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Auditing, Risk Assessment, and Control (Honors)

Analytical Thinking

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. Other topics include professional ethics for accountants and the legal and professional environment affecting financial statement audits.

Athena Title

Audit Risk Assess & Control H

Equivalent Courses

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

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.

Prerequisite

ACCT 5000/7000 and permission of Honors

Semester Course Offered

Offered fall and spring

Grading System

A - F (Traditional)

Student Learning Outcomes

  • By the end of this course, students will be able to explain the principles and process of financial statement auditing, including key concepts such as audit risk, materiality, evidence, and sampling.
  • By the end of this course, students will be able to apply an audit judgment framework to evaluate and analyze audit evidence across major financial statement accounts.
  • By the end of this course, students will be able to assess the internal control environment and identify risks that could impact the accuracy of financial statements.
  • By the end of this course, students will be able to demonstrate understanding of professional ethics and legal responsibilities in the context of auditing practice.
  • By the end of this course, students will be able to communicate audit findings effectively inwritten reports to support informed decision-making.

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

Institutional Competencies

Analytical Thinking

The ability to reason, interpret, analyze, and solve problems from a wide array of authentic contexts.


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