.
Upon completing the course the students command the audit process consisting of planning, performing and reporting an audit of financial statements including reporting to the shareholders, board of directors and management. In this process elements such as understanding internal control, testing internal control and drawing consequences for other audit procedures based on the understanding and its functioning. Internal and external quality control as well as supervision of the profession is covered. Relates topics include the impact of information technology, and how data analytics can be used in a digital world. Internal audit and the the impact on external audit as well as audit in the public sector are covered. Understanding what impact this can have for the external audit profession is covered and shoud be understood.
The audit profession and the public expectations have high demands to the professionals skills and behavior, including passed professional exams, certification, quality control and public supervision. Compliance with professional ethical requirements are partially covered in this course, however, also covered in-depth in other courses which in sum should be seen as a whole and commanded by the students.
Topics: Audit process, considering the risk of fraud, internal control over financial reporting, internal and IT audit, audit report and communicating with the users, quality assurance and publilc supervision.
Topics to be covered:
- Audit and assurance services
- In-depth understanding of internal control and international requirements of "Internal control over financial reporting"
- In-depth understanding for the auditor's responsibility to discover and report on fraud
- The main elements of the audit process
- Gathering and evaluating audit evidence, understanding how information technology and "big data" influence the audit and how the audit can be supported though IT-tools in a digitized world
- Introduction to internal auditing - considering the work of internal auditors and how to build on the work of internal auditors
- Introduction to auditing in the public sector
- Communication with the management, board and the shareholders
- Issuing the audit report
- Internal and external quality control
- Public supervision with the auditors and audit firms and sanctions
Please note that while attendance is not compulsory in all courses, it is the student’s own responsibility to obtain any information provided in class.
All courses in the Masters programme will assume that students have fulfilled the admission requirements for the programme. In addition, courses in second, third and/or fourth semester can have specific prerequisites and will assume that students have followed normal study progression. For double degree and exchange students, please note that equivalent courses are accepted.
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
|Exam category||Weight||Invigilation||Duration||Support materials||Grouping||Comment exam|
Form of assessment:
Internal and external examiner
Examination when next scheduled course
|100||Yes||3 Hour(s)||Individual||Written examination under supervision.|
|Form of assessment:||Written submission|
|Support materials:|| |
|Comment:||Written examination under supervision.|
|Exam code:||GRA 62791|
|Resit:||Examination when next scheduled course|
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 6 ECTS credits corresponds to a workload of at least 160 hours.