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On successful completion of the module, students should be able to:
- Apply international accounting standards to the preparation of financial statements
- Prepare financial statements for a partnership including the allocation of profits in accordance with the partnership profit sharing ratio.
- Account for partnership goodwill and the revaluation of partnership assets when a partner joins or leaves the partnership or there is a change in the profit sharing ratio.
- Account for the dissolution of a partnership.
- Evaluate at a high level, the role of audit and assurance in the business environment, and the role of audit evidence, audit procedures and audit reports in the audit process.