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.
Justify the use of statistical and non-statistical sampling when conducting an audit.
Evaluate the results of an audit conducted through the use of statistical sampling.
Perform sampling tests.
Explain the importance of sampling techniques in an audit.
Audit Planning and Internal Controls
Analyze tests of controls.
Assess control risk.
Identify the components of internal control.
Use the auditing analytical procedures.
Materiality, Audit Risk, and Evidence
Formulate audit objectives based on financial statements and management assertions.
Prepare an engagement letter.
Analyze the types and reliability of audit evidence.
Explain how an auditor assesses an entity’s business risks.
Explain the application of materiality, audit risk, and evidence to an audit.
Auditing and Assurance
Explain the Sarbanes-Oxley Act and its application to audits.
Describe the elements of Generally Accepted Auditing Standards.
Compare and contrast auditing, attestation, and assurance service standards.
Identify the organizations that affect the public accounting profession.
Explain the nature and functions of auditing.
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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.