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"Degrees & Programs"

ACC/491

Contemporary Auditing I

Online

Format

$1194

Estimated Tuition

credits

Total credits

weeks

Course length

Start when you're ready

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Course level: Undergraduate

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.

Prerequisites

ACC/290 or ACC/290T - Principles of Accounting I or equivalent

What you'll learn

Course skills and outcomes

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.

Why UOPX

Why take courses at University of Phoenix

Accreditation that matters

We’ve been accredited by the Higher Learning Commission (hlcommission.org) for more than 40 years.

Real-world instructors

Learn from instructors who bring an average of 25 years of working experience to the classroom.

Affordable and potentially reimbursable

Our tuition and fees are competitive and fixed. Also, check to see if your employer will cover you for this course.

Next Steps

Start a conversation about your future with an enrollment representative today.

Start a conversation about your future with an enrollment representative today.

Call (844) 937-8679

Transfer Credits

Credit Transfer

Credit Transfer

Need to transfer credits to another college or university?

Before you enroll in a course, check with your school of choice to make sure they will accept our transfer credits and to understand any requirements or limitations. Then you can complete your course, and request your official transcript be sent to your school. That’s it!

How to request your transcripts