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SCHOOL OF SOCIAL SCIENCES ACCOUNTING & FINANCE MODULE OUTLINE: AB40016 (4FA) – FINANCIAL ASSURANCE AND INTERNATIONAL REPORTING Session 2015/2016 Optional for: BAcc Honours SCOTCAT Value: SCQF Level 10 (SHE Level 4, Honours degrees) Module Organiser: Dr Theresa Dunne Telephone 385174, email: [email protected] Module Lecturers: Semester 1: Dr Louise Crawford Room 1.21, telephone 386803, email: [email protected] Semester 2: Dr Theresa Dunne Module Tutors: Dr Theresa Dunne, Dr Louise Crawford Aims: This is a senior honours module. Together with Introductory Financial Accounting, Intermediate Financial Accounting, Advanced Financial Accounting 1 and Auditing, the module is designed to provide comprehensive coverage of the theoretical and practical aspects underpinning the preparation of published financial statements. It also examines current issues associated with the assurance of financial statements issued by both public and private sector firms. It aims to develop a deeper understanding of accounting and auditing by considering issues in an international context and seeks to foster a thorough understanding of contemporary assurance and financial reporting concerns by considering current topics. Learning Objectives By the end of the module the student should be able to: (a) Achieve a knowledge and understanding of: (1) The application of extant domestic and international accounting standards, including disclosure requirements where appropriate (SSAPs, FRSs, IASs & IFRSs); appraisal of selected ISAs (2) The processes which shape financial reporting practices in the UK and internationally (3) The main factors which influence accounting rules and practices (4) The major accounting principles and practices in selected EU countries and the US (5) The role of the accounting profession, the International Accounting Standards Committee, the European Community, the Organisation for Economic Co-operation and Development, Governments and Stock Exchanges in the harmonisation of accounting practices (6) The significance and (actual and potential) consequences of external accounting (7) Ethics, public trust and the role of audit (8) The audit expectations gap (9) The nature of the audit in public sector organisations (10) The role of education, training and development for the audit practitioner (11) Audit reporting: the determinants and impact of the audit opinion, and ‘a true and fair view’ (b) Achieve the intellectual skills to: (1) The preparation and application of accounting entries for selected contemporary topics (2) Comment critically on exposure drafts of accounting and auditing standards (3) Critically evaluate the extant academic literature for selected topics (4) Critically evaluate research in international accounting and auditing (5) Rationalise or theorise the alternative accounting treatments available in particular areas (6) Synthesise information about international accounting problems (7) Critically appreciate the political nature of accounting and auditing (8) Critically evaluate the international dimensions of current financial accounting and auditing practice (9) Appreciate the ethical issues which can arise within the practice of auditing (c) Achieve the practical skills to: (1) Be competent in preparing accounting entries for selected problem areas (2) Comment critically on accounting policies and policy proposals (3) Engage in critical comparisons of accounting practices and procedures (4) Comment critically on current issues within the auditing area (5) Identify international dimensions in debates over accounting and auditing (d) Achieve a transferable skill to: (1) Link the roles of accounting/auditing research and practice (2) Discuss opinions and be able to rationalise those based on theoretical arguments (3) Make use of library and IT resources (4) Develop effective and efficient study techniques (5) Communicate orally and in writing in a clear and concise manner (6) Act as team leaders and team members Reading: References to various reading material will be provided as the module progresses, reflecting the dynamic and contemporary nature of this module. Handouts will also be distributed where appropriate. Students are reminded that the textbook purchased for 2FA/3FA as well as Gray & Manson (purchased for 3AU) provide a good overview of some of the topics to be covered in 4FA. Other similar textbooks, for example Alexander, D., Britton, A. & Jorissen, A., (2007) International Financial Reporting and Analysis, (fourth edition) (ABJ), is also available in the library and provides a useful alternative. Multiple copies of International GAAP (if not already purchased) are also available in the library for consultation. Roberts, C. Weetman, P. and Gordon P., (2008) International Corporate Reporting: A Comparative Approach (fourth edition) (RWG) is a useful reference for particular lectures in Semester 2; again multiple copies of this book are available in the library. A reading list will be provided for both semesters. Lecture Syllabus Financial Assurance and International Reporting Semester 1 Week 1 Lecture Topic Global audit regulation and governance, Part 1 Week 2 Global audit regulation and