Learning objectives

Referring to knowledge The requirement that the annual and consolidated financial statements of certain types of company be audited by a qualified and independent professional has, as its main objective, the protection of public interest. Internationally, there is a broad consensus regarding the importance of auditing and the need for this to be performed to high standards, especially in the wake of recent financial failures. To carry out high-quality professional work, students need to acquire solid theoretical and practical knowledge in the different areas that make up their chosen specialist field. With the above points in mind, this course seeks to ensure students achieve the following objectives: Define the concept, purpose and scope of the audit of annual financial statements. Analyse the historical evolution and national and international regulatory frameworks. Understand the phases of the audit process: acceptance, planning, execution and issuance of the report. Study in depth the key areas of financial statements: fixed assets, inventories, customers, financial liabilities, cash and cash equivalents, net worth, etc. Apply technical standards relating to ethics, evidence, documentation, relative importance and subsequent events. Understand the current and future role of the auditor in an increasingly digital and sustainable environment. Further understanding of the main standards for the preparation of annual financial statements. Acquire a good knowledge of the basic legal framework of audit practice in Spain. Know the main technical regulations governing auditing. Study the standards for issuing and interpreting audit reports.

 

 

Teaching blocks

 

Course Programme

*  Block 1. Foundations of auditing

• Concept, objective and types of audit
• Auditing as a regulated profession
• History and evolution in Spain
• National and international regulatory framework
• Auditor independence and professional ethics

 

Block 2. The audit process

• Stages: commissioning, planning, execution and review
• Risks of material misstatement
• Internal control and evaluation
• Audit evidence and techniques
• Materiality and professional judgement
• Documentation and working papers

 

Block 3. Audit of accounting areas

• Tangible fixed assets
• Stocks and supplies
• Trade receivables and other debtors
• Cash and cash equivalents
• Equity
• Financial liabilities
• Trade payables and other creditors
• Public administrations
• Profit and loss account
• Subsequent events

 

Teaching block 4. Audit report and future outlook

• Report type and structure
• Auditor’s opinion, exceptions, emphasis of matter
• Consistency with management report
• Subsequent events and going concern
• New technologies, sustainability and cybersecurity
• The role of the auditor in the near future

 

 

Teaching methods and general organization

 

En relació amb la planificació de les hores lectives, la majoria de setmanes es fan tres hores teoricopràctiques i una de desdoblament de grup.

 

 

Official assessment of learning outcomes

 

Students are evaluated using a continuous mode of assessment. This comprises the following activities, weighted as follows: a) Attendance and active participation in class and in assigned coursework: 10%. b) Periodic tests based on course blocks: 90%. These comprise two compulsory tests, including both theoretical questions (multiple choice or open-ended) and practical exercises. Tests: The first test takes place approximately halfway through the semester and the second is held either during the final weeks of class or on the same day as that for the single mode of assessment. Absence from the first test implies withdrawal from the continuous mode of assessment, the student passing automatically to the single mode. Question formats may include multiple-choice, numerical problems or open-ended questions. On multiple-choice questions, correct answers are worth 1 point; incorrect answers result in a 0.25 deduction and questions left blank carry no penalty. The final test grade is the average of the two tests. To calculate this average, students must score at least 4 out of 10 on each test; otherwise, the average is not calculated and the student automatically fails the continuous mode of assessment.   Examination-based assessment Students are assessed by a final examination, which includes multiple-choice or open-ended theoretical questions, as applicable, and one or more practical exercises.

Reading and study resources

Check availability in Cercabib

Book

RODRIGUEZ GARCÍA, Ferràn. Auditoria de Cuentas. Una visión global teórica y práctica. Madrid: Ed. Garceta 2014

Catàleg UB  

LÓPEZ CASUSO, Agustín. Normas de auditoría cómo interpretarlas para su aplicación. Barcelona: ICJCE, 2002

Catàleg UB  

TRIGUEROS PINA, José A. (Co-coordinador) - Auditoría (Incluye los nuevos modelos de informes) - Madrid, Manual  Ediciones Francis Lefebvre 2017

Catàleg UB  

Baniandrés Avendaño, E et al (2019): Ejercicios y casos prácticos de auditoria. Tomos 1 y 2. Ed. Editatulibro, de Editorial Hispano Europea. Barcelona 

Catàleg UB  

Web page

Instituto de Contabilidad y Auditoría de Cuentas. [en línia]. Madrid [Consulta 16 juny 2017]. Disponible a: http://www.icac.meh.es/

Website of the Instituto de Contabilidad y Auditoría de Cuentas, Spain’s accounting regulatory body, which contains all regulations governing the audit of financial statements.