ACC/491 - Contemporary Auditing I
Course Description
This course is the first in a two-part series that deals with auditing a company's financial reports, internal controls, and Electronic Data Processing (EDP) systems. Topics include auditing standards, evidence, audit planning and documentation, materiality and risk, internal control, statistical tools, and the overall audit plan and program.
This undergraduate course is 5 weeks.
PLEASE NOTE:
Attendance and participation are mandatory in all university courses, and specific requirements may differ by course. If attendance requirements are not met, a student may be removed from the course. Please review the Course Attendance Policy in the Catalog for more information.
Course Objectives
The Profession of Auditing
- Distinguish between auditing and accounting.
- Differentiate between the three main types of audits and auditors.
- Describe the nature of CPA firms, what they do, and their structure.
- Explain the role of the Public Company Accounting Oversight Board and the effects of the Sarbanes-Oxley Act on the CPA profession.
Ethical, Legal, and Professional Responsibilities of the Auditor
- Explain the importance of ethical conduct for the accounting profession.
- Apply primary legal concepts and terms concerning accountants’ liability as a basis for studying legal liability of auditors.
- Explain the objective of conducting an audit of financial statements and an audit of internal controls.
Introduction to Phase One of an Audit: Pre-Audit and Planning
- Assess client business risk and perform preliminary analytical procedures.
- Apply materiality to evaluate audit findings.
- Explain how materiality and risk are related and integrated into the audit process.
- Design an audit program based on appropriate types of audit tests.
Other Pre-Audit and Planning Topics: Internal Controls and Control Risk
- Explain the five components of the COSO internal control framework.
- Describe internal control.
- Explain Section 404 requirements for auditor reporting on internal control.
- Integrate the audit evidence gathered and evaluate the overall audit results.
Fraud and IT Auditing
- Examine the auditor’s responsibility for assessing the risk of fraud and detecting material misstatements due to fraud.
- Recognize specific fraud risk areas and develop procedures to detect fraud.
- Identify risks to accounting systems specific to IT.
Disclaimers
The University of Phoenix reserves the right to modify courses.
While widely available, not all programs are available in all locations or in both online and on-campus formats. Please check with an Enrollment Representative.
Transferability of credit is at the discretion of the receiving institution. It is the student’s responsibility to confirm whether or not credits earned at University of Phoenix will be accepted by another institution of the student’s choice.