ACC 403: Audit and Assurance II

Learning Outcomes

At the end of this course, students should be able to:

1. discuss the structure, responsibilities and reliance on internal audit functions;
2. explain specialised investigation and joint audit;
3. appreciate audit in a computerised environment;
4. apply the relevant regulatory pronouncements and standards to the conduct of audit;
5. review data protection laws and regulations;
6. describe the functions of auditors and joint auditors;
7. explain digital forensics, data protection regulation audit and robotic process automation in audit; and
8. apply IT skill to audit and risk assessment.

Course Contents

The internal audit department, covering scope of responsibilities, the role of internal audit in corporate governance, place in the organisational structure, comparison with external audit and outsourcing of internal audit function. Specialised investigations, involving investments or acquisition of a business, prospectus, special investigations, reports and other investigations. Audit of a computer-based accounting system including IT governance, IT control activities, IT risk assessments and disaster recovery. Impact of IT on audit environment using COBIT framework, cyber security in relation to audit and investigation, web trust assurance, algorithm reviews in business, digital forensics, data protection regulation audit and robotic process automation in audit. Joint audits, covering meaning, circumstances under which a joint audit occurs, factors to consider in sharing audit work in joint audits and merits and

demerits of joint audits. Auditor’s duties in respect of other relevant laws and pronouncements such as professional codes of ethics for Auditors. Companies and Allied Matters Act (2020), Financial Reporting Act (2011), Banks and Other Financial Institutions Act (2020), Insurance Act (2003), and International Standards on Auditing (ISA) and guidelines.