Auditing

The course aims to provide the student with knowledge of the theoretical foundation for auditing and practical methods for conducting audits of annual financial statements and of the formal framework for the auditing profession laid down in laws, regulations and other authoritative regulations. The course will also provide fundamental knowledge of ethical and moral theories applied in auditing, and knowledge of auditing in the public sector.

KNOWLEDGE
The student
- has a knowledge of the auditor's role as a person of trust in society, including the need for auditing, the scope of the audit obligation and the auditor's range of services in the private and public sectors
- has a knowledge of the framework for the auditor’s professional practice in terms of the law and professional authorization
- has a knowledge of normative ethical theory and moral theories
- has overall knowledge of the auditor’s duties in connection with equity transactions
- has overall knowledge of performance auditing, compliance auditing and oversight of the management of government interests in undertakings in the State and local authorities.

SKILLS
The student
- can apply the framework and ethical rules in practical problem solving
- can undertake and complete an audit engagement from assessment of the engagement to reporting with a focus on selected audit areas including
- can assess whether an auditor is in fact and is regarded as objective and capable at all times
- can determine and apply materiality levels for the individual engagement
- can assess inherent risk and control risk, including fraud risk, and decide on the audit approach
- can design the most effective testing methods and sampling, under given assumptions
- can obtain sufficient appropriate audit evidence
- can draw conclusions regarding performed audit procedures
- can determine the structure of the auditor’s report
- can decide on other statutory and appropriate reporting to public authorities and management

GENERAL COMPETENCE:
The student
- can plan and describe the implementation of an audit engagement
- can gain up-to-date knowledge within the above areas of knowledge and skill as well as knowledge of other areas within the discipline
- can convey key subject matter through relevant forms of expression
- can exchange points of view and experiences with other professionals and help to develop best practice
- can reflect on ethical issues in the discipline
- can see the course in a broader context from a societal perspective

Plenary lectures and solving assignments in groups.

The course will be taught for the last time in the spring of 2019.