Rift Valley University

Department: Accounting and Finance

Department Accounting and Finance
program BA degree in Accounting and Finance
Module Auditing and Assurance service
Number/Title
Module Code ACFN-4060
Objective of the Upon the successful completion of this module, students should be able to:
module  Plan and design an audit approach for company financial statement audit
 Perform tests of controls and substantive tests of transactions in financial statement audit
 Perform analytical procedures and test of details of balances
 Issue the appropriate audit report based on the findings
 Conduct internal audit

Course Number AcFn4061

Course Title Auditing principles and Practice I
ETCTS Credits 5
Contact Hours 3
(per week)
After studying this course, the student should be able to:
 Describe the nature of an audit and explain the economic and legal basis for auditing.
Course  Demonstrate ability in the use of International Auditing Standards in various audit issues.
Objectives and  Assess professional ethics with respect to the audit function and review the main components of
Competences to Code of Professional Conduct.
be Acquired  Examine the auditor's legal liability to clients and third parties.
 Demonstrate expertise in planning and carrying out audit procedures in accordance with
International Auditing Standards and demonstrate how an auditor documents his work.
 Demonstrate how the auditor obtains an understanding of the entity and its environment and
assesses the risk of material misstatement.
 Explain how materiality and various risk assessments impact the audit program.
 Determine the audit procedure needed to audit any assertion.
 Relate management assertions to general and specific audit objectives, relate audit evidence, and
audit objectives to evidence-gathering decisions.
 Demonstrate ability in carrying out functions of internal control systems and examine the
elements of an internal control structure and their components.
 Describe the audit report and explain conditions for qualifications in the audit report.
WEEKS Course Contents ISAs References
1. The Nature, Purpose, Scope of  IAASB framework
2WEEKS Audit and Assurance Services  ISA 200, Overall Objectives of the
{1ST-2rd } 1.1 Meaning Of Audit Independent Auditor and the Conduct of
1.2 Assurance Services: Overview an Audit in Accordance with
1.3 Why Audits are Conducted International Standards on Auditing
1.4 Types of Audit and Auditors
2. The Auditing Profession  ISA 200, Overall Objectives of the
3WEEKS 2.1. The Regulatory Framework Governing Auditing Independent Auditor and the Conduct of
{4RD- 6TH } 2.2. International Standards on Auditing (ISA) an Audit in Accordance with
2.3. Professional Ethics: Fundamental Principles, International Standards on Auditing
Threats and Safeguards  ISA 250, Consideration of Laws and
2.4. Legal Liability of Auditors Regulations in an Audit of Financial
2.5. Rights and Duties, Appointment, Dismissal and Statements
Resignation of an Auditor
3. Materiality and Risk Assessment  ISA 320, Materiality in Planning and
2 WEEKS 3.1. Audit Risk Performing an Audit
{7TH - 8 TH } 3.2. Materiality  ISA 330, The Auditor's Responses to