Key words
Auditing - Check up of accountants - Audit; IWETO-code S192 Bookkeeping Sciences
Objectives
This course aims at providing insight into the audit of an annual statement of account.- First, there is a general survey of what an audit is. Then, we study the Belgian rules and regulations governing the professions of company auditor and accountant as well as the acknowledged accountants and tax specialists.
- The legal regulation concerning the audit and the obliged depositions of an enterprise are also discussed.
- Provide insight into the importance of an internal auditing system, the generally accepted audit standards and the significance of materiality and audit risk.
- You will moreover learn about audit procedures and assembling an audit file.
- In the course we go into the objectives of control and the activities of control performed in the audit of an annual statement account. This is done in a broader frame of collecting evidence concerning the formation of judgements.
- The student will continually find the interaction concerning the knowledge and insight acquired in other courses.
- The student will learn to know, understand and interpret the terms used in audit reports.
Topics
- Introduction
- Professional rules and regulations
- Laws of control and duty of registration of the company
- Study of the audit strategy: how to set up an intern control system, generally accepted rules of control, materiality and control risk, methods of control, how to make a control file, objectives of control, activities of control and the control report.
Prerequisites
Knowledge of general and corporation bookkeeping, personal income tax and VAT
Final Objectives
Knowledge
Job-related (specific):- Knowledge of the laws and regulation of the central and depositional obligations of enterprises
- Knowledge of the sources in order to be able to retrieve the general and specific deontological rules
- Knowledge of legal, economical and accountancy documents
- Knowledge of the statutory documents
- Knowledge of methods of classification and filing away of documents and files
- Knowledge of the professional unions and organisations
- Knowledge of the latest topics concerning the profession
- Knowledge of the techniques of control of accountants
- Knowledge of the procedures of control and the audit strategy
- Knowledge of the technical terminology
Skills
General:- Thinking and reasoning power
- Being critical
- Working independently
Job-related (general):- Judging offered knowledge (being critical)
- Organising (analysing, outlining and making a hierarchy) of information
- Ability to analyse documents
- Ability to trace down anomalies and analyse information
- Ability to handle numerical data
- Ability to express oneself correctly
- Realisation of social responsibility concerning the practise of the profession
- Ability to handle confidential data in a deontological way
- Having a long-term concentration
- Ability to think logically
- Insight in complex situations
- Ability to arrange and follow a goal-oriented administration, keep a goal-oriented classification-system
Job-related (specific):- Follow up the financial and economical reality through professional literature
- Check in an efficient and effective manner whether the collected information and documents are correct, complete and up-to-date, point out difficulties and put in supplementations. If it is necessary undergo actions to make improvements.
- Insight in the organisation of the office of bookkeeping or of the enterprises
- Having an overview of the fundamental principles and applications of both intern and external audit
- Ability to apply the legislation in relation to all aspects of the profession in function of the received assignments
- Ability to handle economic, legal and bookkeeping information
- Ability to apply the deontological rules that are connected to the professions of accountant, tax agent, bookkeeper and tax specialist
- Arrange and keep a goal-oriented administration and maintain a goal-oriented classification-system
Attitudes
General: - Responsibilities
- Being loyal
- Integrity
- Being critical
- Precision and accuracy
Job-related (general):- Discretion
- Neatness
- Work systematically
Job-related (specific):- Sense of completeness
- Sense of structure
- Eagerness to work with numerical data
- Immune for stress
Materials used
Syllabus / Handbook
Study costs
The syllabus is made available for the students at the current price determined under Hogeschool rules.
The purchase price of the handbook is roughly 25 euro.
Study guidance
Practical exercises and case studies are corrected in class.
The student can ask the lecturer individual questions.
Teaching Methods
- Interactive discussions and a practical approach, using the annual statement of account of a company, taking into consideration the firm's business activities and its inherent risk.
- All practical exercises and cases are first introduced and explained to the entire class.
- The students work individually or in a team.
- Afterwards a discussion of answers and solutions is held in class.
Assessment
- First exam session: 100% written exam
- Second exam session: 100% written exam
Students only enrolled for taking the exams:- First exam session: 100% written exam
- Second exam session: 100% written exam
Lecturer(s)
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