School of Management, Unit Catalogue 2007/08 |
MN20018 Financial accounting and auditing |
| Credits: 6 |
| Level: Intermediate |
| Semester: 2 |
| Assessment: EX 100% |
| Requisites: |
| Before taking this unit you must take MN10008 or take MN10069 |
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Aims: To enable students to
* Gain an appreciation of the role of accounting regulation * Critically evaluate selected IFRSs * Construct and present single company accounts in standard form * Gain an appreciation of key tax principles * Understand the role of audit * Describe the processes for collection of audit evidence and audit planning * Understand the process of evaluation of internal controls. Learning Outcomes: Students will gain a thorough grounding in processing financial data and preparing final accounts and a general understanding of what is involved in the audit of those accounts. Skills: * Financial data manipulation and interpretation * Analytical and communication skills in relation to financial information * Exemptions from some ACCA/CIMA paper(s). Content: * Preparation of Manufacturing Accounts, Trading, Profit and Loss Accounts, Balance Sheets, Funds and Cash Flow Statements in statutory form. * The role and process of the regulatory framework in accounting. * The development of international standards. * Study of key IFRSs relating to the preparation and presentation of single company accounts. * The purpose and basis of the audit process; the audit trail and types of audit evidence. * Developing audit evidence; consideration of the concepts of materiality and audit risk. * Evaluation of internal controls. * Introduction to company taxation and relevant IFRSs. |