Aims of the course

- Present to the students different types of audits and the purpose of financial statements auditing.
- Emphasize the importance of auditing, auditor's independence and ethics for high quality corporate governance.
- Acquaint the students with financial statements audit legislation and audit profession regulation.
- Present auditor's work in all phases of financial statements audit process, the importance of audit planning, auditor's procedures in internal controls and data testing, present and explain different types of audit opinions.
- Understand the purpose of governmental auditing.
- Present the role of internal auditing in organizations as well as legal, professional and ethical rules of internal auditing.
- To familiarize the students with the nature of internal auditor's work and the internal auditing process.
- Understanding the role of internal auditor in detecting and preventing fraud and risk management.

Course syllabus

1. Definition and development of auditing, types of auditing
2. The purpose of financial statements auditing
3. Financial statements' audit legislation in Slovenia and the EU (Company Act and Audit Act in Slovenia, European Directive 2014/56/EU, European Regulation 537/2014)
4. Professional regulation: International Auditing Standards, the IFAC Code of Ethics for Professional Accountants
5. The audit process: audit planning, internal controls testing, data testing, audit report and audit opinion (unqualified, qualified, adverse, disclaimer of opinion)
6. Governmental auditing
7. Internal auditing (definition and role, hierarchy of internal auditing rules, quality of internal auditing, specifics of internal auditing in banks, insurance companies and public sector, role of internal auditor in risk management process and in preventing and detecting fraud)
8. Ethics in external and internal auditing
9. Contemporary issues in external and internal auditing

Course director(s)

  • Office Hours
  • Tuesday at 15:00 in P-214/I
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