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Auditing

Objectives

The aim of this course is to give an overview of what is an audit, what does an auditor do and what are the expectations of the stakeholders regarding the audit of a company. During the classes we will go through some of the International Standards on Auditing (ISAs) with examples regarding the experience of being auditor for the past years. 


General characterization

Code

2215

Credits

3.5

Responsible teacher

Gonçalo Rebelo da Silva | Mário Freire

Hours

Weekly - Available soon

Total - Available soon

Teaching language

English

Prerequisites

n/a

Bibliography

Alvin Arens, Randal Elder, Mark Beasley (16th Edition, 2016). Auditing and Assurance Services. Pearson.

2020 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Pronouncements, IAASB

Brenda Porter, Jon Simon, David Hatherly (4th Edition, 2014). Principles of External Auditing.

Wiley Rick Hays, Philipe Wallage, Hans Gortemaker (3rd Edition, 2014). An Introduction to International Standards on Auditing. 


Teaching method

The teaching will be provided in class with support. It will be provided along with basic concepts under International Standards on Auditing and the methodology to apply those by giving real life examples. There will be at least one homewrok to enable the students to apply the theory to real situations. 


Evaluation method

•    Exam – 65%
•    Participation – 10%
•    Homework – 25%

Subject matter

What is an audit? - Overview of the responsibilities of an auditor and what are the requirements that an auditor must comply with Independence, skepticism and professional judgement Audit evidence The concept of materiality, performance materiality and clearly trivial threshold Recap accounting issues: Qualitative characteristics Going concern Judgement and estimation Comparative information Assertions Audit risk Controls testing Design Implementation Operating Effectiveness Substantive testing Substantive Analytical Procedure Test of Details Documentation Subsequent events Fraud - Fraud triangle Independent Auditor's Reporting