10101124Auditing
Course Information
Description
This course is an introduction to auditing. Emphasis is on the preparation of working papers to support audit findings. An audit case is completed to illustrate various auditing concepts and procedures. The course includes an evaluation of internal controls, conventional auditing procedures, and the preparation of audited financial statements in conformity with generally accepted accounting principles.
Total Credits
3
Course Competencies
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Evaluate Internal ControlAssessment StrategiesWhen learner can pass a closed book examWhen learner completes an Audit Practice CaseCriterialearner evaluates environmental controlslearner evaluates accounting system controlslearner evaluates control procedureslearner tests for compliance of controlslearner identifies strengths and weaknesses in controlslearner communicates findings to client
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Apply Statistical Sampling TechniquesAssessment StrategiesWhen learner completes an Audit Practice CaseWhen learner can pass a closed book examCriterialearner applies attribute sampling techniques for test on controlslearner applies statistical sampling techniques for substantive tests
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Create Audit WorkpapersAssessment StrategiesWhen learner completes an Audit Practice CaseWhen learner can pass a closed book examCriterialearner evaluates internal controllearner applies generally accepted auditing standardslearner verifies existence of an asset or liabilitylearner learner verifies occurance of a transactionlearner verifies rights to assets and obligationslearner verifies valuation of accountslearner determine presentation and disclosures of accountslearner applies sampling techniqueslearner communicates recommendationslearner properly organizes workpaperslearner evaluates materiality and audit risklearner applies analytical procedures
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Prepare Audited Financial StatementsAssessment StrategiesWhen learner completes an Audit Practice CaseWhen learner can pass a closed book examCriterialearner prepares an audited balance sheetlearner prepares an audited income statementlearner prepares an audited cash flows statementlearner prepares audited footnotes to the financial statements
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Differentiate among Audit ReportsAssessment StrategiesWhen learner completes an Audit Practice CaseWhen learner can pass a closed book examCriterialearnerlearner prepares an unqualified audit reportlearner prepares a qualified audit reportlearner prepares a disclaimer reportlearner prepares an adverse report