| Auditing II |
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ACT B417
Auditing II
| Introduction |  |
Welcome to ACT B417 Auditing II.
ACT B417 Auditing II is a one-term, five-credit, higher-level compulsory course. It is designed as a continuation of ACT B416 Auditing I.
Advisory prerequisites include ACT B331 and ACT B332 Company Accounting I & II and LAW B333 and LAW B334 Company Law I & II and of course ACT B416 Auditing I.
The excluded combinations of this course are ACT B406, ACT B406F, ACT B417F andACT B431X.
| Purpose of this Course Guide | |
Before you begin studying, you must also understand how the course operates and how its parts fit together. The Course Guide can explain this to you. It is very important that you read this Course Guide thoroughly and carefully.
The Course Guide will tell you:
what the course covers
the aims and learning outcomes of the course
what textbook you need to buy
how to use the study materials effectively
how the lecture and tutorial system works
- what you need to do to pass the course.
You have probably taken other courses through The Open University of Hong Kong, so you should now be well aware of both the study skills required for distance learning and how OUHK courses are organized. It is still recommended, though, that you read this Course Guide thoroughly before looking at the study units or supplementary readings.
The Course Guide tells you briefly what the course is about and how you can work your way through the material. It suggests the amount of time you are likely to need to spend in order to complete the course and will give you a general idea of when your tutor-marked assignments are due. For detailed information on assignments, and for information on due dates for work to be submitted, please refer to the Assignment File.
In distance learning as practised by The Open University of Hong Kong, the study units (not the tutor) replace the university lecturer. This is one of the great advantages of distance learning: you can read and work through specially designed study material at your own pace at times and places that suit you best. Think of it as reading the lecture instead of hearing it from a lecturer. In the same way that a lecturer might set you some reading to do, the study unit will tell you when to read your textbook or other material. In the same way that a lecturer might give you an in-class exercise, your study unit will have exercises (called by various names) for you to do at appropriate points. You are also likely to find review questions at the end of each unit. Do them all, as these exercises and questions give you the practice necessary to achieve the objectives of the course and to pass the examination.
However, we understand that some of you prefer some face-to-face lectures so starting this year we are offering a limited number of optional lectures for you to attend, corresponding to about one lecture per unit of study.
| Course overview | |
ACT B417 is the follow-up course to a subject that you need to become proficient in, in order to become a professional accountant. In ACT B416 you learned about basic auditing concepts and the overall process of an audit. However, many of the details of the audit process as well as the issues surrounding the role of auditors and the audit process have been left for this follow-up course. In this course, many real-life and practical examples have been included to help you understand and apply the auditing concepts you learned earlier. By the end of this course, you should have a much better understanding of the audit process although you may still not be ready to conduct an audit. Many of the skills/knowledge required of an auditor still needs to be learned 'on-the-job.'
Each unit in the course is self-contained and has a set of stated learning outcomes found just after each introduction. You must keep the learning outcomes in mind as you work through a unit. Doing so enables you to assess whether you have mastered them. Study units are the driving force in this course. Each unit addresses a number of major topics, usually with subtopics.
As you read through the topics, you will be asked to do activities, self-tests and sometimes readings. These are provided to help you apply the concepts and techniques so that you have a better understanding of the nature of accounting. You should complete activities and self-tests when you are asked to do so. The answers to the self-tests can be found at the back of the unit, but you should avoid looking at the answer while you attempt an activity. You should return to your unit after each activity or self-test for further discussion of the subject matter, a reading, or another activity.
