Course syllabus AUD - Auditing (FBE - WS 2014/2015)

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Course code: AUD
Course title in language of instruction: Auditing
Course title in Czech: Auditing
Course title in English: Auditing
Mode of completion and number of credits: Exam (5 credits)
(1 ECTS credit = 28 hours of workload)
Mode of delivery/Timetabled classes: full-time, 2/1 (hours of lectures per week / hours of seminars per week)
Language of instruction: Czech
Level of course: master continuing
Semester: WS 2014/2015
Name of lecturer: Ing. Vladimír Bobek (examiner, instructor, lecturer)
Ing. Miloš Grásgruber, Ph.D. (supervisor)
Prerequisites: Financial Accounting II focusing on V4 countries
Aims of the course:
The aim of the course is to familiarize students with the statutory audit of financial statements, mainly from the point of view of the future user of the audit services, specifically: what can be expected by the statutory audit, and how to understand to the auditor's report. During lecture a student gains information about the importance of the statutory audit, its risks, legislations and own performance of audit (from the preparing of the contract, getting to know with a client, planning of audit process, testing of the potential misstatements, to the preparing of the audit's report and the discussion of this report with the management of the accounting entity). After completing the course, a student gains both a theoretical knowledge of audit and a methodology of audit's performance which is in accordance with the international rules, namely IFRS. Furthermore, a student will be able to make the main audit's processes with the evaluation of misstatements and drawing up an audit's report.
Course contents:
1.General conditions of establishment of the audit profession, historical development (allowance 2/0)
2.Definition of audit, its aims, functions and its subject (allowance 2/0)
3.The legal framework of audit in the Czech Republic (allowance 2/0)
4.Audit standards, general meaning of ethics, the Code of Ethics (allowance 2/0)
5.Phase of the audit (allowance 10/8)
a.Getting to know with a client, its activities, factors affecting the activity and preparation of the contract (the first phase of audit)
b.Planning of audit process (the second phase of audit), a meaning of internal controlling system
c.The performance of audit (the third phase of audit), testing, choosing of samples
d.The end of audit. Summary of identified misstatements, events after the balance-sheet day, presumption of the going concern

6.The content and structure of audit's report, the letter for the management of accounting entity (allowance 4/2)
7.The audit of annual report, the report about associated/related entities/person (allowance 2/2)
8.The internal audit, mutual interactions between internal and external auditor (allowance 2/2)
9.The supposed development and the perspective of the audit profession in the Czech Republic and in the world (allowance 2/0)
Learning outcomes and competences:
Generic competences:
-ability to analyse and synthesize
-ability to apply knowledge
-ability to create new ideas (creativity)
-ability to organize and plan ahead
-ability to solve problems
-ability to work in international context
-ability to work independently
-professional knowledge
-skilled at utilizing and processing information

Specific competences:
- Students can explain the different phases of the audit
-Student can describe the methodology of audit
-Student is able to explain the importance of the audit of financial statements
-Student is able to understand the auditor's report
-Students are able to implement the audit procedures

Type of course unit: required
Year of study: Not applicable - the subject could be chosen at anytime during the course of the programme.
Work placement: There is no compulsory work placement in the course unit.
Recommended study modules: -
Learning activities and study load (hours of study load):
Type of teaching methodDaily attendance
Direct teaching
     lecture28 h
     practice14 h
     preparation for exam64 h
     preparation for regular assessment34 h
Total140 h
Assessment methods:
Admission to the examination is the student's active participation in seminars. The exam is written. Length of written examination is 60 minutes. Desired success in the written examination is 60%.
Recommended reading:
TypeAuthorTitlePublished inPublisherYearISBN
RQDVOŘÁČEK, J.Audit podniku a jeho operacíPrahaC. H. Beck200580-7179-809-6
RQFEDOROVÁ, A. -- TOMANOVÁ, L. -- JAKUBCOVÁ, M.Audit účetní závěrky: pro auditované podniky2012Brno: Akademické nakladatelství CERM2012978-80-7204-778-9
RQSEDLÁČEK, J.Základy audituBrnoMasarykova univerzita201180-210-4168-4
RERICCHIUTE, D N. -- JANEČKOVÁ, L.AuditPrahaVictoria Publishing199480-85605-86-4
REKRÁLÍČEK, V. -- MUELLEROVÁ, L.AuditingPrahaBilance1998
REDVOŘÁČEK, J.Interní audit a kontrolaPrahaC.H. Beck200380-7179-805-3


Last modification made by Ing. Marcel Vytečka on 05/22/2014.

Type of output: