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
Equivalent Courses
Not open to students with credit in ACCT 5200H, ACCT 7200, ACCT 7540E
Prerequisite
ACCT 5000/7000
Semester Course Offered
Offered every year.
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.
