Audit Principles and Practice

The details
Essex Business School
Colchester Campus
Undergraduate: Level 5
Sunday 17 January 2021
Friday 26 March 2021
11 June 2020


Requisites for this module



Key module for


Module description

The module is designed to cover basic auditing concepts and the tests and procedures an auditor will undertake when performing an audit. Students will cover topics such as the need for audit, the independence of auditors, evaluating systems of internal control, verification of selected assets and liabilities, and the audit report.

The module aims to promote students Work Related Learning by developing students' ability to identify and apply the appropriate audit techniques and procedures to financial statements assertions including a corpus of audit evidence to form an opinion on whether the financial statements show a true and fair view of the entity's economic reality, based on realistic case studies and simulations.

This module will complement the third-year module BE132 Auditing with a major distinction being that this module will focus on the practice of auditing whereas in the third-year module the focus will be more on a critical examination of some key issues and concepts in auditing.

Module aims

The module aims to:

1. Provide students with an appreciation of the work involved in conducting a financial audit so that they understand the strengths and limitations of the techniques employed by auditors.

2. Introduce students to key concepts in auditing.

3. Promote students’ Work Related Learning by providing them with some understanding of the practice of financial audit in the real world.

4. Develop a range of technical skills enabling them to analyse data and identify key features

5. Develop problem solving skills relating to auditing issues

6. Identify and critically evaluate key features and arguments covered in texts

7. Improve their communication skills by entering into discussions in class

8. Develop coherent and well-structured lines of argument supported by relevant analysis and concepts

9. Develop a professional awareness of the need to act with integrity and honesty.

Module learning outcomes

On successful completion of the module, students will be able to:

1. Discuss why there is a need for audit and the importance of the key concepts of independence and competence and the role of auditing standards.

2. Understand the importance of the need for planning an audit.

3. Discuss the way that audit methodology has evolved and the advantages and limitations of the audit risk approach compared to the business risk approach.

4. Analyse a simple internal control system such as those relating to sales, purchases, or payroll and identify the strengths and weaknesses of the system.

5. Devise tests to verify the existence, ownership, valuation, and disclosure of certain assets and liabilities (long and current).

6. Identify the content and prepare a basic audit report.

7. Develop an understanding of the real-world practice in applying audit techniques to financial and other relevant information using realistic simulations which replicate the audit-industry standard tasks, developed with the support of practicing auditors.

Module information

This module is a Level 5 auditing module designed for students who are specialising in Accounting and who may wish to pursue a career in Auditing.

Learning and teaching methods

The module is normally delivered through a one-hour lecture and one-hour seminar per week for ten weeks. You will be expected to carry out the required reading and prepare material for presentation and discussion in the seminar. The lectures will explore the main areas and themes covered in the module. For the seminars, students are expected to read the references in the reading list and prepare problems and exercises as specified in advance of the seminars. In academic year 2020-2021 the delivery is likely to be different and involve online learning.


  • Millichamp, A. H.; Taylor, John R. (2018) Auditing, Australia: Cengage Learning.
  • (2010) A student's guide to auditing, [Place of publication not identified]: Kaplan.
  • White, Nick; Wiggetts, Duncan; Oliver-Watts, Guy; Drury, Ken; Cole, Graham; March, Rosalind; Ahern, Tim; Whiteford, Lindy; Indrani, Seeta; Edridge, Antony; Walker, Matt; Barker, Lucy; Toomey, Patrick; Sternberg, Roxy; James, Raji; El-Sharaway, James. (2015) False assurance, London: ICAEW.

The above list is indicative of the essential reading for the course. The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students. Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Weighting
Coursework   BE120 In Class Test    100% 
Exam  120 minutes during Summer (Main Period) (Main) 

Overall assessment

Coursework Exam
30% 70%


Coursework Exam
0% 100%
Module supervisor and teaching staff
Dr Osamuyimen Egbon, email:
Spring Term: John Azure & Dr Osamuyimen Egbon



External examiner

Dr Javed Siddiqui
Senior Lecturer in Accounting
Available via Moodle
Of 69 hours, 39 (56.5%) hours available to students:
30 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).


Further information
Essex Business School

* Please note: due to differing publication schedules, items marked with an asterisk (*) base their information upon the previous academic year.

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