Course aims:

The syllabus starts with the nature, purpose and scope of assurance engagements both internal and external, including the statutory audit, its regulatory environment, and introduces governance and professional ethics relating to audit and assurance.
It then leads into planning and risk assessment audit. The syllabus then covers a range of areas relating to an audit of financial statements including the scope of internal control. These include, evaluating internal controls, audit evidence, and a review of the financial statements.
In addition to final review procedures, the final section concentrates on reporting, including the form and content of the statutory audit report.

Course Entry Requirements:

-

Course contents:

A. Audit framework and regulation B. Planning and risk assessment C. Internal control D. Audit evidence E. Review and reporting

Teaching methods:

Lecture, conversation, exemplification.

Learning outcomes:

Students will be able to: • To provide the knowledge needed to understand the mechanism, properties and practical skills to work in finance and accounting. • The use of specific procedures and techniques • To understand the audit procedure • To understand the opinions to be expressed by the auditor By the end of the course the student should have developed a feel for the basic concepts of auditing. Upon completion of this course the student will be able to: • Apply International Standards on Auditing and specific techiques • Understand an auditor’s role in society

Learning outcomes verification and assessment criteria:

Exam – 80%; verification during semester – 20%.

Recommended reading:

• The International Federation of Accountants IFAC, 2015 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
• Briciu S., Socol Adela, Ivan R., Tamas A., Puțan A., Topor D., Audit financiar. Aspecte teoretice și aplicații practice, Seria Didactica a Universității "1 Decembrie 1918" Alba Iulia, 2014
• Briciu S., Socol Adela, Rof L., Contribuţii la cunoaşterea şi implementarea unui model de evaluare a riscului de audit, Revista Audit Financiar, editată de CAFR, nr. 6, p. 29-36, 2010
• Tamas A., Socol Adela, Audit of the Consolidated Financial Statements – Intricate Aspects Based on Romanian Regulatory Statements, Revista Finanţe - Provocările viitorului, nr. 13, p. 51-59, 2011
• Socol Adela, Materiality in the context of an audit between professional judgment and subjectivism, Annals of the University of Petroşani, Economics, vol. VIII, Part II, p. 209-217, 2008