Activities and self-tests are designed to encourage you to think about what you are reading and to enable you to assess whether you understand the material. Whenever you find that you are unable to successfully answer an activity or self-test, go back over the material it relates to. Then try to answer the question again. If you continue to have problems, contact your tutor. Units end with a summary and sometimes a set of review questions. Some exam-type questions will be added to some units in order to further reinforce your understanding of the topic concerned and apply it to solve relatively complicated problems.
| Course aims | |
This course aims to build on the auditing concepts that learners acquired in ACT B416 and apply them to specific business processes or transaction cycles. It explains the professional duties and liabilities of an auditor and addresses contemporary issues in auditing.
| Learning outcomes | |
Upon the completion of ACT B417 Auditing II, students should be able to:
Analyse auditors' professional responsibilities and legal liabilities;
Discuss the importance of good corporate governance and enterprise risk management;
Apply basic auditing concepts learnt previously to the audit of business cycles, financial statement line items and disclosures; and
Examine the implications of information technology to an audit environment;
| Course materials | |
Your primary study materials for this course are:
this binder, which contains the Course Guide, Assignment File, and study units;
your textbooks (please refer to the 'Textbook' section on the next page);
- your own notes and summaries made from the textbook and your written attempts at the activities and problems.
If you have never studied through distance learning, you will need to become familiar with this approach to learning. Your starting point will always be the study units, which are contained in this folder.
You are not expected to read the textbook from cover to cover. The study units will direct you to read selected pages and chapters in your textbook.
Study units
You should read the study units carefully as they can guide your learning and tell you how to approach any assignment related to the unit. Otherwise, you may miss important information. You must read both the study units and the textbook. Moreover, you should also read articles in newspapers and journals and other books related to the topics. The more widely you read, the better your appreciation and understanding of the course.
Each unit is divided into a number of sections. The first section provides the objectives of that unit and introduces the materials to be covered. The next section constitutes the contents of the study unit. This section will guide your learning and direct you to complete the activities and self-tests.
The course has five units in total. Each unit includes objectives, course content, activities and self-tests. The five units are listed below.
1 The auditor's professional responsibilities and legal liabilities 2 Quality control, corporate governance and enterprise risk management 3 Audit sampling and accounting cycles 4 Substantive test on financial statement line items and auditing disclosures 5 Auditing in an IT environment and advanced auditing situations
Set textbooks
You are required to purchase two set textbooks for this course. These are the same two textbooks that were required for ACT B416 Auditing I so you are likely to have already purchased them. Two textbooks have been chosen to give you more exposure to the breadth of knowledge required of an honours-level course. You will notice that one is a Hong Kong textbook that has been developed by two local academic and practitioner. The primary strength of this textbook is its relevance to the Hong Kong setting. Refer to this textbook for details on Hong Kong legislative and professional requirements. The other is an international edition of a US textbook, which is well designed with plenty of examples and illustrations. Be careful in your readings, as even though Hong Kong standards are converging with international standards, some differences may still exist.
The two textbooks are:
Lau, Peter and Lam, Nelson (2017) Auditing and Assurance in Hong Kong, 5th edn, Hong Kong: Pilot Publishing Company.
Eilifsen, Messier, Glover, Prawitt (2014) Auditing & Assurance Services, Third International edition, McGraw-Hill Education (UK) Limited.
References
Brenda Porter, Jon Simon and David Hatherly, Principles of External Auditing, 3rd edn, Wiley.
O'Reilly, McDonnell, Winograd, Gerson and Jaenicke, Montgomery's Auditing, 12th edn, Wiley.
Guide to Using International Standards on Auditing in the Audits of Small- and Medium- Sized Entities, 3rd edn, IFAC (Free download from: http://web.ifac.org/publications)
The following reference books can be accessed online via the HKICPA website :
Auditing and Assurance Standards, Members' Handbook Volume III, Hong Kong: Hong Kong Institute of Certified Public Accountants.
Assignment File
The Assignment File contains details about the assignments: what they require you to do, what their cut-off dates are, and how many marks each is worth.
Audio-Visual Materials/Software
IFAC has produced a number of ISA Modules which can be downloaded/viewed from its website at https://www.iaasb.org/publications/isa-module-introduction-clarity-project-0. Students will be required to view certain modules as part of their learning activities.
Online Learning Environment
This course is supported by the OUHK's Online Learning Environment (OLE). You can find course materials and the latest course information from the OLE and use the discussion board to communicate with your tutor, the Course Coordinator and fellow students.
| Use of case studies | |
Case studies are a useful and increasingly popular form of learning and assessment in the OUHK's School of Business and Administration. In this section we will look at why case studies are used and then suggest some learning strategies that you can use to approach case studies. We will also briefly discuss some problems that you may encounter as you learn from case studies.
