Auditing (MRR220)

Content

This course provides an understanding of an external auditor’s regulatory environment and a framework for developing the skills necessary to work as an auditor, including:

• the ability to apply the knowledge from this course to developing technical skills in related areas,
• the ability to analyze relevant professional, research and ethical issues, and
• demonstrate the ability for critical thinking and reflection.

An auditor is expected to be able to understand how professional problems, processes, decisions, and ethical dilemmas are influenced by stakeholder interests, regulators at both the national and international level and social values, and to review evidence, evaluate its relevance and make decisions that are consistent with the regulatory requirements of the profession. These issues are discussed throughout the course.

An auditor must also posess problem-solving skills that can be used to make decisions in a general business setting. We emphasize these skills during the course.

The course MRR220 may be taught in English or Norwegian. The written exam can be answered in either English or Norwegian.

Learning outcome

Upon successful completion of this course, the student should be able to:

Knowledge

• Demonstrate good insight into the fundamental role of the auditor in the capital markets system, including insights into societal and stakeholder expectations for auditors
• Demonstrate a good understanding of the audit process from a global perspective and the role of Norwegian and international regulators in shaping the professional responsibilities of the auditor
• Demonstrate thorough knowledge of the importance of internal control systems in the audit process, including an understanding of how control systems should be documented and tested

Skills

• Understand and be able to use International Standards of Auditing (ISAs)
• Utilize key audit concepts, including classes of transactions, account balances and audit assertions
• Assess the risk of material misstatement in the financial statements, including the risk of fraud
• Plan the audit process, including identifying risks and controls, determining materiality and defining an audit strategy to be used during an audit
• Develop a good understanding of how evidence is obtained, evaluated, and used to provide a basis for evaluating whether financial statements have been prepared according to the applicable financial reporting framework
• Demonstrate an understanding of the audit procedures used by an auditor to conduct an audit
• Demonstrate insight into how an auditor concludes an audit and determines the appropriate audit opinion for the audit report

Required prerequisite knowledge

Exam

Coursework requirements

Course teacher(s)

Course coordinator:

Course teacher:

Study Program Director:

Method of work

Open for

Course assessment

Literature