Auditing (MRR220)

Content

The subject provides a thorough introduction to the regulatory environment within which external auditors operate, and establishes a solid foundation for the development of the necessary skills required in the role of an auditor. After taking the course, students should be able to apply knowledge to develop technical skills in related fields. They should also be able to analyze relevant professional, research, and ethical issues, and demonstrate the ability to think critically and reflect on such issues.

An auditor is expected to understand how industry issues, processes, choices, and ethical dilemmas are influenced by various stakeholders' interests, legislators at both national and international levels, and social values, and to review evidence, evaluate the relevance of the evidence, and make decisions that are in line with the regulatory requirements of the profession. Such issues are discussed throughout the course. An auditor must also possess problem-solving skills that can be applied to resolve business-economic related issues. Such skills are emphasized during the course.

The course will review the auditor's legal obligations related to sustainability reporting.

The language of instruction is Norwegian. The examination can be answered in either Norwegian or English.

Learning outcome

Knowledge

Upon completion of this course, students will have knowledge of:

• Key audit concepts, the international auditing standards, the Norwegian audit regulations including the Auditor Act, the Money Laundering Act, and sustainability reporting
• Collection, evaluation, and application of audit evidence to determine whether a financial statement has been prepared in accordance with the applicable financial framework
• The importance of good corporate governance in companies to ensure that they operate with integrity and compliance with laws and regulations
• The audit process used by an auditor to perform a statutory audit, including, among others, risk assessment, internal control, and audit evidence
• The auditor's role in the capital markets, including insight into society’s and other stakeholders' expectations of the auditor

Skills

Upon completion of this course, students will be able to:

• Critically evaluate the external reporting of companies
• Argue for improvements to the external reporting of companies
• Reflect on the auditor’s role in society in maintaining openness and trust in the capital markets
• Understand and convey the legal requirements and frameworks that an auditor must comply with and how these affect an auditor’s work
• Understand how an auditor practicing in Norway is influenced by the international framework, and what advantages this can have for the auditor’s role as the public's person of trust
• Describe the audit process for a statutory audit from start to finish, understand various issues that the auditor encounters during the process, and also be capable of arguing for the various choices made Critically reflect on the standardization of audit assignments
• Reflect on the auditor’s role in relation to sustainability reporting, and that they are an important contributor to the green transition

Required prerequisite knowledge

Exam

Coursework requirements

Passed 3 out of 4 compulsory assignments. All 4 assignments must be delivered. In addition, a mandatory group presentation follows.

Compulsory attendance at selected seminars.

Course teacher(s)

Course coordinator:

Course teacher:

Study Program Director:

Method of work

Open for

Course assessment

Literature