STATUTORY AUDIT

Through the analysis of the purposes and contents of auditing activities, this course aims to contribute to the educational objectives of the Master’s Degree in Accounting, Finance, and Control. Its goal is to prepare graduates who can master themes related to the accounting representation of business operations, the preparation of financial statements according to relevant accounting standards, and the provision of accurate and complete financial disclosures.
As an elective course, it provides the fundamental theoretical knowledge and practical guidelines necessary to perform the statutory audit of accounts in companies subject to such requirements. In particular, the course analyzes the auditor's objectives, the International Standards on Auditing (ISA), and the procedures and operational methods for carrying out activities up to the formulation of the audit opinion.
Specific focus will be dedicated to the auditing standards that guide the auditor's work. Furthermore, the course will provide an overview of other assurance activities that the auditor may be called upon to perform, with particular reference to the assurance of sustainability reporting in compliance with the European CSRD (Corporate Sustainability Reporting Directive) regulations.
Given the continuous evolution of the subject matter, the topics and related regulatory, practical, and doctrinal references will be updated and illustrated by the instructor during lectures, in accordance with any new provisions coming into force and emerging operational guidelines.

Students of the Master’s Degree in Accounting, Finance, and Control are expected to acquire a comprehensive and exhaustive overview of knowledge and understanding within the business-management area. This focus specifically addresses the accounting representation of business operations, the ability to interpret financial statements, and an awareness of the operational tools that support corporate decision-making.
Through this course—which identifies the analysis of controls in their entirety (particularly the system of internal administrative-accounting controls) as the foundation for audit risk assessment—students will complete their preparation in accounting and financial reporting. They will gain insight into the financial statement approval process and the central importance of the audit opinion, including its impact on various stakeholders.
By the end of the course, students will be able to know and understand:
The regulatory framework applicable to companies regarding statutory audit requirements;
The objectives of statutory auditing and the role of the auditor (including non-audit assurance engagements and brief insights into sustainability disclosure);
The evaluation of internal control systems for the purposes of statutory auditing;
The risks to which a company is exposed (including fraud risk) and the auditor’s assessment of control risk;
The applicable International Standards on Auditing (ISA);
The concept of going concern and its central importance to the auditor;
The formulation and significance of the audit opinion (including brief mentions of the assurance of sustainability reporting).

Knowledge of general accounting, accounting principles, and legislation related to the preparation of the financial statements and the consolidated financial statements.
To take the Statutory Audit exam, it is mandatory to have passed the Business Administration exam.

The course will be divided as it follows:
1. Regulatory framework of audit obligations: recipients and actors, the Legislative Decree 39/2010;
2. The international audit principles applicable to the audit assignments and the other audit services (Assurance of sustainability reporting);
3. Independence, acceptance, and maintenance of assignments;
4. The internal control system;
5. The assessment of business risks to determine the audit risk;
6. Determining the significance and carrying out the testing activities;
7. External confirmations and use of third-party work;
8. The process of reviewing the most critical areas of the financial statements;
9. The auditor's opinion on the financial statements and the assessment of the business continuity postulate

Standards and documents
1. “Decreto Legislativo 27 gennaio 2010, n. 39” - Consolidated text with the “Decreto Legislativo 17 Luglio 2016, n.135” – Implementation of the directive 2006/43/CE, on the audit of the annual accounts and the consolidated accounts, which modifies the directives 78/660/CEE and 83/349/CEE, and repeal the directive 84/253/CEE.
2. “Decreto Legislativo del 24 febbraio 1998, n.58 (TUF)”
3. “Direttiva n. 2006/43/CE modificata dalla Direttiva 2014/56/UE del 16 aprile 2014”
4. Regulation (UE) n. 537/2014 of the European Parlament and the European Council, of the 16th of April 2014 on the specific requirements related to the audit of public interest accounts and that repeal the European Commission decision 2005/909/CE
5. International Standards on Auditing (ISA Italia)
6. EU Directive 2022/2464 (CSRD)
All the aforementioned documents are available at: https://www.revisionelegale.mef.gov.it/
The slides and the teaching material of deepening, concerning the practical cases covered and discussed during the lessons, will be provided to the students from time to time.
Texts:
1. RICCARDO BAUER: “La revisione legale. Tecniche e procedure. Aggiornato con il D.Lgs. 125/2024 sul Rendiconto di sostenibilità”, Maggioli Editore 2025, 11° edizione, ISBN-10 8891670936

The exam is in oral form and consists of the presentation and reasoned discussion of some topics (3/4) to evaluate the knowledge of both of the regulatory framework, both of the auditing principles, and the practical activity carried out.
Attending students will have the opportunity to participate in a Business Game organized in groups (approximately 3 students per group). The instructor will present practical cases, and based on their analysis, each group will present the materiality calculation, the identification of significant areas, the applicable audit procedures, and the proposed audit opinion. Participation in the business game awards 3 points toward the final exam grade, valid for the first exam session.
The course attendance is suggested, both for the new evolutions in the regulations, both for the feature of the course, during which will be proposed and discussed some practical cases.

oral

The lecturer has a duty to ensure that the rules regarding the authenticity and originality of exam tests and papers are respected. Therefore, if there is suspicion of irregular conduct, an additional assessment may be conducted, which could differ from the original exam description.

The grade will be assigned according to the following methods:
A. scores in the 18-22 range will be assigned in the presence of:
- sufficient knowledge and ability to apply understanding in reference to the course program;
- limited ability to apply knowledge by formulating independent judgments;
- sufficient communication skills, especially in relation to the use of specific language that pertains to the course program;
B. scores in the 23-26 range will be assigned in the presence of:
- fair knowledge and ability to apply understanding in reference to the course program;
- fair ability to apply knowledge by formulating independent judgments;
- fair communication skills, especially in relation to the use of specific language that pertains to the course program;
C. scores in the 27-30 range will be assigned in the presence of:
- good or very good knowledge and ability to apply understanding in reference to the course program;
- good or very good ability to apply knowledge by formulating independent judgments;
- fully appropriate communication skills, especially in relation to the use of specific language that pertains to the course program;
D. honors will be awarded in the presence of knowledge and understanding applied in reference to the program, judgment and communication skills, excellent.

The teaching includes the following lesson methods during which both the technical and operational aspects of the activity will be illustrated:
1. Frontal lectures where practical cases will be proposed and discussed;
2. Lectures which consists in a direct confrontation professor-students;
3. Meetings to connect University and labor market with the participation of business executives and representatives of auditing firms.

During the first lesson it will be presented to the attending students the course in detail, the regulations and the textbooks, i twill also be presented the operating modes of the oral exam procedure.
To attend the “Statutory Audit” exam, it is advised the preparatory attendance of the following courses:
1. Accounting standards for financial statement 1
2. Accounting standards for financial statement 2

The lecturer is available to meet with students on lecture days, at times that will be announced at the start of the course.
Office hours are held upon specific request, subject to an appointment to fix the date and time. Depending on the student's needs, meetings may be conducted via Google Meet or Zoom.