Control and Audit

Total Hours in Course81

Number of hours for lectures16

Number of hours for seminars and practical classes16

Independent study hours49

Date of course confirmation21.06.2018

Responsible UnitInstitute of Economics and Finance

Course developer

lect.

Ingrīda Pētersone

Mg. oec.

Prior knowledge

Ekon4102, Financial Accounting

VadZ4027, Entrepreneurship

Course abstract

The course provides knowledge of the nature of control, its types and understanding of the auditing process of the company's financial statements and the legal and professional rules of the activities of independent auditors, international standards of auditing.

Learning outcomes and their assessment

1. Demonstrate the knowledge and understanding of the essence, concepts and kinds of control and audit - independent work
2. Demonstrate an in-depth and profound knowledge and understanding of the control and audit process at enterprises - test
3. Independently apply theory about the types of control and audit, requirements for independent auditors, the auditing process and auditing methods - group work
4. Reasonably explain and discuss control and audit-related matters - discussions in classes
5. Independently choose adequate auditing methods at an enterprise, determine the significance of an audit and choose the kind of an audit report according to the circumstances - test
6. Responsibly plan the completion of the assignments given - practical assignments
7. Reasonably conclude on the methods chosen - practical assignments
8. Engage in and assume responsibility for the results of group work and the analysis of the results - group work, a summary
9. Independently formulate and critically analyse control and audit-related problems - test

10. Choose adequate auditing methods, procedures and the kind of an audit report according to the circumstances - test, practical assignments

Course Content(Calendar)

1.Nature and types of control (lecture 2 hours and practical work 2 hours)
2. The essence of internal control (lecture 1 hour and practical work 1 hour)
3. Basics of Internal Audit (lecture 1 hour and practical work 1 hour)
4. The nature, objectives and legal framework of the independent audit (lecture 1 hour and practical work 1 hour)
5. Contents and forms of professional activity of certified auditors (lecture 1 hour and practical work 1 hour)
6. Documentation and quality control of audit (lecture 1 hour and practical work 1 hour)
7. Description of the components of the audit process (lecture 1 hour and practical work 1 hour)
8. Audit preparation stage (lecture 1 hour and practical work 1 hour)
9. Control authorities in Latvia (lecture 1 hour)
10. Test: essence of control, types, requirements for auditors and rules of professional activity, description of components of audit process (practical work1 hour)
11. Audit Risk and Materiality (lecture 1 hour and practical work1 hour)
12. Audit evidence (lecture 1 hour and practical work1 hour)
13. Audit procedures (lecture 1 hour and practical work1 hour)
14. The essence of analytical procedures and their application (lecture 1 hour and practical work 1 hour)
15. Auditor's report (lecture 1 hour and practical work1 hour)
16. Control authorities in Latvia (lecture 1 hour)

17. Test: Audit methods, procedures for obtaining evidence, materiality of audit and choice of type of auditor's report as appropriate (practical work 1 hour)

Requirements for awarding credit points

During the course the student must pass a test and test on the topics acquired during the course
During the course the student has to develop individual work on topical control topics and present it during lectures. Presentation lasts up to 10 minutes.

Description of the organization and tasks of students’ independent work

To master and strengthen theory questions by studying literature and solving tasks. Prepare for the test and test. To develop independent work on the selected actual audit topic.

Criteria for Evaluating Learning Outcomes

1. Test on the topics covered in the course - 40 %
2. Test on the topics covered in the course - 40 %
3. Independent work (presentation) on current topics of the audit - 20 %
Independent work, test and control work are evaluated according to the pre-defined assessment procedure.
The overall assessment of the study course depends on the assessment of the test, test and individual work.
10 %equal to one point on a 10-point marking scale.

Compulsory reading

1. Starptautisko revīzijas, apliecinājumu pakalpojumu un ētikas oficiālo paziņojumu rokasgrāmata: 2004. gada izdevums. Starptautiskā grāmatvežu federācija. Rīga: Latvijas Zvērinātu revidentu asociācija, 2004. 873 lpp.
2. Daņēviča D. Finansu pārskatu revīzija: Starptautiskie revīzijas standarti. Rīga: Biznesa augstskola Turība, 2003. 128 lpp.
3. Gray L., Manson S., Crawford L. The Audit Process Principles, Practice and Cases. 6th ed. UK: Cengage Learning EMEA, 2015. 920 lpp. ISBN: 978-1-4080-8170-9

4. Бичкова С. М., Растамханова Л. Н. Риски в аудиторской деятельности. Под редакцией С. М. Бичковой. Москва: Финанси и статистика, 2003. 416 с.

Periodicals and other sources

1. Dienas Bizness: nedēļas laikraksts: ISSN 1407-2041
2. Forbes. "SK Media" SIA. Forbes. Rīga : ISSN 1691-6018
3. Kapitāls. Rīga: Lietišķās informācijas dienests. ISSN 1407-2505
4. Latvijas Ekonomists. Rīga: Mamuts, 1995. ISSN 1025-8922
5. International Small Business Journal. http://isb.sagepub.com/

6. The Economist. London: Economist Newspaper Ltd. ISSN 0013-0613

Notes

Restricted elective course for the Bachelor’s study programme “Economics” of the Faculty of Economics and Social Development

Atsauksmes