Revisjon

The subject covers methodology of financial statement audits and conduct of external auditors based on professional standards.

Lectures will be held in Norwegian. Some lectures may be held in English.

ØARR4100 Financial Accounting and ØARR4000 Business Law

None

After completing the course, the student should have the following overall learning outcomes defined in terms of knowledge, skills and general competence:

Knowledge

The student has

• in-depth knowledge of the audit process (client acceptance, planning, understanding the entity and its risks, evaluation of internal controls, execution of testing, evaluation of audit evidence, completing the audit, and audit reporting)
• an understanding of the content of professional standards (such as the International Standards on Auditing (ISAs), IESBA code of ethics, and the Norwegian Auditors Act)
• an understanding of supply and demand of assurance services, financial reporting quality, and regulatory oversight of the audit profession

Skills

The student can

• plan an audit, including determining materiality
• assess the risk of material misstatement of the financial statements, including assessing the risk of fraud
• identify relevant internal controls and evaluate evidence of test of controls
• evaluate the nature, timing and extent of executed audit procedures and obtained audit evidence
• express an appropriate audit opinion, including taking into account going concern considerations

General competence

The student exercises professional skepticism and conducts audits in line with professional standards

The course is taught in plenary lectures, and students work and discuss cases in groups and plenary sessions.

The teaching takes place with in-person attendance on campus. Some lectures may be conducted online.

No coursework requirements or compulsory activities

The exam in the course is a supervised exam of 5 hours.

The following aids are permitted:

• Calculator (see regulations for the use of calculators in the programme description)
• Students will be provided access to a PDF-file on the exam computer that contains relevant laws and regulations (specific content is shown on Canvas).
• Exam mode of Lovdata Pro

Grade scale A-F

The exam papers are assessed by one internal and one external examiner.

At least 25% of the exam papers will be assessed by two examiners. The grades awarded for the papers assessed by two examiners form the basis for determining the level for all the exam papers.