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Accounting Auditing and Control D, 30 hp

Engelskt namn: Accounting Auditing and Control D

Denna kursplan gäller: 2011-09-05 till 2012-08-26 (nyare version av kursplanen finns)

Kurskod: 2FE107

Högskolepoäng: 30

Utbildningsnivå: Avancerad nivå

Huvudområden och successiv fördjupning: Företagsekonomi: Avancerad nivå, har endast kurs/er på grundnivå som förkunskapskrav

Betygsskala: För denna kurs ges betygen VG Väl godkänd, G Godkänd, U Underkänd

Ansvarig institution: USBE Företagsekonomi

Beslutad av: Handelshögskolans styrelse, 2009-05-28

Reviderad av: lewi0001, 2010-10-12


This course covers topics related to financial reporting, how management accounting can be used to create value in companies, financial statement analysis and auditing. - Module 1. Value based management accounting, 7,5 ECTS - Module 2. Advanced financial accounting, 7,5 ECTS - Module 3. Advanced financial statement analysis and valuation, 7,5 ECTS - Module 4. Advanced auditing, 7,5 ECTS Module 1. Value based management accounting, 7.5 ECTS According to the Institute of Management Accountants, management accounting is the internal business-building role of accounting and finance professionals, who design, implement, manage, and report on internal accounting systems that support effective decision support, planning, and control over the organization’s value-creating operations. Management accounting and finance professionals directly support an organization’s strategic goals. Management accounting is about creating value, not just measuring it. Management accountants are strategic financial management professionals who integrate accounting expertise with advanced management skills to drive business performance inside organizations. They serve as trusted partners to executives in all areas of an organization, offering the expertise and analysis necessary for sound business decisions, planning, and support. Management accountants monitor, interpret, and communicate operating results, evaluate performance, control operations, and make decisions about the strategic direction of the organization. They understand the business formula for delivering value to the customer, arriving at strategies for identifying, developing, marketing, and evaluating a product or service throughout its entire life cycle. This advanced management accounting course module builds on previous training in accounting from a value-based management perspective. The focus of contemporary management accounting is on the enhancement of shareholder value through customer-driven value creation. Students’ knowledge, insights, and analytical skills related to the way corporate managers design, and utilize planning and management control systems to implement strategies will be enhanced in this module. Techniques of the management control processes are studied and behavioral considerations involved in the use of these techniques are discussed. The student should also become aware of the varied and changing roles of the controller function and the management accountant. Expected learning outcomes By the end of the module students should have the knowledge and understanding to: - describe the roles management accounting systems have in organizations; - assess the consequences of management accounting system changes; - have an ability to work with theoretical and research based knowledge in the area of management accounting; - apply their knowledge of primary contemporary management - accounting techniques - be well prepared for the varied and changing roles of the controller function. Focus of instruction The developments of the management accounting subject, techniques and concepts are presented during lectures. Students will become familiar with quantitative issues through numerical examples, exercises and cases. They are expected to take an active part in discussions on the development of the field, literature and article seminars and reporting about case studies. They will be given a number of assignments, leading to continuous assessment. Course work will be done individually and in small groups. Course work must reach an advanced level of knowledge and understanding of the subject. Readings Requiring reading for the module includes cases, chapters, and articles contained in the assigned textbooks and supplementary materials. The lectures in the course module will be used to cover both conceptual and computational aspects of management accounting measurement topics. Class sessions will be organized around cases and team activities–debates and panel discussions. Written work will take the form of homework assignments and written case analyses. Class participation This class depends on a student’s own participation. At this point of the Master’s curriculum, a substantial part of learning comes from other students. It is important and essential for this course module that each student brings in their own experience and expertise. In addition to attending class (which is required), students should be prepared to comment on assigned cases or articles and to discuss the analysis presented in class. Part of the excitement and the benefit derived from this module are due to the diversity of experience of the participants of this class. Examination modes Grading is based on a final exam, written cases and seminars. These activities are weighted in the following way: exam 60 %, cases 20 % and seminars 20 %. See also below. Module 2. Advanced financial accounting, 7.5 ECTS The main objective in presenting this module is to consolidate students’ understanding of the IFRS standards and students’ ability to utilize aspects of accounting theory to resolve major reporting issues. International Financial Reporting Standards (IFRS) have received increasingly favourable attention during the past years, especially after the European Union mandated the use of IFRS by all publicly held companies beginning in 2005. A large number of other countries are using or planning to use the IFRS-standards or equivalent standards. Expected learning outcomes On successful completion of this module, students should be able to: - understand and apply the IFRS accounting rules in intermediate as well as more advanced situations. Examples of more advanced topics covered at the course module are: deferred taxes, revenues, investment property, financial instruments, pensions, share-based payments and impairment of assets (including impairment of goodwill) - critique accounting choices from an ethical point of view - identify places where there is accounting flexibility in the IFRS standards and evaluate the appropriateness of companies’ accounting policies and choices - use accounting principles and theory in order to evaluate and criticize accounting standards - analyze the contents of corporate governance reports, corporate responsibility reporting and other similar types of voluntary or involuntary reports prepared by publicly listed companies. Focus of instruction This course module is presented through lectures and seminars. Examination modes Grading is based on a final exam, written cases and a term-paper. These activities are weighted in the following way: exam 70 %, cases 10 % and the term-paper 20 %. See also below. Module 3. Advanced financial statement analysis and valuation, 7.5 ECTS This module should be of interest to students who are contemplating careers in accounting, auditing, corporate finance, investment banking, security analysis, equity research, and financial consulting. It should also of great interest and benefit to anyone considering the purchase or sale of a business. It deals with the analysis of financial statement information and the use of this information in making performance evaluations and investment decisions. The module integrates accounting, finance, economic theory, and empirical research into a financial statement analysis and valuation framework. The primary purpose in presenting the module is to provide students with relevant theories, methods, and models for valuing companies and their securities, primarily equity (common stock). A spreadsheet program (Excel) is used throughout the module as a practical tool for conducting financial statement analysis and valuation, including the creation of forecasted income statements and balance sheets (pro formas). A brief summary of topics includes: models of shareholder value and a comparison of accounting and discounted cash flow approaches to valuation; analysis of the firm’s profitability, growth, and value generation; forecasting of earnings and cash flows and pro forma analyses; and analysis of price/earnings and market-to-book ratios. Expected learning outcomes After completing this module, the student should be able to: - estimate fundamental values of companies’ operations, equity and debt using different valuation models - use financial statements, ratio analysis and other techniques to analyze and value firms - conduct valuations based on self-developed pro forma financial statements - explain how accounting methods affects valuations - analyze the quality of financial reports Focus of instruction The core topics of this module will be covered by lectures, although seminars, research articles, cases and computer exercises utilizing Excel may also be used. Students are expected to take an active part in every aspect of the module. Examination modes Examination will be based on a written comprehensive exam, and on successful completion of group or individual coursework as assigned. See also below. Module 4. Advanced auditing, 7.5 ECTS This module was created to give students a solid theoretical and practical foundation in auditing. It covers central topics of auditing, such as, risk and materiality assessment, the planning of auditing, the auditing process and auditors’ reporting. Professional ethics and independence issues are also discussed during the course module. The course module is principally based on the International Standards of Auditing (ISAs) that have had a great impact on the auditing standards in Sweden as well as internationally. Expected learning outcomes Key objectives are that the student should, among other things, be able to: - explain why auditing is needed - explain and discuss what is meant by audit quality, ethics and independence from an auditor’s and investor’s perspective - explain approaches used to identify threats to independency and resolve possible independency issues under the Swedish and IFAC rules; - identify the steps that are involved in audit planning as well as different types of audit tests; - explain what internal control is, discuss why internal controls are important and describe how control risks are assessed; examine what type of audit procedures are suitable for auditing different financial statement items, such as, accounts receivables, inventories, liabilities or property plant and equipment apply auditing standards and procedures in order to propose the contents and form of the auditor’s report. Focus of instruction The core topics will be covered by lectures and seminars, in which students are expected to take an active part. Cases related to the topics will also be used. Examination modes Examination will be based on a written comprehensive exam, literature seminars and cases. See also below.

