This course addresses auditing theory and practice with regard to the following business processes: inventory, financing assets, long-term liabilities, stockholders' equity, and income statement accounts. It provides an introduction to completing the audit and reporting responsibilities, including professional responsibilities relative to assurance, attestation, and internal auditing services. Students will investigate a wide range of related topics including:
- Auditing the finance process
- Reporting on audited financial statements
- Completing the engagement
- Implementing internal control over financial reporting
Students will complete application problem assignments to gain experience in applying auditing techniques, often requiring calculations to derive numerical solutions. Discussion assignments will challenge them to think critically about and apply conceptual and technical auditing issues.
Course Learning Objectives
- Apply auditing concepts and techniques to inventory management.
- Apply auditing concepts and techniques to prepaid expenses, property, plant, and equipment.
- Apply auditing concepts and techniques to long-term liabilities, stockholders' equity, and income statement accounts.
- Apply auditing concepts and techniques to cash and investments.
- Evaluate the auditing and reporting responsibilities related to reports on audited financial statements and internal control over financial reporting.
- Evaluate audit-related professional responsibilities relative to professional conduct, independence, quality control, and legal liability.
- Apply elements of assurance, attestation, and internal auditing services to internal and external auditing attestation situations.