ACCT-238 Auditing

This course is the study of auditing and other audit engagement services. The audit process is examined including auditor and management responsibilities, audit objectives, evidence accumulation, documentation, planning, analytical procedures, materiality and risk, and effective internal controls. Types of audit reports are studied, including the report on internal control. Organizations with audit standard setting responsibilities are discussed along with regulation and ethical standards that apply to auditors. This course is to prepare students for business decisions relating to auditing and the Auditing section of the Certified Public Accountant (CPA) Exam.

Credits

3

Prerequisite

ACCT-231

Hours Weekly

3 hours weekly

Course Objectives

1. 1. Describe the audit profession and process and distinguish between the different types of auditing
   services.
   
2. 2. Differentiate between the role of management and auditor in preparation and verification of financial
   statements.
3. 3. Identify appropriate audit evidence and the characteristics that determine its persuasiveness.
4. 4. Prepare and understand audit documentation.
5. 5. Assess audit risk, select appropriate analytical procedures, and discuss how materiality and risk are
   integrated into the audit process.
6. 6. Discuss internal control framework, assess internal control risk, and understand requirements for auditor
   reporting on internal control.
7. 7. Describe the organizations with audit standard setting responsibilities and ethical guidelines that apply
   to auditors.
8. 8. Identify procedures required to complete an audit including additional tests, review for contingencies
   and subsequent events, final evidence accumulation, and evaluation.

Course Objectives

1. 1. Describe the audit profession and process and distinguish between the different types of auditing
   services.
   
2. 2. Differentiate between the role of management and auditor in preparation and verification of financial
   statements.
3. 3. Identify appropriate audit evidence and the characteristics that determine its persuasiveness.
4. 4. Prepare and understand audit documentation.
5. 5. Assess audit risk, select appropriate analytical procedures, and discuss how materiality and risk are
   integrated into the audit process.
6. 6. Discuss internal control framework, assess internal control risk, and understand requirements for auditor
   reporting on internal control.
7. 7. Describe the organizations with audit standard setting responsibilities and ethical guidelines that apply
   to auditors.
8. 8. Identify procedures required to complete an audit including additional tests, review for contingencies
   and subsequent events, final evidence accumulation, and evaluation.