ACCT 440 - Auditing

Credits: 5
Introduction to auditing standards; the legal and ethical environment of the profession. Strong emphasis on materiality, audit risk and audit reports. Cover concepts for application of the audit process to multiple business cycles, internal controls and to an audit of financial statements by using work papers, sampling and audit tests and procedures.
Course Outcomes:

Evaluate auditing standards.
Identify and examine materiality and audit risk.
Conduct an audit of internal controls and inspect for potential fraud.
Outline and implement an audit plan and an audit program.
Design an audit process of sales, collection, acquisition, payment, payroll, inventory and warehousing cycles.
Compose professional and objective audit reports in accordance with auditing standards.

Course Topics:

Overview of auditing, ethical considerations
Audit objectives
Types of evidence and documentation
Audit planning and analytical procedures
Materiality threshold and risk
Internal control structure
Audit sampling of transactions
Audit of cash balance
Operational vs. Financial auditing

LEC Credits: 5
LEC hours per week: 5
Prerequisite(s): Grade of C or higher in ACCT 303
Course Attribute(s): Course-BAS
OEE Permitted: No
Grading Basis: Graded
Instructor/Department Consent Required: Consent Required
CIP Code: 52.0301
Default Section Size/Cap: 25
Quarter(s) offered:

Spring