Jan 25, 2021
AC 401 - Auditing
This course is focused on the practical application of auditing processes with emphasis on assurance services provided by a public accounting practice. Areas of review include professional ethics and auditing standards, audit procedures, audit reports and client management.
Prerequisites & Notes
AC 310, AC 311
- Assignments: 5 Units
- Interactivity: Discussion Board
- Final: None
Course Learning Objectives
Upon completion of this course, you should be able to do the following:
- Demonstrate an understanding of different types and methods of business expansions and combinations.
- Prepare journal entries using the cost, equity, or fair value method for accounting for investments.
- Develop a consolidation worksheet using spreadsheet software, such as Microsoft Excel, which includes calculations and elimination entries for the consolidation of a subsidiary under various acquisition scenarios.
- Demonstrate an understanding of accounting procedures used in consolidating a subsidiary when there are intercompany asset or debt transfers.
- Prepare journal entries for the operation of a partnership, including formation, allocation of partnership profit or loss, changes in membership, and liquidation.
- Demonstrate a basic understanding of the major concepts of governmental accounting.
- Demonstrate an understanding of financial reporting and journal entry concepts for various types of private, not-for-profit entities.
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