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International Auditing Standards (B-KUL-D0N76A)

3 ECTSEnglish26 Second term
N. |  Helsen Griet (substitute)
OC Toegepaste economische wetenschappen FEB Campus Leuven

Aims

After completion of the course, students will be able to:

1. Describe the quality control procedures necessary to ensure that a competent audit or review engagement is performed
2. Discuss the overall objectives of an audit and the prerequisites to meet these objectives
3. Describe the process to accept/continue with an audit engagement and explain the importance/content of an audit engagement letter
4. Describe the purposes and contents of good audit documentation
5. Discuss the nature and importance of the communication process with those charged with governance
6. Understand the audit and assurance process, beginning with gaining an understanding of the client and its associated business risks, followed by the assessment of controls to manage, mitigate or share those risks, followed again by the development of an audit program of tests of control and substantive tests and ending in the communication of the results to the shareholders;
7. Discuss auditors’ and directors’ responsibilities for the detection of fraud and identify the fraud risk factors in an engagement.
8. Differentiate between different audit tests and procedures, know when they are appropriate and what factors might influence their quality
9. Understand the use and importance of management representation letters
10. Describe the auditor’s responsibilities when facts are discovered after the issuance of the audit report.
11. Point out what is required in using the work of internal auditors/experts and understand the auditor’s responsibility in using their work
12. Distinguish between the different types of opinions given in audit reports and describe/recognize the circumstances which may result in modified audit opinions

Previous knowledge

At the beginning of this course the student should be able to understand the basic principles of auditing, as illustrated in course |D0R10A| Auditing.

Is included in these courses of study

Activities

3 ects. International Auditing Standards (B-KUL-D0N76a)

3 ECTSEnglishFormat: Lecture26 Second term
N. |  Helsen Griet (substitute)
OC Toegepaste economische wetenschappen FEB Campus Leuven

Content

The objective of this course is to gain a thorough understanding and knowledge of the International Standards on Auditing. After an introduction of the ISA framework, the following topics will be discussed:
- Quality control (ISQC 1, ISA 220);
- General principles and responsibilities (ISA 200, 210, 230, 260);
- Assessing the risk of fraud (ISA 240);
- Planning the audit and risk assessment (ISA 300, 315, 330);
- Risk response and audit procedures (ISA 500, 501, 505, 520, 530, 540, 560);
- Using the work of others and concluding the audit (ISA 610, 620, 570, 580);
- Reporting (ISA 700, 705, 706)

Course material

Uses course material:

* Toledo is being used for this learning activity to disseminate the course material, consisting of lecture slides and readings

Format: more information

During class the ISA’s will be discussed and illustrated using practice examples and exercises (or cases).

Is also included in other courses

Evaluation

Evaluation: International Auditing Standards (B-KUL-D2N76a)

Type : Exam during the examination period
Description of evaluation : Written
Type of questions : Multiple choice, Open questions, Closed questions
Learning material : None

Explanation


Features of the evaluation
• The written exam is closed book and consists of open questions, exercises, multiple choice questions (and/or true-false questions).

Determination of final grades
• The grades are determined by the lecturer as communicated via Toledo and stated in the examination schedule. The result is calculated and communicated as a number on a scale of 20.
• There is a correction for guessing in answering the multiple choice exams.
• If the student does not participate in the final examination, the final grade of the course will be NA (not taken).

Second examination opportunity
• The features of the evaluation and determination of grades are similar to those of the first examination opportunity.