UNIVERSITY OF PROFESSIONAL STUDIES, ACCRA
Faculty: Accounting & Finance
COURSE OUTLINE
VITAL INFORMATION
COURSE TITLE:
Auditing 1
COURSE CODE:
PBAC 307
DEPARTMENT:
Accounting
PROGRAMME:
B.Sc (Accting)
SEMESTER:
1st
SESSION:
LEVEL:
300
CREDIT HOURS:
3
ROOM:
LBC 504/603
TIME:
2pm-5pm
LECTURER:
Peter Ackah
MOBILE:
E-mail:
peter.ackah@upsamail.edu.gh
Regular/Weekend
024-4801841/027-7801841
ACADEMIC CALENDAR:
Date of First Lecture:
Date of Last Lecture:
Revision week:
End of Trimester exams:
Trimester ends:
6th Sept 2014
22nd Nov 2014
29th Nov 2014
6th – 20th Dec 2014
20th Dec 2014
Overall Course Aim(s):
 To equip students with the understanding and application of auditing principles and
techniques.
 It also aims at assisting students to know the nature, purpose and conduct of an audit and
also the professional, ethical and legal requirements of an audit as well as audit report.
Teaching Methods
 Lectures, in-class short tests, homework
 Power point presentation
 Explanation on board
 Individual/Group Project
Student Responsibility:
1. Class attendance is mandatory and students must participate in all activities in class.
2. All assignments must be submitted on due dates.
Course Information
Course Description:
Lecturer:Peter Ackah, 024-4801-841 & 027-4801-841
Page 1 of 5
The course develops an understanding and application of auditing principles and techniques. The
nature and purpose of an audit, the conduct of an audit, the audit report, professional, ethical, and
legal requirements.
Indicative Course Content
A) Nature of an Audit
i. The History of Audit
ii. Definition of Audit
iii. Objective of an audit
iv. Main issues of the definition/objective

Independent examination

Expression of opinion

Evidence

Detection of fraud and irregularities

Financial statements

True and Fair view

Compliance with relevant statutory obligations
B) Issues of Audit
i. Responsibilities of the auditor

Primary

Secondary
ii. Education and Training
iii. Code of ethics
iv. Types of audit
v. Methods of audit
vi. Value for money
vii. Regulatory framework
C) The Appointed Auditor
i. Appointment
ii. Qualification
iii. Disqualification
iv. Duties of an auditor
v. Remuneration issues
vi. Removal of the auditor
vii. Resignation
viii. Rights of the auditor
ix. Personal qualities of the auditor
x. Legal relationship of the auditor
D) The Audit Work
i. Engagement process

Letter of engagement
ii. Audit management

Audit plan
E) The Audit Work (Contd)
i. Control over conduct of an audit
ii. Audit Programme
iii. Audit Documentation

Permanent files

Current files
Lecturer:Peter Ackah, 024-4801-841 & 027-4801-841
Page 2 of 5
iv. Introduction of Audit evidence
F) Risk Assessment and Professional ethics
i. Professional skepticism and judgement
ii. Audit risks
iii. Business risks
iv. Materiality and assessing risks of material misstatements
v. l principles of professional ethics
vi. Threats to independence and objectivity
G) Internal Audit
i. Internal audit and corporate governance
ii. Distinction between internal and external audit
iii. Scope of internal audit function
iv. Internal audit assignment
v. Internal audit report
vi. Outsourcing of internal audit
H) Internal Controls
i. Internal control systems and use
ii. Evaluation of internal control components
iii. Internal control in a computerized environment
I) Tests of controls
i. Sales system
ii. Purchases system
iii. Inventories system
iv. Cash system
v. Payroll system
vi. Revenue and capital expenditure
Learning Outcomes
Learning Objectives
Upon the completion of this course, the student is expected to:
 Reasonably understand the nature and conduct of audit
 Be able to determine the risks of material misstatements
 Be able to know corporate governance principles and internal audit
 Appreciate the need for internal controls and the tests of them
 Know the types of audit reports
Resources & Reading List
Prescribed Textbooks & Slides
i. Title
Author
Priority
a. Audit and Assurance, ACCA F8
Study text (2011 or 2012
BPP
b. Auditing, Theory and Practice
(The Auditing Compendium)
Kwame Boasiako
Omane-Antwi
Required
c. Internal & Audit Review
ICA
Optional
Required
ii. Soft copies of PowerPoint Slides from Lecturer’s Notes
Lecturer:Peter Ackah, 024-4801-841 & 027-4801-841
Page 3 of 5
Summative Assessment
Assessment
Grades will be awarded as follows:
End-of-semester examination 65%
Continuous assessment
35%
Grade
Aggregate
A
80% - 100%
B+
75% - 79%
B
70% - 74%
B65% - 69%
C+
60% - 64%
C
55% - 59%
C50% - 54%
D
45% - 49%
F
0 – 44%
Passing Requirements
 To pass the course, the students must obtain at least 50% of the aggregate marks.
 Must satisfy attendance requirement as stipulated by the University
Lecture Timetable
Period
Week 1
06/9/14
Week 2
13/9/14
Topic/Lecture Content
Nature of an Audit
Assignment/Deadlines
Issues of Auditing
Homework/Class exercise
Week 3
20/9/14
Week 4
27/9/14
The Appointed Auditor
Homework/Class exercise
Week 5
04/10/14
-Audit Programme
-Audit Documentation
Week 6
11/10/13
Risk Assessment and
Professional ethics
Week 7
18/9/14
Week 8
25/9/13
Week 9
1/11/14
Week 10
8/11/14
Week 11
15/11/14
Week 12
22/11/14
Week 13
29/11/14
-Engagement process
-Audit management
Homework/Class exercise
First IA
Internal Audit
Homework/Class exercise
Internal Controls
Homework/Class exercise
Tests of controls
Homework/Class exercise
END OF LECTURES
Revision week
Lecturer:Peter Ackah, 024-4801-841 & 027-4801-841
Second IA
-
Page 4 of 5
Week 14
6/12/1420/12/14
End of Semester exams
Lecturer:Peter Ackah, 024-4801-841 & 027-4801-841
-
Page 5 of 5