In comparison with the classical concept of audit, which was widely used especially in accounting, today audit intervenes in the area of management of economically active subjects spanning their whole scope. Students will learn about meaning of audit, risks of legal liability of auditors and professional ethics of auditors. The topics will include: theoretical methods of audit, main principles and the auditing process itself involving preparation of a contract, meeting a client, creation of a planning process, testing potential irregularities, and creation of a final audit report, including auditor’s statements and discussion of results of the audit. The course is designed to help students comprehend theoretical basis of audit and acquire methodology of audit in accordance with international rules. At the end of the course students will be able to carry out major audit procedures, assess the client’s risk and compile an audit report.
1. Historical emergence of the audit and its development. General conditions for the emergence of the audit profession. The status and scope of the chamber auditors.
2. A general definition of the audit, its objectives and functions.
3. Legal regulations of audit in the Czech Republic.
4. Auditing standards, the general concept of ethics, code of ethics Chamber of Auditors of the Czech Republic.
5. Preparation of contract and the knowledge of the client (1st phase of the audit).
6. Factors affecting the business client, the concept of supervisions environ.
7. Preparation of schedule and programme of audit (2nd phase of the audit).
8. Procedures of preparation and negotiation of schedule of audit.
9. Execution of audit (3rd phase of the audit).
10. Procedures for selection of samples.
11. Closure of audit (4th phase of the audit).
12. The content and structure of an auditor’s report, a letter to the management.
13. Internal audit, mutual interaction between internal and external audit. Accounting and tax aspects.
Sedláček, J: Základy auditu. 2. aktualizované vydání. Brno: MU ESF, 2011. ISBN 80-210-4168-4. Dostupné v IS MU ve studijních materiálech předmětu.
RICCHIUTE, David N. Audit. Translated by Lidmila Janečková - Milan Třaskalík. [1. vyd.]. Praha: Victoria Publishing, 1994. 792 s. ISBN 80-85605-86-4. info
Theoretical training in the lectures. Specific examples of audit procedures at seminars.
Exam requirements: seminar work + 70 % seminar attendance.
A written exam.