This course is the second in a two-part series that deals with auditing a company's financial reports, internal controls, and Electronic Data Processing (EDP) systems. Topics include the personnel and payroll system, inventory, capital acquisition cycle, selected balance sheet and income statement accounts, audit reports, assurances and other services, professional ethics, and legal responsibilities.
This undergraduate course is 5 weeks.
This course has a prerequisite. Please see details in the Prerequisite section below.
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.
Topics and Objectives
Preparing for Phase Two or Fieldwork of an Audit: Gathering Audit Evidence and Sampling
- Specify the characteristics that determine the persuasiveness of evidence.
- Apply the eight types of evidence used in auditing.
- Explain the purposes of audit documentation and prepare organized audit documentation.
- Distinguish between statistical and non-statistical sampling and between probabilistic and non-probabilistic sample selection.
- Differentiate audit sampling for tests of details of balances and for tests of controls and substantive tests of transactions.
Auditing Key Accounts and Business Cycles: Cash, Sales, and Receivables
- Perform audit tests of the general cash account.
- Perform tests of controls and substantive tests of transactions for cash receipts.
- Perform tests of controls and substantive tests of transactions for sales.
- Perform audit procedures for the audit of accounts receivable.
Key Accounts and Business Cycles: Cash, Sales, and Receivables
- Explain the five parts of the audit of the inventory and warehousing cycle.
- Apply analytical procedures to the accounts in the inventory and warehousing cycle.
- Integrate the various parts of the audit of the inventory and warehousing cycle.
- Perform tests of controls and substantive tests of transactions for the payroll and personnel cycle.
Auditing Key Accounts and Business Cycles: Accounts Payable, PPE, Prepaid Expense, Accrued Liabilities, and Owners Equity
- Perform audit tests of property, plant and equipment; prepaid expenses; and accrued liabilities.
- Perform audit tests of notes payable and related accounts and transactions.
- Identify the primary concerns in the audit of owners’ equity transactions.
Completing the Audit
- Conduct a review for contingent liabilities, letters from the client’s lawyers, and post-balance-sheet review for subsequent events.
- Specify the conditions required to issue the standard unqualified audit report.
- Explain reporting on financial statements and internal control under PCAOB auditing standards.
A prerequisite is required for this course. The purpose of a prerequisite is to ensure students have the knowledge and/or skills needed to be successful in the course. Students are required to provide proof of prerequisite during the enrollment/registration process. To meet to a course prerequisite requirement, a student must have successfully completed the prerequisite course at University of Phoenix, provide proof via transcript of completing a comparable course (at least 75% match) or higher level course with at least a grade of C at another institution or have a University of Phoenix approved Student Appeal on file with the University.
This course requires the prerequisite below. Click on the prerequisite course to review the course topics and objectives.
ACC/491 –Contemporary Auditing I or equivalent
During the checkout process you will be prompted to provide proof of the requirement(s). If you completed the prerequisite at another institution be prepared to upload an official/unofficial transcript. If you have questions about meeting the prerequisite requirements for this course please contact an enrollment representative at 866-354-1800.
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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.
If you have a question contact us at 866-354-1800.