Identify the professional and regulatory standards that impact the auditing profession (GAAS, PCAOB, SOX, SEC, Code of Professional Ethics, etc.) and analyze factual situations for instances of compliance and noncompliance.
Describe the purpose of the various audit reports (standard unqualified with or without modified wording and/or explanatory paragraphs, qualified, adverse, and disclaimer) and select the appropriate audit report for various factual situations .
Recognize management assertions embodied in financial statements and the impact those assertions have on audit objectives for financial statement cycles.
Use audit planning techniques to assess risks associated with various audit situations.
Evaluate factual situations to identify control deficiencies, significant deficiencies, and material weaknesses of the design and/or operation of internal controls in financial statement cycles.
Choose the most persuasive type of evidence for financial statement cycles and practice documenting the results of performing audit tests.
Use audit sampling to determine whether sufficient evidence has been obtained and practice documenting the auditors decision regarding sufficiency.
Explain the purpose of audit procedures required to be performed in the completion of an audit.
Course Description Surveys auditing concepts that include audit standards, reports, professional ethics, legal liability, evidence accumulation, audit planning, internal control, transaction cycles, other engagements and operational auditing. Credits: 3