governance, Part 2 Week 3 Education, training and development of professional auditors Week 4 Compliance with, and legitimacy of, IESs for professional education Week 5 Directed Reading Week 6 Week 7 Reading week Audit and accountability in the 3rd sector Week 8 Audit and accountability in the 3rd sector Week 9 Audit, public trust and ethics Week 10 Critique of contemporary audit: structure and practice Week 11 Contemporary issues and revision Reading See Reading List See Reading List See Reading List See Reading List See Reading List Tutorial** No Tutorial See Reading List See Reading List See Reading List See Reading List See Reading List Accountability in the 3rd sector Audit function and globalisation Practitioner education and generic skills Understanding the dimensions of legitimacy Directed reading and timed essay Charity audit and accountability Case study: ethical issues faced by an auditor Exploring EU developments for the audit profession Revision ALO a7, a8, a9, a10, a11, b7, b9, c5 a7, a8, a11, b3, b4, b7, b9, c4, c5 a7, a10, b3, b4, b7, b9, c4, c5 a7, a8, a11, b3, b4, b7, b9, c4, c5 a7, a8, b3, b4, b7, b9, c4, c5 a7, a8, b3, b4, b7, b9, c4, c5 a7, a8, b3, b4, b7, b9, c4, c5 a7, b3, b4, b7, b9, c4, c5 b3, b4 Semester 2 Week 1 Lecture Topic The Context of International Accounting Week 2 Classification Systems in International Accounting Week 3 Accounting Harmonisation 1 Week 4 Accounting Harmonisation 2 Week 5 International Financial Reporting: Transparency and Disclosure Week 6 Week 7 Derivatives Accounting and Reporting Week 8 Pensions Accounting and Reporting Weeks 9 Internet Reporting and XBRL Week 10 Charity Reporting and Accountability Reading Tutorial** See No tutorial Reading List See Discussion Reading List See Comparative Reading Accounting Systems List See Harmonisation Reading Measurement List See Harmonisation Reading Measurement List READING WEEK See Derivatives Reading Accounting & List Reporting See Pensions Reading Accounting & List Reporting See Internet Reading Reporting & List XBRL See Charity Reading Reporting & List Accountability ALO a1,a2,a3, b3,b4,c2 a1,a2,a3,a4 b3,b4,b6,c2 a1,a2,a5, b3,b4,b6,c2 a1,a2,a5, b3,b4,b6,c2 a1,a3,a4,a5 b3,b4,b6,c2 a1,a5, b1,b2,b3,b5, c1,c2 a1,a5, b1,b2,b3,b5, c1,c2 a1,a5, b1,b2,b3,b5, c2 a6, b1,b2,b3,b5 c1,c2 **The tutorial examples and the coursework will be used to develop the transferable skills identified in the learning objectives (d) 1-4. Attendance: In order that students benefit from the investment that they are making in their studies, we promote good attendance on our programmes. Good attendance leads to a more rewarding and interesting experience for students and is, of course, clearly correlated with exam success. In addition a good attendance record encourages, and is a sign of, professionalism which employers may ask about when seeking a reference. We expect students to attend all lectures and participation in tutorials, workshops, labs and meetings with their advisers. A record of attendance will be kept through a register of attendance which will be taken at tutorials/workshops and labs. Assessment: The degree exam will count for 80% of the final mark and coursework will represent 20%. The coursework will be submitted in the first semester at the end of week 10. The new scale for ALL students (from Sep.15 onwards) is as follows: Marking Scale Associated Aggregation Scale Descriptor Honours Class (where appropriate) A1 A2 A3 A4 A5 B1 B2 B3 C1 C2 C3 D1 D2 D3 MF1 MF2 MF3 CF 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 5 Excellent 1st Very Good 2(i) Good 2(ii) Sufficient 3rd BF 2 Bad Fail Marginal Fail Clear Fail Feedback on Assessment: Feedback will be given throughout tutorials. In addition students will have the opportunity to submit an essay during semester 1 for formative feedback. The assessed coursework will also provide students with formative feedback on their progression. Degree Examinations The degree exam is compulsory and lasts for 3 hours. The degree exam content will be drawn from all of the material included in the above lecture syllabus. Use of Calculators and Dictionaries in Examinations Following the policy of standardising examination conditions, only approved types of calculator (and specifically those which cannot be used to store text) may be used in examinations. Approved calculators are: CASIO Scientific Models – FX-83, FX-85 OR FX115 range. The policy is to disallow the use of dictionaries in examinations. Inclusive Curriculum All staff are committed to providing an inclusive curriculum for all students, including access to a full teaching and learning programme for disabled students. The School liaises with the University's Equality and Diversity Officer and the Head of Disability Services to determine the most appropriate way to achieve this and ensure that no group or individual is disadvantaged by the learning environment. School and Programme Disability Support Officers (Dr Theresa Dunne [email protected]) support this process and ensure that specific adjustments are arranged to meet individual disabled students' needs. Further details of the University's provision for disabled students are available at: http://www.dundee.ac.uk/disabilityservices. .