Audit et compétences professionnelles [ MGEST2210 ]

'Audit and inspection' option

This course consists of two parts:

Part 1: Auditing individual accounts (45h/4 ECTS)

• Introduction to external auditing: definition, necessity
• The role of auditor: nomination, duration of the mandate, revocation and dismissal, remuneration, execution of the task
• Auditing techniques: the historical development, standard of review and recommendations, the approach of the auditor (knowledge acquisition phase, risk analysis, analysis of internal control, materiality threshold, validation checks, keeping records and working documents)
• Work plans: Each of the cycles leading to the preparation of the annual accounts (equity investments, investments, stakeholdings, buying, selling, personnel, taxes and cash and miscellaneous) are examined on the basis of the typical work plan and related to the statutory and regulatory provisions. A monograph consisting of authentic documents is available for students to apply the plans. The different activities involved in concluding the assignment (executive summary, validation of the annual accounts, inspection of the management report, checking events post-closure, checking legal obligations) are discussed as a summary of this part.
• The audit report: opinion to be issued by the auditor and the statement, forms of the report in the context of the new requirements for certification and cases
• The other statutory tasks: interim situations and limited review of special assignments, including:

i. Contributions and quasi-contributions
ii. Interim dividend
iii. Change to the company objective
iv. Half-yearly report on listed companies
v. Merger and spin-off
vi. Change of the legal form
vii. liquidation and dissolution
viii. Conflicts of interest, the board of directors, role of the auditor in the continuity of the company, intervention of the auditor in the event of bankruptcy

Part 2: Auditing consolidated accounts (15h/2 ECTS)

• Legal provisions: legal and regulatory aspects
• The stages of the revision of consolidated annual accounts: the acquisition of knowledge stage, risk analysis, analysis of internal control, materiality threshold, validation checks, keeping records and working documents
• Auditing techniques
• The auditor's approach in the context of the consolidation: a typical work plan will be presented and developed by the students in a case study
• The audit report: opinion to be issued by the auditor and statement, forms of report.

Oral examination

• Lectures
• Case studies.

IRE, Vademecum (2005), volume I: doctrine, Editions standard.
IRE, Vademecum (2005), volume II: législations et normes professionnelles, Editions standaard.
DE WOLF M., VANCUTSEM D. (2006), Revisorat d'entreprises, nouvelles attentes, nouvelles exigences, Forum du révisorat 2006, IRE.
Etude IRE (2005), La société et son commissaire, IRE
Etude IRE (2004), La société et son commissaire ' cas pratiques, IRE
Etude Ire (2006), Apport en nature et quasi apport, IRE