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Governance, audit and assurance

Audit and assurance processes play a vital role in upholding business integrity. In this module, you’ll step into the role of a professional auditor to learn how they provide assurance that financial statements are a true and fair reflection of business performance. You’ll explore how corporate governance mechanisms help create an effective system of checks and balances internally, and how external and internal audit functions work together. You&/courses/modules/b351/39;ll be introduced to the International Standards on Auditing and learn about the process behind setting these standards. As you gain an appreciation of the credibility that auditors bring to the reporting process, you&/courses/modules/b351/39;ll be able to explain different types of assurance engagement and audit opinions given by auditors. In doing so, you’ll study theoretical principles and practical applications essential for a career in professional accounting.

Modules count towards OU qualifications

OU qualifications are modular in structure; the credits from this undergraduate module could count towards a certificate of higher education, diploma of higher education, foundation degree or honours degree.

Browse qualifications in related subjects

Module

Module code

B351

Credits

Credits

  • Credits measure the student workload required for the successful completion of a module or qualification.
  • One credit represents about 10 hours of study over the duration of the course.
  • You are awarded credits after you have successfully completed a module.
  • For example, if you study a 60-credit module and successfully pass it, you will be awarded 60 credits.
30

Study level

Across the UK, there are two parallel frameworks for higher education qualifications, the Framework for Higher Education Qualifications in England, Northern Ireland and Wales (FHEQ) and the Scottish Credit and Qualifications Framework (SCQF). These define a hierarchy of levels and describe the achievement expected at each level. The information provided shows how OU module levels correspond to these frameworks.
Level of Study
OU SCQF FHEQ
3 10 6

Study method

Distance Learning

Module cost

See Module registration

Entry requirements

See Entry requirements

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Module details Entry requirements Module registration Study materials

What you will study

This module provides you with the competencies and skills required for carrying out audits in a professional environment. You’ll learn how audit processes work, how different types of data are examined and audited and how auditors execute audits of financial statements. The following topics will be covered.

Unit 1: An introduction to auditing and corporate governance
  • Why auditing and assurance arrangements are needed
  • Why auditing standards are needed
  • The need for and nature of auditing and governance regulation
  • Fundamental ethical principles, and how to design effective safeguards against ethical threats
Unit 2: Audit planning and risk assessment
  • Why is it important to understand the entity and its context
  • Considerations related to audit engagements
  • Why effective audit planning and documentation is important
  • Materiality, fraud, and audit risk
Unit 3: Internal control and internal audit
  • The need for and components of the system of internal control
  • Systems-based auditing
  • How auditors evaluate and report deficiencies in an internal control system
  • The concept, nature and purpose of internal audit
  • The aspects of internal audit reporting
Unit 4: Audit evidence and procedures
  • Understanding financial statement assertions
  • How to obtain sufficient and appropriate audit evidence
  • Auditing of not-for-profit organisations
Unit 5: Review and reporting
  • The purpose and procedures for final review
  • The concept of going concern and the responsibilities of management, directors and auditors in assessing and maintaining it
  • The importance of the final audit review and the role of written representations
  • Key elements of an independent auditor’s report, including key audit matters (KAM) and the different types of audit opinion
Unit 6: Emerging issues in auditing
  • Various types of non-traditional audits (such as forensic audits, social and environmental audits and added value audits) 
  • The nature and scope of non-financial audits
  • The role of the auditing profession in famous auditing and accounting scandals   
  • The potential impact of emerging issues such as globalisation, sustainability and technology (including AI) on the auditing profession

Professional recognition

This module forms part of the BSc (Hons) Accounting and Finance (R52) which has been granted exemptions by the Chartered Institute of Management Accountants (CIMA) towards its CGMA qualification.

Teaching and assessment

Support from your tutor

You’ll get help and support from an assigned tutor throughout your module.

They’ll help by:

  • marking your assignments and offering detailed feedback to help you improve
  • providing individual guidance, whether that’s for general study skills or specific module content
  • guiding you to additional learning resources
  • facilitating online discussions between your fellow students in the dedicated module and tutor group forums.

Online tutorials run throughout the module. Where possible, we’ll make recordings available. While they’re not compulsory, we strongly encourage you to participate.

Assessment

The assessment details for this module can be found in the facts box.

Future availability

Governance, audit and assurance starts once a year – in October. This page describes the module that will start in October 2025. We expect it to start for the last time in October 2032.

Regulations

As a student of 快猫视频, you should be aware of the content of the academic regulations which are available on our website.

Course work includes:

2 Tutor-marked assignments (TMAs)
End-of-module assessment


Entry requirements

You must have successfully completed Financial accounting (B250) before you can register for this module. In addition, you&/courses/modules/b351/39;ll be required to use a calculator and Excel spreadsheets.

Preparatory work

The module begins with a review of prerequisite knowledge and skills. If you haven&/courses/modules/b351/39;t studied accounting recently, this will help refresh your understanding and build confidence before moving into new material.

Register

Start End Fee Register
04 Oct 2025 Mar 2026 Not yet available

Registration opens on 19/03/25
This module is expected to start for the last time in October 2032.

