Introduction to Auditing 200: Principles, Controls and Corporate

School: International Training College Lingua - Course: ECONOMICS 1068 - Subject: Accounting

Dear Student INTRODUCTORY NOTES Auditing 200is the first Course in the Audit series. Audit is a cumulative course (subject). You must therefore take the course seriously as it will impact on the future audit courses: This course will include the consideration of how businesses are run at a high level through corporate governance. The course will considers how these high level principles feed into the design of controls and what makes an effective controls system. The requirements of auditing standards will be introduced at auditing 200 and developed by applying these principles to various scenarios. Throughout each unit the focus should be on application of the knowledge which should be practiced by doing relevant application questions. I encourage you to complete the activities/exercises in class and at home rather than just reading the feedback as you are more likely to understand the principles you are learning or being taught if you can complete the questions and it will also give you an opportunity to practice on your exam technique, a key skill required to pass the examination. Spending time re-writing your notes will not be helpful and should be restricted to making checklists for each unit to assist you in obtaining coverage over all the points. Reading the relevant standards for a subject prior to the unit and then skimming the unit to ensure all points are understood will make best use of your time and the guide. The focus of the course is on systems and controls and will not consider all aspects of a business such as marketing and development of strategy, which are covered in other subjects. It will also form the foundation of Auditing 301/310 and 302 Course Name:AUDITING 200 Course Code:AUD 612S Department: ACCOUNTING, ECONOMICS AND FINANCE Course Duration:ONE SEMESTER NQF Level and Credit:LEVEL 6; 12 CREDITS Course Content:

This course deals with the follwing areas of study:: 1.Auditing Introduction a)Evolution and development of auditing profession b)What is an auditor c)Types of audits d)Need for auditors e)Criteria of the profession f)Setting of standards g)Assurance vs. non-assurance engagements 2.Corporate Governance a)Explain the requirement for corporate governance and the current corporate governance guidance available in Namibia; 3.Legislation and Regulation a.Describe the statutory and non-statutory forms of regulation over the profession; b.Identify the impact of the Namibian Law; c.Identify the guidance available to auditors and all accountants in the performance of their work; d.Identify the impact of ethical standards on the acceptance and performance of audit engagements; and e.Explain the additional responsibilities of the auditor and the audit firm in relation to money laundering.