MPF_AUDI Auditing

Faculty of Economics and Administration
Autumn 2024
Extent and Intensity
0/2/0. 5 credit(s). Type of Completion: zk (examination).
In-person direct teaching
Teacher(s)
prof. Ing. Eva Horvátová, CSc. (seminar tutor)
Ing. Radim Procházka (seminar tutor)
Guaranteed by
prof. Ing. Eva Horvátová, CSc.
Department of Finance – Faculty of Economics and Administration
Contact Person: Iva Havlíčková
Supplier department: Department of Finance – Faculty of Economics and Administration
Timetable of Seminar Groups
MPF_AUDI/01: Tue 8:00–9:50 P201, except Tue 17. 9., except Tue 5. 11., E. Horvátová, R. Procházka
Prerequisites
( BPF_FIU1 Financial Accounting 1 && BPF_FIU2 Financial Accounting 2 ) && (! MPF_AAUD Auditing ) && !NOWANY( MPF_AAUD Auditing )
The 'Auditing' course builds upon the knowledge students have acquired in previous accounting courses, specifically Financial Accounting I and II.
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.

The capacity limit for the course is 46 student(s).
Current registration and enrolment status: enrolled: 45/46, only registered: 0/46
fields of study / plans the course is directly associated with
Course objectives
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.
Learning outcomes
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.
Syllabus
  • 1. Introduction to statutory audit – significance, principles, objectives, and regulation.
  • 2. The role of governance, internal control, and internal audit.
  • 3. Code of Ethics.
  • 4. Financial statement assertions, assessing risks of financial statement misstatement, and performing preliminary analytical procedures.
  • 5. Introduction to audit evidence and audit planning.
  • 6. Internal control and tests of internal controls.
  • 7. Substantive testing, sampling, and evidence-gathering techniques.
  • 8. Testing of fixed assets, inventory, and accounts receivable.
  • 9. Testing of equity and liabilities.
  • 10. Audit review and finalization.
  • 11. Auditor's report.
Literature
    required literature
  • ACCA : Audit and assurance (AA) : workbook : applied skills. Fourth edition. London: BPP, 2023, xxii, 452. ISBN 9781035500420. info
  • MÜLLEROVÁ, Libuše and Vladimír KRÁLÍČEK. Auditing pro manažery, aneb, Jak porozumět ověřování účetní závěrky statutárním auditorem. 4. vydání. Praha: Wolters Kluwer, 2020, 223 stran. ISBN 9788075989079. URL info
    recommended literature
  • DENNIS, IAN. Auditing Theory; Vydavatel: Taylor & Francis Ltd, Abingdon. 158 stran;. 2018. ISBN 978-1-138-59970-3. info
  • HAYES, Rick Stephan, J. C. A. GORTEMAKER and Philip WALLAGE. Principles of auditing : an introduction to international standards on auditing. 3rd ed. Harlow, England: Prentice-Hall, 2014, xxi, 714. ISBN 9780273768173. info
Teaching methods
Seminars, discussions, case study analysis, self-study of assigned literature, and questionnaires.
Assessment methods
A written exam concludes the course. To pass the course, you must achieve at least 60% of the points on the written test.

To be eligible to take the exam, the following conditions must be met:
1. A minimum of 75% attendance in seminars.
2. Successful completion of at least 10 questionnaires.

Grading scale: 100 – 92% = A, 91 – 84% = B, 83 – 76% = C, 75 – 68% = D, 67 – 60% = E, less than 60% = F.

In case of a student’s study abroad, the student is required to successfully complete at least 10 questionnaires and submit the case studies assigned in the interactive syllabus. The grade will be based on the final exam result through the university’s information system. In case of study abroad, the student is obliged to contact the course guarantor before departure and arrange the deadlines for fulfilling the stated requirements.

Warning: Any copying, recording, or leaking of tests, use of unauthorized tools, aids, and communication devices, or other disruptions of the 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 conclude the exam (credit test) by awarding a grade of "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in termination of studies.
Language of instruction
Czech
Follow-Up Courses
Further comments (probably available only in Czech)
Study Materials
The course is taught annually.
General note: Tento předmět je obsahově ekvivalentní s předmětem MPF_AAUD vyučovaném v anglickém jazyce.
Credit evaluation note: k = 1,25.
Listed among pre-requisites of other courses
The course is also listed under the following terms Spring 2010, Spring 2011, Spring 2012, Spring 2013, Spring 2014, Spring 2015, Autumn 2015, Autumn 2016, Autumn 2017, Autumn 2018, Autumn 2019, Autumn 2020, Autumn 2021, Autumn 2022, Autumn 2023.
  • Enrolment Statistics (recent)
  • Permalink: https://is.muni.cz/course/econ/autumn2024/MPF_AUDI