Contemporary Auditing I – acc491 (3 credits)
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.
Materiality, Audit Risk, and Evidence
- Explain how an auditor assesses an entity's business risks.
- Analyze the types and reliability of audit evidence.
- Prepare an engagement letter.
- Formulate audit objectives based on financial statements and management assertions.
- Explain the application of materiality, audit risk, and evidence to an audit.
Audit Planning and Internal Controls
- Use the auditing analytical procedures.
- Identify the components of internal control.
- Analyze tests of controls.
- Assess control risk.
Statistical Tools for Auditing
- Perform sampling tests.
- Evaluate the results of an audit conducted through the use of statistical sampling.
- Justify the use of statistical and non-statistical sampling when conducting an audit.
- Explain the importance of sampling techniques in an audit.
Internal Controls and Information Technology
- Explain the effect of IT on internal controls.
- Identify computer-assisted audit techniques.
Auditing and Assurance
- Explain the nature and functions of auditing.
- Identify the organizations that affect the public accounting profession.
- Compare and contrast auditing, attestation, and assurance service standards.
- Describe the elements of Generally Accepted Auditing Standards.
- Explain the Sarbanes-Oxley Act and its application to audits.
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 a University 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.