General provisions

Course within the Master's Programme in Accounting, Auditing and Analysis. The course syllabus was approved by the board of the Department of Business Studies on delegation from the Faculty of Social Sciences and takes effects as of 2010-01-18.

Entry requirements

A Bachelor's degree, equivalent to a Swedish degree of at least 180 credits including the equivalent to 90 credits in Business Studies. Proficiency in English. Exemption D-level: 120 credits including Business Studies A, B and C 90 credits.

Learning outcomes

The course Audit Regulation aim to facilitate the assimilation of an understanding of the regulatory framework which the financial audit and auditor are subject to. This includes the coverage of relevant theoretical perspectives on audit techniques and methodology, accountability and the role of the audit(or). The course also addresses issues such as the organising of the audit profession and the international harmonisation of audit standards. The course will take its starting point in the International Standards of Auditing (ISAs) issued by the IAASB but national (Swedish) deviations to these standards will also be addressed. Upon completion of this course you will be equipped with an understanding of the theory and practice of auditing. This knowledge will be useful when taking up employment at an audit firm, facing the tasks of designing and evaluating internal controls, making risk assessments or otherwise having to deal with situations where accountability is demanded.

Auditing, assurance and similar services are widespread phenomena in business and other organisations. Thus, although the focus in this course is on the statutory financial audit the course may also be found rewarding for the student aiming to gain a better understanding of the monitoring and evaluation of compliance and accountability in, e.g., the public sector or non-profit associations. Upon completion of this course you will be able to:

1. describe the rules and regulations central for the planning, performance and reporting of a financial audit

2. relate these rules and regulations to the theories discussed in the course material

3. analyse the key parts and aspects of an audit in the light of the regulations and theories covered by the course

4. critically discuss the role of the audit and the auditor with respect to the key stakeholders and in society at large

Content

The study of the International Standards of Auditing (ISAs) and other applicable regulation cover the following topics:

- accountability and the audit

- the concept of assurance

- planning, risk assessment and materiality

- audit evidence and documentation

- the 'craft' of auditing: methods and procedures

- internal control

- audit sampling

- reports on audited financial statements

- international harmonisation of audit regulation

- the role of the audit(or) in society

Instruction

The course is taught in English. The format of the course is a series of lectures. Ahead, you are expected to have studied the chapters or papers covered by the lecture. Before each lecture you will be asked to prepare and hand in one or more questions regarding the topic of your reading covering issues you find difficult to grasp or consider need further elaboration. Between lectures there will be assignments and you may also be asked to prepare a written answer to one or more questions and/or mark an assignment of a fellow student. The lectures will require your active participation. Attending is not compulsory, although strongly recommended.

Assessment

1. Completion of assignments to be performed between lectures

Completion of the tasks that are to be performed between lectures is a minimum (although not by itself sufficient) requirement to obtain a pass. The assignments will not be graded. If the work do not meet satisfactory standards you might however be asked to perform complementary assignments.

2. Written examination

At the end of the course there will be a written exam which will give you the opportunity to document your understanding of the topics covered by the course.

Grades will be given in accordance with the Swedish grading system. The following grades will be used: VG (pass with distinction), G (pass), and U (fail). The grading is a weighting of the performance of different examinations using study units. The final grade of the course is determined after taking into consideration the different parts of the examination. The course consists of obligatory parts. More detailed grading criteria are presented in the study guide that you will get access to at the beginning of the course. Assignments and exams handed in late will not be graded except in special circumstances. In addition, any remaining assignments and supplements must be completed and handed in at least within two weeks after the end of the course otherwise the entire course (all assignments included) has to be redone the next time course is given, provided there is space in the course.

Uppsala University does not accept cheating and plagiarism. Suspected incidents of cheating or plagiarism are reported to the Disciplinary Committee of the University, which may issue a formal warning to the student or expel the student from the university for six months.

NOTE: Only completed courses can be recognised in your degree.