Course Objectives

This course addresses issues and challenges faced by the auditing profession in today's environment including the impact of audit failures on the profession, auditor independence issues, assessment of risk on an audit and the ethical responsibilities of accountants. The course will focus extensively on problematic situations that auditors have dealt with in the past so that you can obtain a better understanding of how to approach similar situations in the future.

Course Requirements

Case studies will be used extensively and students’ communication skills will be developed through the extensive use of class discussions and delivery of group presentations.

Course Contents

· Analyze the environment surrounding an audit engagement including identifying the users of the financial statements and the potential legal exposure to the auditor.

· Analyze the risk of material misstatement and the risk of fraud for a variety of audit engagement situations.

· Provide meaningful and practical solutions that respond to users' needs.

· Evaluate the appropriateness of audit evidence and assess whether sufficient, appropriate audit evidence has been obtained in a variety of situations.

· Assess the ethical ramifications of decisions made by auditors and professional accountants.

· Exercise professional judgment in situations encountered in an audit file.

Credits: 3