Auditing

Code:

LEC504

Acronym:

AUD

Keywords
Classification	Keyword
OFICIAL	Business Sciences

Instance: 2008/2009 - 2S

Active?	Yes
Web Page:	http://www.fep.up.pt/disciplinas/lge407/
Responsible unit:	Department of Management
Course/CS Responsible:	ECONOMICS

Cycles of Study/Courses

Acronym	No. of Students	Study Plan	Curricular Years	Credits UCN	Credits ECTS	Contact hours	Total Time
ECO	212	Official Curricular Structure since 2004	4	3	6	-
LECO	3	Bologna Official Syllabus	3	-	6	-

Teaching language

Portuguese

Objectives

To provide the students with methodologies and procedures used in auditing, particularly:
i) the planning;
ii) the internal control system;
iii) the procedures, techniques and adequate checks to conclude whether or not the financial statements fairly present the financial position and performance of a firm, in accordance with the selected financial reporting framework.

To give the students an overview of the relevant matters present in Portuguese laws (CSC end CodMVM) concerning auditing.

To provide the students with information about a career in auditing.

Program

I. Introduction

1. What is Audit?
2. Audit Objectives
3. Audit General Principles
4. Audit Scope
5. Differences between Auditing and Accounting
6. Auditing Standards
7. Conceptual Structure
8. Audit Process


II. Planning

1. Definition and Objectives
2. Knowledge of the Business
3. Risk and Materiality
4. Audit Evidence
5. Analytical Procedures
6. Working Plan
7. Documentation
8. Other Matters on Planning


III. Internal Control

1. Definitions and Importance
2. Internal Control Objectives
3. Internal Control Limitations
4. Internal Control System Elements
5. Evaluation and Understanding the Internal Control System
6. Control Tests


IV. Procedures for Obtaining Evidence in Auditing

1. Sampling
2. Substantive Procedures
2.1. Specified Analytical Procedures.
2.2. Tests of details of transactions and balances.


V. Auditing Specific Cycles

1. Third Parties Cycle
2. Cash Cycle
3. Revenues and Cost Cycle
4. Fixed Assets Cycle
5. Inventory Cycle
6. Equity and Debt Cycle
7. Accruals Cycle
8. Taxes Cycle

VI. Conclusions and Reporting

1. End of Work and Conclusions
2. The Auditor’s Report on Financial Statements
2.1. Objectives
2.2. Basic Elements of the Auditor’s Report
2.3. Formats


VII. Laws (Relevant matters)

1. Código das Sociedades Comerciais (Company Law)
2. Código do Mercado de Valores Mobiliários (Stock Market Law)


VIII. The Profession

1. The Portuguese Auditor Statute
2. Ethical Code
3. Regulations

Mandatory literature

Costa, C. B. e Alves, G. C. ; Casos Práticos de Auditoria Financeira, 4.ª Edição, Rei do Livros, 2007
Taborda, D. M. G. ; Auditoria – Revisão Legal das Contas e Outras Funções do Revisor Oficial de Contas, Sílabo, 2006
Costa, C. B.; Auditoria Financeira – Teoria e Prática, 8.ª edição , Rei dos Livros, 2007

Teaching methods and learning activities

Theoretical and practical classes

Evaluation Type

Distributed evaluation with final exam

Assessment Components

Description	Type	Time (hours)	Weight (%)	End date
Subject Classes	Participação presencial	67,50
	Total:	-	0,00