Understand the risk involved in the external audit process.

Learning Outcome 1: Understand internal audit principles.
Learning Outcome 2: Understand current external audit legal and professional requirements.
Learning Outcome 3: Understand the risk involved in the external audit process.
Learning Outcome 4: Understand current external auditing practice.

1.Explain the reasons for an internal audit.
Outline internal audit principles.
Review internal audit techniques used by business organisations.
Outline the differences between internal and external audits.

2.Review the current auditing regulatory environment.
Explain the rules of professional conduct for auditors.
Review current developments in auditing.
Evaluate the value of a statutory audit.