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MN32037: Audit and risk management

[Page last updated: 23 May 2025]

Academic Year: 2025/26
Owning Department/School: School of Management
Credits: 10 [equivalent to 20 CATS credits]
Notional Study Hours: 200
Level: Honours (FHEQ level 6)
Period:
Semester 2
Assessment Summary: EXOB 100%
Assessment Detail:
  • Open-book written examination (EXOB 100%)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites: Before taking this module you must take MN22019 OR take MN22163 OR take MN20485 OR take MN20018 OR take MN22154
Learning Outcomes:
  • Identify and prioritise organisational and environmental risks
  • Explain and evaluate financial and management systems for managing risks
  • Understanding of the legal, ethical and professional environment within which auditing operates
  • Appreciation of audit techniques, judgment and practical skills to be applied in financial statement auditing
  • The ability to select and present information relating to the various aspects of the conceptual and organisational features of professional auditing in a business context



Synopsis: Gain a theoretical and practical perspective on risks arising from business entities operations and the accounting information they provide, focusing on: - sources of financial risk and how to manage them through financial techniques and internal controls - the management of risk to people using information from business entities through independent external audit both the process and its regulation

Content: The content will cover the features of financial and other risks (e.g., strategic and governance risks), and how they can best be managed. Moreover, the content will cover the purpose of audit and fundamental concepts, audit independency and regulatory framework, internal controls and testing controls, substantive procedures and sampling, completing the audit and the auditor's report and broader concepts of accountability.

Course availability:

MN32037 is Compulsory on the following courses:

School of Management

MN32037 is Optional on the following courses:

School of Management
  • UMMN-AFB10 : BSc(Hons) Accounting and Finance (Year 3)
  • UMMN-AKB02 : BSc(Hons) Accounting and Finance with Year long work placement (Year 4)
  • UMMN-ANB07 : BSc(Hons) Business with Thin sandwich placement(s) (Year 4)
  • UMMN-AYB06 : BSc(Hons) International Management with Year Abroad (Year 4)
  • UMMN-AFB14 : BSc(Hons) Management (Year 3)
  • UMMN-AKB04 : BSc(Hons) Management with Year long work placement (Year 4)
  • UMMN-AKB05 : BSc(Hons) Management with Marketing with Year long work placement (Year 4)
Department of Politics, Languages and International Studies
  • UXXX-AYB05 : BSc(Hons) International Management and Modern Languages (French) with Year Abroad (Year 4)
  • UXXX-AYB04 : BSc(Hons) International Management and Modern Languages (German) with Year Abroad (Year 4)
  • UXXX-AYB06 : BSc(Hons) International Management and Modern Languages (Spanish) with Year Abroad (Year 4)

Notes:

  • This unit catalogue is applicable for the 2025/26 academic year only. Students continuing their studies into 2026/27 and beyond should not assume that this unit will be available in future years in the format displayed here for 2025/26.
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  • Find out more about these and other important University terms and conditions here.