Course Description
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.
Athena Title
Audit Risk Assess & Control
Equivalent Courses
Not open to students with credit in ACCT 5200, ACCT 5200H, ACCT 7540E
Non-Traditional Format
Students will complete three projects on reporting requirements
for publicly traded United States companies and the role of the
auditor in those filings.
Prerequisite
ACCT 5010/7010
Pre or Corequisite
ACCT 5310 or ACCT 5310H or ACCT 7310
Semester Course Offered
Offered fall and spring
Grading System
A - F (Traditional)
Student Learning Outcomes
- Students will understand financial statement auditing and the nature of other attestation services.
- Students will have developed professional skepticism by becoming a critical reader and user of information.
- Students will understand the regulatory environment in which auditors work and the recent changes in that environment.
- Students will understand the process of performing an audit, understand the audit risk model, and how the various accounting cycles are audited.
- Students will understand the reporting options auditors can use to signal the quality of the financial statement reporting to financial statement users.
Topical Outline
- The demand for auditing and assurance services
- Audit responsibilities and objectives
- The audit process
- Materiality, audit risk, and audit evidence
- Internal control and control risk
- Audit sampling
- Auditing transaction cycles
- Audit reports
