Course Objectives, Requirements & Contents

This course is designed for students who plan careers in the accounting and finance functions of corporations or government entities or in the consulting/risk management/internal audit services side of public accounting and internal audit outsourcing firms. The course is designed to provide the students with insight about auditing: what it is, why it is important, how the function of auditing work and why users of financial statements should care about it. It is an introduction to the audit function, audit standards, audit objectives and procedures, ethical and legal environment, materiality and audit risk, and audit reporting.

This course emphasizes the manner in which the assurance function is performed, with an emphasis on the auditing of financial statement information. This course will continue with the content and learning methods introduced in your earlier accounting courses as presumption. It will help the students better understand relevant professional standard and apply those standards. There are some specific learning objectives in this course:

Overall auditor responsibilities: Understand the nature of audit risk and an auditor’s responsibility to detect financial statements misstatements and noncompliance with laws and regulations.

The audit process: Understand the nature of the audit process, including the nature of and the relationships among financial statement assertions, audit objectives audit procedures and audit evidence.

Reporting Requirements: Apply appropriate audit reporting standards to various reporting situations.

Ethical responsibilities: Apply ethical standards to situations encountered by accountants.

Credits: 4