Duration
30h Th
Number of credits
| Master in management (120 ECTS) | 5 crédits | |||
| Master in business engineering (120 ECTS) | 5 crédits | |||
| Extra courses intended for exchange students (Erasmus, ...) | 5 crédits |
Lecturer
Language(s) of instruction
English language
Organisation and examination
Teaching in the second semester
Schedule
Units courses prerequisite and corequisite
Prerequisite or corequisite units are presented within each program
Learning unit contents
Auditing defines as a process of critical analysis of systems, documents and other audit evidences in order to determine the validity of accounting records and management assertions related to financial information or to assess the compliance with defined procedures or contractual engagements.
Financial audit is an assurance engagement as defined in the framework of the International Audit and Assurance Standards Board (IAASB)
Having studied the importance of control systels in the organisation of business, the objective is to study the successive steps of a financial audit, up to the final phase which is reporting to external users.
The accent is placed on the application of International Standards on Auditing applied to the audit of Belgian (with some references to Luxembourg) companies, in the context of European regulations and directives.
The course is more particularly designed for students who aspire to perform internal audit, external audit, risk management or any finance functions.
Learning outcomes of the learning unit
The targeted level of competence includes: C.1. Essential knowledge of internal control, theory of assurance engagements and basic concepts that underlie the audit process and how tho apply these concepts in financial audit. C.2. Implementation of this knowledge through case studies developed during and after the lectures. C.3. Understanding how audit procedures can interact to justify the professional judgment of the auditor in his report.
This course contributes to the following Intended Learning Outcomes : ILO-1 : To strengthen knowledge and understanding of management disciplines and its legal, policy and social context ILO-2 : Gaining the knowledge and understanding of one of the proposed fields of concentration or to gain deep knowledge in the field of the management being already specialized thru a first University Master Degree . ILO-4 : To acquire the capacity to research autonomously and methodically the information needed to solve a complex, transversal management problem, ILO-5 : Integrate autonomously researched information, tools, knowledge and context to build and propose, either individually or as part of a team, original, creative and viable solutions to concrete complex management problems, whether real or simulated, taking into account, when necessary, the human, social and legal context. ILO-6 : Ability to speak 2 foreign languages: C1 in English and B2 in one other language. ILO-8 : Developing leadership ILO-9 : Developing a critical sense (arguing) ILO-10 : Developing a transversal, global vision ILO-11 : Creative conception of solutions ILO-12 : Professional capacity for oral communication ILO-13 : Professional capacity for written communication ILO-14 : Faced with a management problem, suggesting solutions that are ethical and socially responsible and that respect the principles of good governance.
Prerequisite knowledge and skills
Good knowledge of financial accounting and company law; some sections of the courses refer to statistical sampling and information systems.
Planned learning activities and teaching methods
Several lectures include case studies that must be prepared in advance. Additionally, two papers will be asked before the end of the lectures.
Mode of delivery (face-to-face ; distance-learning)
Lectures take place from 8 February 2019 on Friday from 9:00 to 12:00. The course combines presentations (approx.24 hours) and case studies in groups, readings and exercises (6 hours). Lectures are conducted in the English language.
Recommended or required readings
Powerpoint presentations and relevant documents will be available electronically on LOL@.
The main reference textbook will be
Hayes R., Wallage P. and Gortemaker H. "Principles of auditing - An Introduction to International Standards on Auditing, 3rd edition. 2014 Pearson Education
Students will be asked to watch the movie and / or read the book 'Enron, the smartest guys in the room', and should find and read all relevant information on the Worldcom scandal.
Assessment methods and criteria
Written exam (100% of the final mark).
Relative weighting of the individual assessment : 100%
Work placement(s)
Organizational remarks
Contacts
Yves Francis, affiliate professor HEC Liège et IESEG Paris
yfrancis@uliege.be
Adaptation of teaching commitments following the COVID-19 pandemic for the May-June 2020 session
Teaching methods implemented : distance-learning
Teaching methods implemented: distance learning
COSO principles and explanations of Phases 1 to 4 of the external audit process are covered through webcasts (Phase 3 and Phase 4 slides and relevant webcasts will be made available on LOL@ beginning of the week starting April 20). All other earlier course content has been covered in class, including a HBR suggested (optional) reading illustrating creative accounting.
Four case studies have been recorded in webcasts and have been shared with students on LOL@ (case study 4 on Madoff will be recorded and made available during the week starting 20 April).
Assessment subjects
Course material features all supporting slides and explanations covered in class during 'live' sessions or with distance learning through webcasts, including case studies. A syllabus (word document) has also been made available to the students at the beginning of the course and provides additional clarifications if required to the core slides. All relevant documentation and webcasts are available on LOL@.
Assessment methods
The exam will be open-books with open-ended questions - be as precise and complete as possible and illustrate as much as possible your responses with practical examples to demonstrate you understood the various concepts. Responses will need to be provided in word document and uploaded on LOL@. Content will be verified with an anti-plagiarism software.
The written exam will count for 100% of the grade.
Contacts
Professor: yfrancis@uliege.be
Assistant: thomas.bonesire@ulg.ac.be