What is a case study approach to learning?
One main purpose of a case study is to explore an issue or a number of issues in relation to an organization. The intention is to get you to carefully diagnose an organization; to focus on key problems, and to suggest how these might be resolved. Often the case is a real-life account of an organization which you are required to analyse in order to focus on a problem. Usually, the information that is provided is incomplete and you are often expected to observe developments in the organization over a period of time. The case study approach is an excellent opportunity to actively apply material that you have read and conceptual knowledge to the reality of an organization.
At the OUHK, case studies may be used as part of assignments, exams, study units, or day-school exercises. You normally are given some information about a company (this could be both text and graphical information, such as figures and tables). You are then asked to think about some problems related to the company and to use concepts and apply theories that you have learned in your course to propose possible solutions for the company.
Let's have a look at two kinds of case study questions that you might be asked to work through in your courses. The first example is quite structured, while the second is much more open-ended.
Two examples of case study questions
Read the case study entitled 'ABC Consultants' and consider the following issues:
Using your understanding of the resource-based model, what measures could be taken to improve ABC's returns?
Drawing on your broad understanding of the consultancy industry, assess ABC's relative competitiveness and its profit potential.
To what extent do internal factors account for ABC's financial weaknesses?
Based on your assessment of ABC's financial weaknesses, formulate a new strategic intent and develop a mission statement for ABC.
Read the case study entitled 'XYZ Industries'.
Identify the key problems that are currently faced by XYZ's management.
- Propose viable solutions to these problems.
Why case studies?
As you can see from the above examples, a case study approach to learning requires a great deal of thinking and often will not easily yield a quick 'wrong' or 'right' answer. However, case studies are also good preparation for dealing with real-life business problems. Cases may be short and relatively simple, or longer and complex. The purpose is the same for both types: to give you an opportunity to develop your skills in analysing the strengths and weaknesses of the organization under examination, to consider the processes at work within the organization, and to make decisions about future actions.
Case studies are not meant to replace textbooks, but rather to ask you to draw connections between theories and practice and to apply abstract ideas, concepts, and principles to specific concrete situations. Consequently, case analysis develops a number of skills that are crucial in business. In particular, they help you to:
analyse complex, unstructured, sometimes ambiguous situations;
identify critical issues and problems;
question your own and others' assumptions;
improve your problem-solving skills;
develop your ability to find alternatives and make informed decisions;
make decisions with incomplete information and think strategically;
self-educate yourself and draw on a broad range of resources and knowledge; and
- present and justify recommendations in writing.
You may find that there are many possible 'right' answers to the questions in a case study. This illustrates that there is often no single best way to responsibly manage and solve real-life business problems.
Some guidelines for analysing case studies
The following strategies should help you to successfully analyse case studies:
1 Read the case and become familiar with the facts
First, skim read the case to obtain a general understanding of the main point(s). Highlight or underline the pertinent points as you read.
Read the case again, and this time note down critical facts (such as names, time sequences, and where events occurred). Try to understand how events have influenced decisions. Identify the important individuals or stakeholders, and try to assess the importance of supporting information in the case. How reliable is this supporting information? Are there any gaps in the information that is given?
Make a note of any questions that you have as you read the case.
2 Assess the context of the case
Try to understand the environment of the organization and the wider context of the case.
Ask yourself questions about:
The state of the organization: What is the state of this organization: good, bad or in-between? Usually this involves thinking about interpersonal relationships, and assessing production or financial problems.
Key players and systems: How do systems and people operate in this organization? Why do they operate like this? Are the systems undergoing change? How successful are the changes? Is there someone who could sabotage any future strategy? Is there someone who can ensure the success of a future strategy?
Significant trends: How does this industry operate? What are the main or unique characteristics of the industry? What were they five or ten years ago, and what are they likely to be in the future? What impact are trends likely to have on the organization under investigation? How does this organization's performance compare with that of competitors?
