Course content

The students will learn about auditors and auditing, audit methodology and the application of international auditing standards in the audit of corporate reporting, with a main focus on the audit of the information in the income statement and balance sheet in the financial statements. The subject also includes current legal regulation of auditing and the auditing profession.

Learning outcome

Knowledge: After completing the course, the students should have

• knowledge of the auditor as a trust agent of society and guarantor for the trust in financial information and sustainability information in financial markets
• knowledge about statutory requirements for the professional practice of both state authorized public accountants (statsautorisert revisor) and state-authorised accountants (book-keepers), including anti-money laundering regulations, as well as the role and tasks of the Financial Supervisory Authority
• knowledge about audit methodology and international auditing standards for financial auditing (ISAs), including advanced knowledge about risk and materiality assessments, including the risk of intentional errors and fraud
• knowledge about collection and evaluation of evidence to determine what is true and fair information and what is not
• knowledge about the design of audit reports and other regulated communication forms within financial auditing and attestation of sustainability information

Skills: After completing the course, students can

• describe and discuss the audit process
• identify and discuss the risk of material misinformation in corporate reporting, can suggest appropriate responses to identified risk, both test of controls, including information processing controls and general IT controls, and analytical substantive procedures and tests of details
• apply acquired knowledge to identify, discuss, and solve problems, that an auditor must consider in their professional practice

General Competence:

• The course should contribute to the students developing general competence in accordance with the learning outcomes described at the program level, including the development of an analytical mindset and critical thinking.

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Learning methods and activities

Various forms of work and learning activities will be used, with a combination of lectures, own work with literature and other sources, and mandatory activity / participation in group work and seminars. The course is suitable for students who participate in learning activities on campus, and it is necessary to participate in mandatory activities on campus, to be allowed to sit for the exam. There will be 1 mandatory activity in the course, which consists of several sub-activities, including participation in prepared presentations and discussions. Dates for and more detailed requirements for mandatory participation will be announced early in the teaching semester.

Compulsory assignments

• Assessment 1

Specific conditions

Recommended previous knowledge

The course builds on the students in advance have knowledge equivalent to the courses in the first semester of the master in accounting and auditing program (MRR), that is, knowledge of Norwegian corporate law, Norwegian tax and VAT law, accounting and financial reporting, and knowledge of valuation, and skills to solve accounting problems. In the teaching sessions, it is assumed that the students have a good understanding of accounting in advance, including familiarity with both Norwegian accounting legislation (N-GAAP) and IFRS.

Required previous knowledge

None

Course materials

To be announced at the beginning of and during the course. Auditing standards, laws and regulations within the auditor's field of work will be included in the syllabus.