MPF_AAUD Auditing

Faculty of Economics and Administration
Autumn 2023
Extent and Intensity
1/1/0. 4 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Oleksandra Lemeshko (lecturer)
Ing. Petr Valouch, Ph.D. (lecturer)
Ing. Oleksandra Lemeshko (seminar tutor)
Ing. Petr Valouch, Ph.D. (seminar tutor)
Ing. Radim Procházka (assistant)
Guaranteed by
Ing. Petr Valouch, Ph.D.
Department of Finance – Faculty of Economics and Administration
Contact Person: Mgr. Jana Nesvadbová
Supplier department: Department of Finance – Faculty of Economics and Administration
Timetable
Thu 18:00–18:50 S309, except Thu 21. 9., except Thu 9. 11.
  • Timetable of Seminar Groups:
MPF_AAUD/01: Thu 19:00–19:50 S309, except Thu 21. 9., except Thu 9. 11., O. Lemeshko, P. Valouch
Prerequisites
(! MPF_AUDI Auditing ) && !NOWANY( MPF_AUDI Auditing )
The course Auditing is a follow-up to the basic courses of accounting at other high schools and knowledge gained there. No special prerequisites are demanded.
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.

The capacity limit for the course is 24 student(s).
Current registration and enrolment status: enrolled: 9/24, only registered: 0/24
fields of study / plans the course is directly associated with
Course objectives
Course learning objectives are:
(1) to provide an understanding of audit process and assurance services;
(2) to give a brief up-to-date insight into international auditing standards; and
(3) to apply the obtained theoretical knowledge in real-world settings.
Learning outcomes
Learning outcomes of the course – a student will:
(1) learn how an audit market is organized, how an audit and assurance services are provided and how work of CPA specialist and CPA firm is arranged;
(2) be able to read auditor’s report and distinguish different types of reports;
(3) get knowledge about professional ethics of carrying out an audit and auditor’s conduct, will learn about types of auditor’s legal liabilities and possible defenses against it;
(4) learn an audit process by phase and by cycle, particularly, will learn about client acceptance and planning of the audit, carrying out of analytical procedures, such as tests of controls, tests of transactions and tests of details of balances - in general and in context of sales and collection cycle;
(5) additionally learn about fraud – its nature, types, causes – and responsibilities of an auditor when it is suspected.
Syllabus
  • Part I. Introduction into audit.
  • I.1. Audit market - audit phenomena, types of audit and auditors, regulation of audit market.
  • I.2. CPA firms and CPA services - CPA profession and CPA firms, assurance and other services, audit process and audit reports.
  • I.3. Professional ethics and legal liability - what are ethics? code of professional ethics, legal liability and defense form it.
  • Part II. Audit process by stage.
  • II.1. Client acceptance - audit objectives, client acceptance.
  • II.2. Planning the audit - understanding the entity and its environment, audit risk and materiality, internal control, tests of controls and risk assessment, planning the audit.
  • II.3. Testing and evidence - analytical review process, types of analytical procedures, test of details of transactions and test of balances, audit evidence.
  • II.4. Evaluation and reporting - evaluation of gathered audit evidence and going concern assessment, fraud detected, audit report.
  • Part III. Audit process by cycle.
  • III.1. Application of the audit process to sales and collection cycle, audit of cash balances - application of the audit process to sales and collection cycle, audit of cash balances.
  • III.2. Application of the audit process to other cycles - application of the audit process to acquisition and payment cycle, application of the audit process to inventory and warehouse cycle.
  • Part IV. Group audit, other assurance services.
Literature
    required literature
  • ACCA Applied skills : audit and assurance (AA) : study text. Wokingham: Kaplan Publishing, 2019, 26, 548. ISBN 9781787403963. info
  • HAYES, Rick Stephan, J. C. A. GORTEMAKER and Philip WALLAGE. Principles of auditing : an introduction to international standards on auditing. 3rd ed. Harlow, England: Prentice-Hall, 2014, xxi, 714. ISBN 9780273768173. info
Teaching methods
Lectures on theory, solution of basic auditing cases typical for companies using ISA and IAS/IFRS at the seminars. Any copying, recording or leaking of midterm and final tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.
Assessment methods
- 90% participation at seminars is required.
- 60% of final grade can be received during final exam and 40% of final grade can be received during seminars. 40% is splitted into 1 midterm test (20%) and 1 presentation (20%) or activity at the seminars (20%).
- Topics for presentations should be agreed with a lecturer at the beginning of the semester.
- Minimum required amount of for the midterm test is 60% of correct answers.
- Final test is a written exam.
Language of instruction
English
Further comments (probably available only in Czech)
Study Materials
The course is taught annually.
Listed among pre-requisites of other courses
Teacher's information
https://is.muni.cz/auth/predmet/econ/podzim2017/MPF_AAUD
The course is also listed under the following terms Autumn 2015, Autumn 2016, Autumn 2017, Autumn 2018, Autumn 2019, Autumn 2020, Autumn 2021, Autumn 2022, Autumn 2024.
  • Enrolment Statistics (Autumn 2023, recent)
  • Permalink: https://is.muni.cz/course/econ/autumn2023/MPF_AAUD