Module Catalogue 2026/27

Pre Requisite Comment

Available to students on NN14/NN49 only.

Co Requisite Comment

N/A

Aims

To develop students’ understanding of the critical aspects of managing an assurance engagement (including audit engagements): acceptance, planning, managing, concluding and reporting.
To enable students to prepare complete single entity financial statements, and extracts from those financial statements, covering a wide range of International Financial Reporting Standards (IFRS® Standards).
Students will also be required to explain accounting and reporting concepts and the application of IFRS® Accounting Standards and IFRS® Sustainability Standards to specified single entity scenarios.

Outline Of Syllabus

-       Legal and other professional regulations, ethics, accepting and managing engagements
-       Planning and performing engagements
-       Concluding and reporting on engagements
-       Accounting and reporting concepts, sustainability and ethics
-       Single entity financial statements

Intended Knowledge Outcomes

understand and advise on the regulatory, professional and ethical issues relevant to those carrying out assurance work;
understand the processes involved in accepting and managing assurance engagements;
plan assurance engagements in accordance with the terms of the engagements and appropriate international auditing and assurance standards; and
conclude and report on assurance engagements in accordance with the terms of the engagements and international auditing and assurance pronouncements.
explain the contribution and inherent limitations of financial statements, apply the IFRS Foundation’s conceptual framework for financial reporting and identify and explain key ethical issues;
prepare and present financial statements from accounting data for single entities in conformity with IFRS® Accounting Standards; and
explain the application of IFRS® Accounting Standards and IFRS® Sustainability Standards to specified single entity scenarios

Intended Skill Outcomes

Assimilating and using information – Understand a business or accounting situation, prioritise by determining key drivers, issues and requirements and identify and use relevant information.
Structuring problems and solutions – Structure information from various sources into suitable formats, with the support of relevant technology for analysis and evaluation and provide creative and pragmatic solutions in a business environment.
Applying judgement - Apply professional scepticism, curiosity and critical thinking to identify problems, gaps, inconsistencies and interactions from a range of relevant information sources, whilst adapting to change and relating issues to a business environment.
Concluding, recommending and communicating – Apply technical knowledge, skills and experience to support reasoning and conclusion and formulate opinions, advice, plans, solutions, options and reservations based on valid evidence and communicate clearly in a manner suitable for the recipient.

Teaching Rationale And Relationship

Structured lecture material is used to provide the basic framework, demonstrate techniques and explain concepts and theory. Some lectures will include worked examples to develop problem-solving and technical skills which students can then practice. These are supported by small group seminars, workshops, student reading of texts and directed learning where students can practice questions to help them prepare for the final assessment.

Assessment Rationale And Relationship

This is examined using the ICAEW external examinations to obtain the accreditation. There are no alternative assessments. Accreditation requires in-person invigilated assessments by virtue of this module forming part of the ICAEW "Golden Four" assessments. It must be completed on the ICAEW software.

If students are eligible to a second attempt resit will be an exam and the resit calculation will be based 100% on the completed exam.

General Notes

N/A