INESS 5QQMN531 LONDON Provisional Lecture Outline Week 1: Audit and regulatory framework Presentation of the module and of its main concepts, including assurance engagements and the audit process. Discussion of the role and need for audits. Detail the main regulatory frameworks, including Intemational Audit Standards and the different levels of assurance engagement. Week 2: Professional values and Code of Ethics Discuss the objective of the audit and the auditor responsibilities. introduce the auditor professional skepticism and judgment. Present the main professional values related to accounting and auditing and discuss their roles and limits. Discuss the professional ethics and how to distinguish ethical from unethical behaviours. resolve ethical dilemmas. Week 3: Audit Planning and Evidence Discuss the needs of the audit planning. Describe he client acceptance decision and the initial audit planning. Understand the client’ business and industry. Introduce the nature of audit evidence , the types of audit evidence and how to use them to create an audit program. Week 4: Assessing risk of material misstatements in the financial reporting Understand the concept of materiality and how the auditor use it to evaluate audit findings. Discuss the risk assessment procedure and how to identify the significant risks. Describe the audit risk model and its components and the relationship with audit evidence. Week 5: Internal controls and control risks Describe the primary objectives of effective internal control. Explain the main components of an intemal control system. Assessing control risk by linking key control and control deficiencies to transaction related audit objectives. Explain how assessing the internal control risk impact on the audit risk model. Week 6: Assessing and response to fraud risk Define fraud and distinguish between fraudulent financial reporting and misappropriation of assets. Identify the condition of fraud and how corporate governance and internal control system can reduce fraud risks. Discuss how the auditors can identify the fraud risks, detect them and document their findings. Week 7: Audit strategy and Planning Understand the use of audit tests to determining whether financial statements are fairly stated. Understand the concept of evidence mix and how it should be varied in