- Constraints: Clearly identify all constraints in the case. A constraint may be viewed as anything (usually beyond the control of the organization) that may prevent an otherwise feasible course of action from becoming a success. What is outside the control of individuals in the case study? For example, it is unlikely that any company or individual in Hong Kong could prevent a foreign government from imposing tariff barriers on imports.
A SWOT analysis is a good way to get a better understanding of the organization and the context or environment in which it is operating.A SWOT analysis considers the Strengths and Weaknesses of the organization, and the Opportunities and Threats which the organization faces in the external environment.
3 Recognize the case's symptoms
Read the case again and as you read, try listing all the symptoms of the case. The symptoms of a case are not the problems, but they may help you to identify the problems. Symptoms are all the things that are undesirable or that are not as expected. For example, falling sales could be a symptom of several problems such as poor market segmentation, poor product quality, or problems in a supply chain. At this stage of your analysis, you should just try to observe all the symptoms, and avoid prematurely identifying problems or suggesting solutions. Like a doctor who consults a patient, you first need to observe and note all the symptoms before you can give a definite diagnosis of the problem. Think about how the symptoms may be interrelated. Relationship diagrams, like the one below, may help you to see the relationships between symptoms.
4 Diagnose the case's problems
After you have a good sense of the symptoms, you're ready to determine key issues that need to be analysed more closely. You are now diagnosing the situation, like a doctor diagnosing a patient's symptoms. Ask yourself 'what seems to be the trouble in this organization?' and make a list of what you now perceive to be the key problem(s). You will probably need to go back to the details of the case and as you do this, you may add to or refine your list of potential problems.
If there are several problems, you need to order and prioritize them. You might want to number problems according to how you perceive their importance, or make a matrix, like the one below, which shows relationships between various criteria and each problem.
Criteria Problem #1 Problem #2 Problem #3 Importance: what will happen if the problem is not addressed? Urgency:how quickly must this problem be solved? Centrality: To what extent does this problem cause others? Solvability: Can this problem actually be solved? Also try to establish if there are relationships or themes in common among the various problems. Perhaps different problems in your list are actually variations of a broader central problem.
Ask yourself what assumptions you have made about the case. Are these assumptions reasonable, and are they supported by the facts? Would other people objectively suggest the same problems, based on the facts that you have? Are you suggesting problems that are not supported by the facts of the case?
After you have considered and put into order the possible problems and questioned your assumptions relating to these problems, you should write a statement of the problems as you perceive them. Avoid suggesting solutions at this stage.
Once you have a problem statement, you need to find evidence in the case to support your problem diagnosis. Also, try to identify ideas, concepts and theories from your textbook and course units which help to explain what is happening in the case.
5 Formulate criteria for a 'good' solution and identify possible constraints to solutions
Before you propose a solution, you need to consider the characteristics of a 'good' solution. Obviously, your solution should bring benefits such as improved productivity, reduced costs or greater profits. However, it also needs to be viable and to accommodate the constraints that you have already identified, i.e. Is the solution legal? Is there a budget for this solution? Does it conflict with the organization's culture?
Try to brainstorm alternative solutions. Aim to generate a broad and creative range of options and then try to rate each according to various criteria.
The following matrix demonstrates how this can be done.
Cost Ease of implementation Impact on organization culture Impact on profits Option 1 *** * * ** Option 2 * *** *** ** Option 3 ** * * *** Also refer to ideas, concepts and theories from your course materials as you consider and assess each possible solution.
It's often wise to propose a solution that allows for plausible alternatives if it should fail. Managers use the term satisfice when they are considering acceptable alternative solutions, that is, the solution is able to satisfy the situation while also making some realistic sacrifices to existing constraints. Therefore, it is a satisficing rather than a maximizing solution.
Finally, don't forget to consider the possibility of taking no action. What will actually happen if no action is taken? Are any (or all) of the solutions less viable than taking no action at all?
6 Recommend a viable solution
After you have assessed the merits and pitfalls of each alternative solution, select the best solution for the situation.
