ESF:MPF_AAUD Auditing - Informace o předmětu

MPF_AAUD Auditing

Rozsah

2/2/0. 6 kr. Ukončení: zk.
Vyučováno kontaktně

Vyučující

Ing. Radim Procházka (přednášející)
Ing. Petr Valouch, Ph.D. (přednášející)
Ing. Radim Procházka (cvičící)

Garance

Ing. Petr Valouch, Ph.D.
Katedra financí – Ekonomicko-správní fakulta
Kontaktní osoba: Iva Havlíčková
Dodavatelské pracoviště: Katedra financí – Ekonomicko-správní fakulta

Předpoklady

(! MPF_AUDI Auditing ) && !NOWANY( MPF_AUDI Auditing )
The 'Auditing' course assumes a fundamental knowledge of accounting and financial reporting. No special prerequisites are demanded.

Omezení zápisu do předmětu

Předmět je určen pouze studentům mateřských oborů.

Předmět si smí zapsat nejvýše 24 stud.
Momentální stav registrace a zápisu: zapsáno: 0/24, pouze zareg.: 16/24

Mateřské obory/plány

• Finance (program ESF, N-FINA)

Cíle předmětu

The Auditing course aims to familiarize students with the principles and key aspects of statutory auditing of financial statements, with an emphasis on understanding the audit process and providing a brief overview of international auditing standards. The first part of the course focuses on the significance of statutory auditing in the current context, audit regulation in the Czech Republic, and the auditor's code of ethics. The second part of the course covers the various phases of the audit process—from client acceptance to audit evaluation and the preparation of the auditor's final report.

Graduates will be able to properly understand and critically evaluate the client acceptance process, risk assessment, audit planning, internal control evaluation, obtaining and evaluating audit evidence, and the preparation of the auditor's final report. Students will learn to critically select appropriate methods for obtaining audit evidence, which are essential for forming an adequate auditor's opinion.

Výstupy z učení

The course is designed to help students understand the significance of a statutory audit of financial statements in today's environment, its relevance to users of financial statements, and the fundamental audit procedures used to form an opinion on an entity's financial statements. After completing the course, students should be able to:

a) explain the significance of a statutory audit, the objectives of the audit, and the responsibilities of the auditor and the entity's governance;
b) understand the importance of professional ethics for auditors and the legal framework for auditing in the Czech Republic (including international auditing standards);
c) critically evaluate the audit process and its phases, including the selection of appropriate methods for obtaining audit evidence for risk assessment and the detection of material misstatement;
d) understand an auditor's report and distinguish between its various types;
e) apply information technology to identify risks and obtain evidence from accounting data.

Osnova

• Lecture Structure:
  1. Introduction to Audit and Other Assurance Engagements. Statutory audit – significance, principles, objectives, regulation, oversight, and current challenges. Quality control according to ISQC 1.
  2. Principles of Corporate Governance according to the G20/OECD and Czech Republic; Internal Control System of the entity (ISA 315) and the role of internal and external audit. Auditor independence under Act No. 93/2009 Coll., on Auditors. Ethical Code according to the ACCA and the Chamber of Auditors of the Czech Republic. Audit quality management under ISA 220.
  3. Client Acceptance and Engagement Terms (ISA 210). Function of audit risk, identification and assessment of the risk of material misstatement based on the auditor’s understanding of the entity and its environment (ISA 200, 315, 320). Preliminary analytical procedures (ISA 520). Auditor’s responsibilities relating to non-compliance with laws and regulations (NOCLAR) under ISA 240–260 and the Ethical Code.
  4. Audit Planning and Documentation (ISA 230, 300, 320). Introduction to audit evidence (ISA 500–501). Sufficiency and appropriateness of audit evidence in relation to financial statement assertions. Auditor’s response to assessed risks (ISA 330): tests of controls and substantive testing. Direction of testing. Introduction to sampling methods for audit evidence (ISA 530).
  5. Understanding and using the internal control system for the audit of financial statements (ISA 315). Sampling and test of controls for sales, purchasing, payroll, inventory, cash, and capital expenditure systems. Communication of control deficiencies to those charged with governance and management (ISA 265). The relationship between internal audit and governance, and differences between internal and external audit. Scope of internal audit, outsourcing, and internal audit tasks. Use of internal audit work (ISA 610).
  6. Assertions and types of substantive testing (ISA 500, 505, 520). Audit sampling and other testing techniques (ISA 530). Use of automated tools and techniques.
  7. Reading Week – Essay.
  8. Gathering evidence for selected financial statement items: fixed assets, inventories, receivables, cash, liabilities, accruals (revenues/expenses), long-term liabilities, and management remuneration. Use of auditor’s expert (ISA 530). Specifics of auditing non-profit organisations.
  9. Audit review and finalisation. Subsequent events (ISA 560). Going concern assumption (ISA 570). Written representations (ISA 580). Final audit procedures and overall review (ISA 520, 450).
  10. Forming the auditor’s opinion and reporting on the financial statements (ISA 700, 705, 706). Auditor’s responsibility for other information in documents containing audited financial statements (ISA 720).
  11. Use of Information Technology in Auditing Financial Statements. Introduction to analytical tools for auditors in RStudio and Excel. Types of accounting data, their storage and upload. Data processing and analysis of accounting transactions and cycles. Analytical procedures.
  12–13. Using IT for risk assessment and substantive testing. Audit of receivables, reconciliation of the trial balance. Confirmations. Estimation and accrual of bad debt allowances. Stratified sampling and monetary unit sampling.

