Auditing I (not offered)

MRR411E Auditing I (not offered)

Spring 2022

  • Topics

    What is auditing and why is it considered a corporate governance mechanism?

    How do auditors perform internal control tests?

    Why are risk assessment and materiality important concepts for the auditor?

    What is audit evidence and what are the documentation requirements for an audit?

    What is the planning process for an audit?

    How should the auditor determine whether accounts in the revenue expenditure and inventory business process are materially misstated?

    What audit procedures are conducted at the end of an audit?

    What are the ethics codes for professional behavior in the auditing profession? What is professional skepticism?

  • Learning outcome


    • Understand the basic audit concepts.
    • Have knowledge of the demand for auditing and the audit's fundamental role in capital markets.
    • Have insight into auditing in an international perspective, the background for regulations and introduce auditing in the digital age.
    • Have good knowledge of the key content of important International Standards on Auditing (ISAs).



    • Be able to plan an audit.
    • Be able to assess the risk of material misstatement.
    • Understand how audit evidence is obtained and evaluated to handle the estimated risks.
    • Understand the importance of the company's internal control.
    • Understand statistical and non-statistical audits.
    • Be able to apply audit concepts to revenue and inventory.
    • Review how the auditor concludes and expresses his opinion in the audit report.


    General competence

    • Have a good insight into the basic theoretical foundation, the regulatory and practical insight needed to carry out a modern and effective audit.
    • Have developed the ability to self-assess key audit issues.

  • Teaching

    Teaching follows the conceptual approach and content of the textbook that is adapted to the content of the International and Norwegian Audit Standards (ISAs). In addition to the lectures problem assignments are discussed.

  • Required prerequisites


  • Credit reduction due to overlap

    MRR411 Revisjon I is equivalent to MRR411E Auditing 1.

    MRR411E is a continuation of BUS426E.

  • Requirements for course approval

    80% class attendance is required to take the final exam. It is expected that students will come to class prepared to participate in the class discussions. Homework will be collected each week. Students must turn in 80% of the homework at the end of the class period in order to be approved for the exam.

    Course approval from MRR411/BUS426x is valid as course approval in MRR411E.

  • Assessment

    Four hour written school exam in English.

    No materials permitted during examination. 

    This course is a continuation of BUS426E and the total number of attempts applies to the course (not the course code).

  • Grading Scale

    A - F

  • Literature

    Stuart, I. 2012 Auditing and Assurance Services: A Practical Approach. New York City, New York: McGraw-Hill Irwin.

    Olsen, C. 2017. A Study of Professional Skepticism. SpringerBriefs in Accounting. Springer.  


ECTS Credits
Teaching language

Spring. Will not be offered spring 2022.

Course responsible

Carmen Olsen, Associate Professor,  Department of Accounting, Auditing and Law, NHH

Iris Stuart, Professor, Department of Accounting, Auditing and Law, NHH.