Audit and Internal Controls ATIC

This unit teaches students about the role and importance of internal controls within an organisation and also provides the tools to identify fraud risks and assess how internal controls can be used to mitigate those risks. Students will also learn about the principles of audit and assurance and will gain a clear understanding of the regulatory environment and the role of corporate governance. This unit will provide students with an awareness of the audit process, from planning and risk assessment to the final completion and production of the audit report. Students will understand how internal controls influence audit approaches and will learn to evaluate and test these controls effectively. The unit will also explore various audit assertions and procedures, sampling techniques, and methods for obtaining sufficient and appropriate audit evidence. Finally, this unit focuses on reviewing and reporting audit findings. Percentage contribution of this unit to the overall qualification grade: 15%.

Learning outcomes

• Understand the role of internal controls within an organisation.
• Understand the audit and assurance framework.
• Understand the planning and risk assessment process for audit engagements.
• Evaluate internal control systems as part of the audit process.
• Understand procedures for obtaining sufficient and appropriate evidence.
• Review and report findings.