• Structure of Seminars:
  The seminars build on the material covered in the preceding lectures, primarily through case study analysis and discussions of the relevant issues.

Literatura

povinná literatura
• ACCA : Audit and assurance (AA) : workbook : applied skills. Fourth edition. London: BPP, 2023, xxii, 452. ISBN 9781035500420. info

doporučená literatura
• ACCA Applied skills : audit and assurance (AA) : study text. Wokingham: Kaplan Publishing, 2019, 26, 548. ISBN 9781787403963. info
• HAYES, Rick Stephan; J. C. A. GORTEMAKER a Philip WALLAGE. Principles of auditing : an introduction to international standards on auditing. 3rd ed. Harlow, England: Prentice-Hall, 2014, xxi, 714. ISBN 9780273768173. info

Výukové metody

Seminars, discussions, case study analysis, self-study of assigned literature, and questionnaires.
Any copying, recording or leaking final tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.

Metody hodnocení

The exam is conducted as a three-hour computer-based exam (CBE). All questions are compulsory and combine both computational and discursive elements, with some questions based on case studies. Before the exam starts, students are given 10 minutes to read the instructions.

The exam is divided into two parts:
Part A: Includes three case studies worth 10 points each. Each case study contains five multiple-choice questions worth 2 points each. Total of 30 points.
Part B: Includes one case study worth 30 points and two additional case studies worth 20 points each, requiring open-ended answers. Total of 70 points.
In total, students can achieve up to 100 points in the exam..To successfully complete the course, students must obtain at least 50% of the exam points.

Conditions for Participating in the Exam Test:
1. Minimum 75% attendance at seminars.
2. Submission of an essay on the assigned topic.

Grading Scale: 100–91% = A, 90–81% = B, 80–71% = C, 70–61% = D, 60–50% = E, less than 50% = F.

In case the student participates in a study abroad program, they must successfully complete at least 10 quizzes, submit the assigned case studies from the interactive syllabus, and write an essay on the specified topic.

The final grade will be based on the result of the final exam through the university's information system. In the case of a study abroad program, the student must contact the course guarantor before departure and arrange deadlines for fulfilling the stated conditions.

Warning: Any form of cheating, recording or removing exam content, use of unauthorized aids or communication devices, or other actions compromising the objectivity of the exam (or credit) will be considered a failure to meet the course requirements and a serious violation of academic regulations. As a result, the instructor will record the exam in the IS with the grade "F" and the dean will initiate disciplinary proceedings, which may lead to expulsion from the university.

If you have any questions regarding the course and its completion, please email: radim.prochazka@mail.muni.cz

Vyučovací jazyk

Angličtina

Informace učitele

https://is.muni.cz/auth/predmet/econ/podzim2017/MPF_AAUD
The course is taught annually. The course is taught: every week. Lectures and seminars are not recorded. Any copying, recording or leaking tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination Students in this course are expected to adhere to the Masaryk University’s high standards of integrity as spelled out in the Disciplinary Code for Students and Directive N.3/2008. Anyone who cheats on tests or exams, will be subject to the penalties set forth in the Code.

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