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

Assignment Overview

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.

Credits: 3

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