Remember that the solution needs to be viable. Can the recommended solution be introduced? Are there the resources and the willingness to implement it? Be realistic about what may work. Explain why it is the best solution within the constraints of the existing context and explain how it can be applied to the organization. Suggest a time-frame for the solution's implementation.
Outline possible strategies for implementing your solution, either partially or completely. As many feasible courses of action as possible should be considered before you choose the one that seems the most likely to succeed. The more ideas you have, the greater your chance will be of finding a solution that will work well. The complexity of most organizational problems means that it is highly unlikely that one idea alone will correct the situation. Usually a combination of actions is required, and these need to be funded differently, timed carefully and staffed as necessary.
7 Present your solution as a written recommendation
Review your final solutions and then prepare a set of written recommendations. These should clearly outline your proposed solution in relation to the problems that you have identified. Your recommendations should also include details of why these solutions are the most appropriate given the circumstances and constraints of the case. Finally, you need to clearly state how and when your proposals will be implemented.
Your tutor and your course Assignment File can provide some guidelines on how to present your recommendations.
Some mistakes to avoid as you analyse cases
When you first tackle case studies, you should be careful to guard against the following mistakes:
One of the most common mistakes made in case analysis is repeating or simply summarizing the facts of the case. Your tutor is already very familiar with the case details, so you do not have to restate them. You are required to use and analyse the facts, not repeat them. Your analysis should contain only enough case material to support your arguments. Therefore, be analytical!
You may often be tempted to just deal with symptoms and ignore the causes of the problem. It is very important to analyse the background of the case (and the climate in which the events of the case unfold).
Avoid discussing problems in isolation and do not overlook their interrelatedness. If you try to think in terms of 'systems' rather than in terms of individual problems, you are more likely to avoid this pitfall.
Students often fail to state the assumptions underlying their analysis. If any important assumptions have been made, have you questioned them and are they reasonable and appropriate? Avoid selectively using and interpreting case material in order to justify a preconceived solution.
Practical limitations and constraints may sometimes be overlooked. For example, a recommendation that a whole team be fired is probably unrealistic.
A very common mistake is poor integration of the facts in the case with the concepts, principles, and theories in the textbook. Such integration is vital. Ask yourself if relevant theories from your course have been fully and constructively applied.
- Finally, recommendations are too often not spelled out in detail or are unrealistic. A timetable for implementing them is also often not given.
Analysing cases poses many challenges, and this is one reason the case study method is so rewarding. It is a very active form of learning. It offers you a risk-free opportunity to gain managerial and organizational experience and should greatly increase your confidence to make informed decisions in the real world.
Good luck and we hope you enjoy working through the cases that you encounter!
| Tutors and tutorials | |
You will be assigned a tutor for this course. Before the course begins, you will be advised by the OUHK Registry of your tutor's name, address, and phone number. Your tutor will:
conduct the tutorials for your group
mark your assignments
- be available by phone at specified times to help you. (You will be advised of these times separately by your tutor.)
Your tutor is your first point of contact with the OUHK. Please speak with your tutor first about any problem you might have or advice you may need. Your tutor will advise you if you need to contact the Course Coordinator. It is not the tutor's role to give lectures on the course material. Your tutor is a helper, or facilitator, who can provide you with considerable assistance when you run into difficulties. He or she is also a leader who can arrange opportunities for you to put into practice some of the course concepts. The OUHK urges you to make use of this assistance.
Tutorials
To assist you in this course, tutorial sessions will be held by your assigned tutor at several points during the course. The first session will be an introduction to the course, and it may take a different format from the other tutorials. The times, dates and locations of the tutorials will be sent to you before the start of the semester.
We strongly recommend that you attend these tutorials.Their purpose is not only to assist you with any problems you may have, but also to give you the opportunity for further practice on accounting problems. However, these tutorials are not compulsory; if your situation prevents you from attending, you can still complete the course satisfactorily. Contact your tutor by phone more often if you are in this situation.
