2023-2024 / FINA0011-2



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 


Yves Francis

Language(s) of instruction

English language

Organisation and examination

Teaching in the second semester


Schedule online

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, hybrid 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.

Written exam (100% of the final mark). 
Relative weighting of the individual assessment : 100%

Work placement(s)

Organisational remarks and main changes to the course


Yves Francis, affiliate professor HEC Liège et IESEG Paris

Association of one or more MOOCs