Förväntade studieresultat

See respectively module


Univ: Företagsekonomi C, 15 hp. En B. Svenska för grundläggande behörighet för högskolestudier (om kursen ges på svenska).

Undervisningens upplägg

See respectively module


Examination will be based upon the student’s active participation in seminars, a written comprehensive examination (tentamen), and successful completion of group or individual coursework as assigned. The following grading system will be used: Pass with distinction (Väl godkänd, Vg, 75% or more), Pass (Godkänd, G, 50% or more) Fail (Underkänd, U, less than 50%). To receive the grade Pass with distinction (Väl godkänd) on the course, the student must have achieved that grade at three of the four modules. In case of failure on seminar participation or individual and group assignments, compensating assignments must be completed in accordance with instructions given on each occasion. Students who do not pass at the time of the normal written examination will be offered an opportunity to sit a further examination within 2-3 weeks. Beyond that, additional examination opportunities normally arise every academic year, one week prior to the start of the autumn term. When a student has failed an examination on two occasions, he or she has a right to have another grading teacher. A written request for an alternative examiner should be handed to the director of studies no later than two weeks before the next examination opportunity. Rules and regulations concerning the production of academic texts and correct referencing will be applicable to all written assignments. Lectures are normally not obligatory. However attendance is expected because the lectures are designed to facilitate students towards achieving course specific learning objectives. In addition lectures often provide insightful explanations of, and can supplement and provide contrast to, the course litterateur and other relevant course materials. Student who has passed an examination can not redo the examination to get a higher grading. Grades on the course are awarded when students have passed all examinations and compulsory course elements.

Övriga föreskrifter

This is a course at the D-level in an MSc-degree at Umeå University. The course can also be included in study programs in Business Administration and Economics at Umeå School of Business

Academic credit transfers are according to the University credit transfer regulations.


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