Tutors are required to start tutorial sessions on time. If a tutor fails to turn up 30 minutes after the scheduled starting time, students may assume that the session is cancelled and they should join another tutorial session at the same venue.
Please note that the function of these tutorials is to complement your distance-learning material, not to replace it through lectures. In this course, your primary means of learning is through the written word, that is, your OUHK study materials and your textbooks.
| Course assessment | |
Your assessment comprises two assignments and one three-hour examination.
To pass the course, you are required to fulfil the requirements of both the continuous assessment (i.e. assignments) and the final examination.
The marks are allocated as follows
Assessment type Marks
(in percentage)Assignments Assignment 1 20% Assignment 2 20% 40% Examination (3 hours) 60% TOTAL 100% Details of the assignments are contained in your Assignment File. For each assignment, there is a 'cut-off date' (i.e. due date) which is the last date for the assignment to be received by your tutor (unless he or she feels there are exceptional reasons why you should be allowed to submit the work later). You should refer to the Student Handbook for the procedures to be followed if you wish to submit an assignment after the cut-off date.
Continuous assessment
All the continuous assessment in this course consists of tutor-marked assignments. Except for unusual circumstances, these will be marked by your tutor and monitored by your Course Coordinator.
The assessment tasks have been designed to meet two purposes:
to measure your performance and give evidence of your success or failure;
- to give you, and us, important feedback on your progress and performance so that we can pick up any misconceptions or problems you may be having.
Apart from contributing to your final score, the programme of continuous assessment will help us to monitor your progress so that we can give advice and assistance if you are not performing well. It will give you valuable practice for the final examination. It will also help you to pace your learning and ensure that you develop and reinforce accounting skills regularly. Our experience is that it is usually a mistake to try and learn accounting at the last minute!
To pass the continuous assessment, you must score a minimum overall average of 40% on both assignments. You should submit both assignments. They are designed not just to assess you formally, but to give you important feedback on what you have learned so that you may be better prepared for your examination.
Presentation
You are expected to prepare clear, accurate, well-structured and grammatically correct. These are characteristics which the OUHK expects from all of its students. Markers have been instructed to take these factors into account when marking all forms of assessment.
How to submit assignments
You must use word processing software (such as Microsoft Word) to prepare the assignments, and submit the assignments via the Online Learning Environment (OLE). All assignments must be uploaded to the OLE by the due date.
Failure to upload an assignment in the required format to the OLE may result in the score of the assignment being adjusted to zero.
Assignment extension policy
The assignment policy of the University as stated in the Student Handbook should be observed. Students are required to submit assignments for a course in accordance with the dates communicated by the Course Coordinator. Students may apply for a submission extension on the grounds of illness, accident, disability, bereavement or other compassionate circumstances.
Applications for extensions of up to seven days should be submitted to the tutor. The tutor shall consider valid and unexpected emergencies on an individual basis. Normally, documented proof of the extenuating circumstances is not required for extensions of up to seven days. The tutor shall decide and advise the student of the revised date for submission.
For extensions of over seven days, students should note the following:
- If students require an extension of more than seven days on the grounds of illness, accident, disability, bereavement or other compassionate circumstances, they are required to complete an 'Application Form for Assignment Extension over seven days' and submit it to the Course Coordinator.
- Supporting documents must be submitted along with the application for extension of over seven days to justify the claim.
- Applications for extension should normally be lodged before or on the due date.
- Applications are considered by:
- the Course Coordinator for extensions of 8 to 21 days; and
- the Dean for extensions of over 21 days.
If the assignment is posted to the tutor, it is the responsibility of the student to check that the assignment has successfully arrived (see Assignment File). Extension applications without supporting documents on the grounds of postal loss will not be accepted. The University cannot accept any responsibility for assignments that are not received by your tutor due to problems with the post. As a precaution, you are advised to keep a copy of each assignment you submit and obtain a certificate of posting from the post office when you post your assignment.
According to the University's policy, there is no extension of the cut-off date for the final assignment.
