MRR411E Auditing I
Autumn 2018Spring 2019
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? 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 and expenditure 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?
- 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.
- 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 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.
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.
Four hour written school exam in English.
This course is a continuation of BUS426E and the total number of attempts applies to the course (not the course code).
A - F
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. Chapters from: Ross, A. 2017. The Industries of the Future. London: Simon & Schuster. If students attended BUS426N/MRR411, the students are responsible to harmonize the content of the course and the content of the following book with the course content and book: Eilifsen, Aa., W. F. Messier Jr., S. M. Glover and D. F. Prawitt. (EMGP) 2014. Auditing & Assurance Services Third International Edition, McGraw-Hill.
- ECTS Credits
- Teaching language
Carmen Olsen, Department of Accounting, Auditing and Law