For an uncompressed file I thought it was
SampleRate / (NoOfBits * NoOfChannels) = BitRate
which would give
44100 Hz / (16 bits * 2) = **1378 kbps **
However this bitrate calculator returns 1411.20 and when I look at the properties of an actual AIFF file in iTunes it also returns 1411 kbps.
So I assume my thinking is incorrect, what have I missed
Your formula is incorrect - it's just a coincidence that you're getting something close to the right answer (albeit with a handy change of units!).
For uncompressed audio it would be:
bit rate = sample rate * channels * bits per sample
which for CD audio would be:
= 44100 * 2 * 16
= 1411200 bits/s
= 1411.2 kbits/s
See this relevant question for further details.