Final examination
At the end of this course, you are required to sit for a three-hour examination. The examination is worth 60% of the total marks for the course. You must pass the examination (as well as the continuous assessment) in order to pass the course. To pass the examination, you must score a minimum of 40%. If you fail the examination, you may be given the opportunity to resit the exam at the end of the next presentation of the course. However, to qualify for a resit you must have passed the continuous assessment and, in your exam, you must have reached the minimum resit score, which will be determined by the examiners
You will receive a copy of the specimen examination paper before the examination. The OUHK Registry will also send you information on the date, time and location of your exam. For your planning, the examination for the April presentation is usually held the following August.
Remember that your final result in this course depends on your performance in both the continuous assessment (assignments) and the examination. In order to pass the course, you need to pass both the continuous assessment and the examination. For more information on the University's policies on assignments and examination, please refer to Section 7, 'Assignments and Examination', in the OUHK Student Handbook.
| Study schedule | |
It is important that you organize your study schedule at the beginning of the course.
Set out below is a suggested study schedule showing the minimum amount of time you should spend on each unit. The cut-off date for each assignment indicates when you should have completed studying the relevant units.
Unit Study time
(weeks)Assignment 1 The auditor's professional responsibilities and legal liabilities 3 2 Quality control, corporate governance and enterprise risk management 2 3 Audit sampling and accounting cycles 4 Assignment 1 4 Substantive test on financial statement line items and auditing disclosures 3 5 Auditing in an IT environment and advanced auditing situations 3 Assignment 2 Revision 1 Total 16 You can set your own pace in this course, provided you meet the deadlines for assignments. However, you are urged to move ahead as soon as possible because once you fall behind in your studies, it is difficult to catch up.
Remember, too, that although you are responsible for your own study, staff members of the OUHK are here to help you. If you experience difficulties with any aspect of your course, contact your tutor. If you need any further help, contact your Course Coordinator or other OUHK staff members.
Auditing serves a very important function in the business world. As an accountant, it is necessary that you understand auditing and its capabilities even if you are not a practicing auditor. Chances are you will encounter auditors in whatever position you may undertake in the accounting department of a company. As a future director of a company, you may be in a position to propose and appoint auditors.
If you do decide to pursue a career as an auditor, you will have an opportunity to learn much about different businesses in a relatively short time. It is an interesting and rewarding profession. So, enjoy this first step to a new and exciting world!
| The course developer | |
Charles Fung joined PricewaterhouseCoopers (PwC) Hong Kong (then known as Lowe, Bingham & Matthews) in 1973 and became a member of The Association of Chartered Certified Accountants (ACCA) and The Hong Kong Institute of Certified Public Accountants (HKICPA) in 1979 and 1980, respectively. He was seconded to PwC London office during October 1978 to June 1980. Charles was admitted to the partnership of PwC Hong Kong in June 1988, and withdrew from the partnership in December 2010.
Charles served the council of the ACCA Hong Kong Branch from 1980-1990, and was elected Chairman of the Branch in 1988. Charles also served several sub-committees and working groups of HKICPA from 1990-1995. He undertook in-house training courses for PwC in the last 30 years on an ad hoc basis, and external training courses regularly for the Macau Society of Registered Auditors, the Macau Finance Bureau and the ACCA, particularly the Train-The-Trainers courses for the ACCA/CICPA for 2007, 2008 and 2010.
Charles has been appointed Honorary Professor at the Lee Shau Kee School of Business and Administration of The Open University of Hong Kong in May 2012.
| Deferment of studies | |
If you wish to defer your studies of this course until a later date, you should apply for deferment of studies. For the regulations governing deferment of studies, please refer to your Student Handbook. If you have applied for deferment of studies you should continue with your studies of this course and submit the required assignments until formal approval is given by the University. Should you have difficulties in submitting an assignment, you are advised to liaise with your Course Coordinator and apply for an assignment extension. Students who have been granted deferment of studies will not be allowed to submit assignments due before the date that their application for deferment of studies is received by Registry.
| About the Lee Shau Kee School of Business and Administration | |
Click here and view the Lee Shau Kee School of Business and Administration.
