This optional module is concerned with the statutory (external) audit of business entities within the private sector. In particular, the module will cover the economic rationale for statutory auditing; the authority to audit as well as the nature and regulation of the statutory audit profession; statutory auditor independence and ethics; statutory auditor duties and the expectations gap; international auditing standards; the audit report; the nature of audit evidence; audit evidence, assertions and the risk-based approach to statutory audit. Successful completion of the module assessment gives exemption from ACCA examination F9.
By the end of the module, students should be able to:
Describe, explain and evaluate the conceptual framework of statutory audit and related legal, regulatory and ethical issues;
Describe, explain and evaluate the statutory audit process;
Describe explain and evaluate current developments in statutory auditing.