Financial Audit II

Financial Accounting

Financial Auditing I

Commercial Law

As this curricular unit has a strong practical focus, it is appropriate to use active teaching methodologies that combine structured theoretical presentation with active student participation in practical activities. Methods such as dialogue-based lectures can be used to introduce fundamental concepts and contextualize their application, encouraging interaction and clarifying doubts during the explanation.

Additionally, the use of case studies and practical simulations is essential, where students, individually or in groups, analyze real audit situations, identify risks, define substantive procedures, and prepare parts of audit reports. This method promotes experiential learning, developing critical thinking, problem-solving, and practical application skills of theoretical knowledge.

Finally, learning will be reinforced through formative assessment strategies, such as short online quizzes, practical exercises graded in class, and continuous feedback on completed work. This regular monitoring allows the teaching process to be tailored to students’ needs, encouraging independent study and the progressive development of skills.

This course has the following objectives:

O1 – To develop skills for conducting and understanding the fieldwork of an audit of financial statements, particularly in defining objectives and performing substantive tests.

O2 – To provide an integrated view of the financial audit process, developing skills for reporting the findings of the work performed in the audit report.

O3 – To develop skills for conducting and understanding the fieldwork of an assurance engagement other than an audit of financial statements.

The main skills to be acquired by attending this course are:

C1 – Understanding and executing fieldwork in financial audits and other assurance engagements;

C2 – Knowing how to plan, execute, and complete a financial audit engagement in accordance with international auditing standards;

C3 – Knowing how to document a financial audit.

1 – Documentation and General Responsibilities (ISA 230-299)

1.1 – Audit Documentation

1.2 – Consideration of Fraud in Audits

1.3 – Consideration of Laws and Regulations in an Audit, Including Financial Conduct Authority (LFCT)

2 – Risk Assessment and Response to Assessed Risks (ISA 300-499)

2.1 – Risk Identification and Assessment – General Framework

2.2 – Practical Aspects of Risk Assessment Considering Accounting and Internal Control Systems

2.3 – Data Analysis and Systems Risk Assessment Tools

2.4 – Risk Analysis and Information Systems Audit in the Context of Financial Auditing

3 – Audit Evidence (ISA 500-599)

3.1 – General Aspects of Substantive Procedures

3.2 – Substantive Procedures in Each Area of Financial Reporting

3.3 – Assessment of the Use of the Going Concern Assumption

4 – Use of Third-Party Work (ISA 600-699)

5 – Audit Conclusions and Reporting (ISA 700-799)

5.1 – Completion of Audit Work

5.2 – Independent Auditor’s Report

5.3 – Other Communications with the Governing Body, Other Governance Officers, or Other Entities

6 – Specialized Area (ISA 800-899)

NAO