SMU ASoc - Audit & Assurance

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Accountancy Module

ACCT 331: Audit and Assurance Services (Audit)

Official Description on Oasis		Professors
This course enables students to build a solid understanding of the basic assurance concepts, approaches and techniques and begin to develop the skills and attitudes necessary to succeed in the public accounting profession. The focus of course materials and activities is to train students to evaluate the impact of risk on an entity's business strategy and its major internal processes (such as sales, marketing, distribution, supply chain and production management); how such risks are managed; and the consequential effect on how an audit is performed (what types of evidence to gather, and how much; what type of audit opinion to give). Students are also introduced to computer-assisted audit technique and the various factors that affect a CPA's professional independence, competence and judgement, and the external forces (such as litigation and public opinion) which are working on the profession today.		Prof Jean Seow
		Pre-requisite
		Financial Accounting
Importance		Project
Insufficient information to comment		Students will be given a case study to analyse. Using the concepts learnt in class, students are expect to apply them to the case studies accordingly. No report will be required but a presentation is expected from the students.
Difficulty Level		Technical Difficulty
A survey was done in May 2011 on the level of difficulty for the various accountancy modules. Rating was done on a scale of 1 to 5 [1:very easy and 5: OMG!]. Generally, you can consider a rating of < 3 to be manageable and relatively easy. A rating of 3 to 3.5 can be considered challenging yet manageable. A rating of > 4 will probably give rise to horror stories. For comparison, go to modules difficulty.		Average: 3.63/5
		Project Difficulty
		Average: 3.44/5
Interesting Facts		Advice and Studying Tips from Seniors
Audit and Assurance used to be an ACCT202 module (i.e. year 2 module) but the syllabus was changed and it is now an ACCT306 module with effect from Term 1 2009/2010. Students who had previously taken only ACCT303 Advanced Audit will now have to take this module.		Keep up with the readings (which can be quite heavy) and try to think logically when confronting the different questions Understand the SSA. Applications of concepts is more important than the memorizing it. The exams will be structured in such a way that is beyond your imagination. It may help if you've done an audit internship before taking this module. Do all readings after class. Just go through slides before class Understand the concepts and various terms so that you can apply them to cases
Resources		Feedback
Primary Text: insufficient information SSA: www.icpas.org.sg Every information that you might need: Google & Wikipedia		We hope to constantly update the information to make it relevant and reliable for future batches. >>>>> Help us improve this article now! Do your part in contributing back to the school!