Course

10101124 Auditing
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 (Course Outcomes)
  1. Evaluate Internal Control
    Assessment Strategies
    When learner can pass a closed book exam
    When learner completes an Audit Practice Case
    Criteria
    learner evaluates environmental controls
    learner evaluates accounting system controls
    learner evaluates control procedures
    learner tests for compliance of controls
    learner identifies strengths and weaknesses in controls
    learner communicates findings to client

  2. Apply Statistical Sampling Techniques
    Assessment Strategies
    When learner completes an Audit Practice Case
    When learner can pass a closed book exam
    Criteria
    learner applies attribute sampling techniques for test on controls
    learner applies statistical sampling techniques for substantive tests

  3. Create Audit Workpapers
    Assessment Strategies
    When learner completes an Audit Practice Case
    When learner can pass a closed book exam
    Criteria
    learner evaluates internal control
    learner applies generally accepted auditing standards
    learner verifies existence of an asset or liability
    learner learner verifies occurance of a transaction
    learner verifies rights to assets and obligations
    learner verifies valuation of accounts
    learner determine presentation and disclosures of accounts
    learner applies sampling techniques
    learner communicates recommendations
    learner properly organizes workpapers
    learner evaluates materiality and audit risk
    learner applies analytical procedures

  4. Prepare Audited Financial Statements
    Assessment Strategies
    When learner completes an Audit Practice Case
    When learner can pass a closed book exam
    Criteria
    learner prepares an audited balance sheet
    learner prepares an audited income statement
    learner prepares an audited cash flows statement
    learner prepares audited footnotes to the financial statements

  5. Differentiate among Audit Reports
    Assessment Strategies
    When learner completes an Audit Practice Case
    When learner can pass a closed book exam
    Criteria
    learner
    learner prepares an unqualified audit report
    learner prepares a qualified audit report
    learner prepares a disclaimer report
    learner prepares an adverse report