|Course ID:||ACCT 5200. 3 hours. |
|Course Title:||Auditing, Risk Assessment, and Control|
|Assurance services with focus on the audit of financial statements. The basic financial statement audit process is discussed including the concepts of evidence, materiality, and risk. The role of professional ethics and legal liability in the auditing profession.|
|Oasis Title:||AUDIT RISK & CNTRL|
|Duplicate Credit:||Not open to students with credit in ACCT 5200H or ACCT 7200|
|Pre or Corequisite:||ACCT 5310/7310 or ACCT 5310H|
|Offered every year. |
|Grading System:||A-F (Traditional)|
This course is designed to provide you with a conceptual understanding of financial
statement auditing and the nature of other attestation services. One goal is for
you to develop your professional skepticism by becoming a critical reader and user
of information. Additionally, you will gain an understanding of the regulatory
environment in which auditors work and the recent changes in that environment. We
will spend most of the course learning about the process of performing an audit,
understanding the audit risk model and how the various accounting cycles are
audited. We will wrap up the course by covering the reporting options auditors can
use to signal the quality of the financial statement reporting to financial
statement users. The material we will cover will assist you in preparing for the
Auditing Section of the CPA Exam; however, we do not have time to cover all topics
that might appear on the exam.
1. The demand for auditing and assurance services.
2. Audit responsibilities and objectives.
3. The audit process.
4. Materiality, audit risk and audit evidence.
5. Internal control and control risk.
6. Audit sampling.
7. Auditing transaction cycles.
8. Audit reports.