The course covers selected topics in internal control and auditing of financial statements. Students will learn about internal control from the perspective of the company and the auditor. The audit part of the course covers the entire audit process from planning to implementation and conclusion of the audit assignment. Specifically, the following topics will be covered:
•The company's responsibility for establishing good internal control and documentation of financial reporting
• Mapping, risk assessment and establishment of internal control for revenue, purchasing and inventory areas.
• Use of data analyzes and sampling for testing of internal control for the company and in auditing
• Documentation of annual accounts for the company
• The background for the audit and the content of the audit
• Auditing in a societal perspective, the auditing profession and regulations
• Audit planning, including the determination of materiality and the inclusion of sustainability and climate related risks
• Risk assessments, including assessment of fraud risk
• Assessment of internal control and the significance for the audit
• Obtaining and evaluating audit evidence
• Auditor's conclusion and reporting in the auditor's report