This module considers the importance to a business of the monitoring of its financial performance, both in terms of meeting the requirements of the regulatory environment within which businesses operate and of providing information of a company’s performance and its financial standing to its executive and shareholders. The external auditing process is reviewed, including evidence requiring to be produced, compliance tests and substantive tests, analytical review and computer-assisted audit techniques, completion checklist and the final auditor’s report and the need for properly submitted accounts to the Registrar of Companies.

The aim of this module is to provide an introduction to accounting in terms of theory and practice and covers the main applications of ICT to financial accounting. It provides students with an understanding of the technical aspects of the subject, including double-entry bookkeeping, calculation of key ratios and the preparation and use of financial statements with a focus on limited lability companies. It considers appropriate UK practice but focuses on International Accounting Standard practice.