Audit Theory and Standards

Knowledge - upon completion the student shall

• Have advanced knowledge of the fundamental auditing concepts: materiality, audit risk, and audit evidence
• Have advanced knowledge of the demand for auditing and the fundamental role of auditing in capital markets
• Have advanced knowledge of the background for regulations and the factors that shape the content of a modern audit
• Have in-depth knowledge of the expectations of society, authorities, investors, and other stakeholders toward the auditor
• Have in-depth knowledge of the auditor’s tasks and duties, including legal regulations
• Have in-depth knowledge of key auditing standards (International Standards on Auditing, ISAs)
• Have in-depth knowledge of ethical rules related to the auditing profession, including independence assessments
• Have in-depth knowledge of the auditor’s role in detecting and investigating suspicious transactions related to money laundering or terrorist financing
• Have knowledge of practical project management in the audit process

Skills - upon completion the student shall be able to

• Plan the audit process and explain its key elements, including the determination of materiality
• Assess the company’s internal control and how it affects the execution of the audit
• Formulate various conclusions of the audit process through the audit report and other statutory reporting in accordance with good auditing practice
• Planning an audit portfolio to meet auditor requirements and expectations

General competence - upon completion the student shall

• Be able to communicate audit-related issues (with professionals in accounting or auditing, audit clients, and users of the audit report)
• Be able to work independently and in groups, and present both in writing and orally
• Evaluate ethical issues related to the profession, particularly concerning auditor independence
• Apply critical thinking to the tensions between theory and practice, especially in relation to the audit process and auditing standards
• Ability to identify and communicate critical requirements and expectations to accounting or auditing professionals and audit clients