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.

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Athena Title

Audit Risk Assess & Control H

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Equivalent Courses

Not open to students with credit in ACCT 5200, ACCT 7200, ACCT 7540E

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Non-Traditional Format

Additional Requirements for Honors Credit: Students will complete three additional projects on reporting requirements for publicly traded U.S. companies and the role of the auditor in those filings. The project is worth 10 percent of the course grade for Honors students. Course points are reweighed to include this assignment and place these students on the grading scale with all other students in the course.

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Prerequisite

ACCT 5000/7000 and permission of Honors

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Semester Course Offered

Offered fall and spring

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Grading System

A - F (Traditional)

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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.

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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

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