Additional Costs

Study costs

There may be extra costs on top of the tuition fee, such as set books, a computer and internet access.

If your income is not more than £25,000 or you receive a qualifying benefit, you might be eligible for help with some of these costs after your module has started.

Ways to pay for this module

Open University Student Budget Account

快猫视频 Student Budget Accounts Ltd (OUSBA) offers a convenient &/courses/modules/b351/39;pay as you go&/courses/modules/b351/39; option to pay your OU fees, which is a secure, quick and easy way to pay. Please note that 快猫视频 works exclusively with OUSBA and is not able to offer you credit facilities from any other provider. All credit is subject to status and proof that you can afford the repayments.

You pay the OU through OUSBA in one of the following ways:

  • Register now, pay later – OUSBA pays your module fee direct to the OU. You then repay OUSBA interest-free and in full just before your module starts. 0% APR representative. This option could give you the extra time you may need to secure the funding to repay OUSBA.
  • Pay by instalments – OUSBA calculates your monthly fee and number of instalments based on the cost of the module you are studying. APR 5.1% representative.

Joint loan applications

If you feel you would be unable to obtain an OUSBA loan on your own due to credit history or affordability issues, OUSBA offers the option to apply for a joint loan application with a third party. For example, your husband, wife, partner, parent, sibling or friend. In such cases, OUSBA will be required to carry out additional affordability checks separately and/or collectively for both joint applicants who will be jointly and severally liable for loan repayments.

As additional affordability checks are required when processing joint loan applications, unfortunately, an instant decision cannot be given. On average the processing time for a joint loan application is five working days from receipt of the required documentation.

Read more about .

Employer sponsorship

Studying with 快猫视频 can boost your employability. OU courses are recognised and respected by employers for their excellence and the commitment they take to complete. They also value the skills that students learn and can apply in the workplace.

More than one in ten OU students are sponsored by their employer, and over 30,000 employers have used the OU to develop staff so far. If the module you’ve chosen is geared towards your job or developing your career, you could approach your employer to see if they will sponsor you by paying some or all of the fees. 

  • Your employer just needs to complete a simple form to confirm how much they will be paying and we will invoice them.
  • You won’t need to get your employer to complete the form until after you’ve chosen your module.  

Credit/debit card

You can pay part or all of your tuition fees upfront with a debit or credit card when you register for each module. 

We accept American Express, Mastercard, Visa and Visa Electron. 

Mixed payments

We know that sometimes you may want to combine payment options. For example, you may wish to pay part of your tuition fee with a debit card and pay the remainder in instalments through an .


Please note: your permanent address/domicile will affect your fee status and, therefore, the fees you are charged and any financial support available to you. The fee information provided here is valid for modules starting before 31 July 2025. Fees typically increase annually. For further information about the University&/courses/modules/b351/39;s fee policy, visit our .

This information was provided on 12/03/2025.

Can you study an Access module for free?

Depending on eligibility and availability of places, you could apply to study your Access module for free.

To qualify, you must:

  1. be resident in England
  2. have a household income of not more than £25,000 (or be in receipt of a qualifying benefit)
  3. have not completed one year or more on any full-time undergraduate programme at FHEQ level 4 or above or successfully completed 30 credits or more of OU study within the last 10 years

How to apply to study an Access module for free

Once you&/courses/modules/b351/39;ve started the registration process, either online or over the phone, we&/courses/modules/b351/39;ll contact you about your payment options. This will include instructions on how you can apply to study for free if you are eligible and funded places are still available.

If you&/courses/modules/b351/39;re unsure if you meet the criteria to study for free, you can check with one of our friendly advisers on +44 (0)300 303 0069, or you can request a call back.

Not eligible to study for free?

Don&/courses/modules/b351/39;t worry! We offer a choice of flexible ways to help spread the cost of your Access module. The most popular options include:

  • monthly payments through OUSBA
  • part-time tuition fee loan (you&/courses/modules/b351/39;ll need to be registered on a qualification for this option)

To explore all the options available to you, visit Fees and Funding.

What's included

You’ll have access to a module website, which includes:

  • a week-by-week study planner
  • module materials to practice your analytical skills
  • audio and video content such as animations and podcasts
  • assignment details and submission section
  • online tutorial access.

Computing requirements

  • Primary device – A desktop or laptop computer. It’s possible to access some materials on a mobile phone, tablet or Chromebook; however, they will not be suitable as your primary device.
  • Peripheral device – Headphones/earphones with a built-in microphone for online tutorials.
  • Our OU Study app operates on supported versions of Android and iOS.
  • Operating systems – Windows 11 or latest supported macOS. Microsoft will no longer support Windows 10 as of 14 October 2025.
  • Internet access – Broadband or mobile connection.
  • Browser – Google Chrome and Microsoft Edge are recommended. Mozilla Firefox and Safari may be suitable.

If you have a disability

The OU strives to make all aspects of study accessible to everyone and this Accessibility Statement outlines what studying B351 involves. You should use this information to inform your study preparations and any discussions with us about how we can meet your needs.

To find out more about what kind of support and adjustments might be available, contact us or visit our .