AC 610 - Audit (Risk Management & Assurance Services)

A problem-based case approach that provides a business process orientation for the modern financial statement audit, based on cross-functional perspectives from auditing, accounting, fraud/forensic accounting and business strategy. Covers the relationship between the financial statement audit and the assessment of client business risks; the evaluation of business controls; and the measurement of strategic and business-process performance. Cases are used to explore strategic issues and the new audit methodologies of large accounting firms. Incorporate applied ethics via problem-based case approach to ethical decision-making that develops understanding of ethical principle, moral reasoning and stakeholder considerations as they influence the choices offered and made in transactions and relationships.

Assignment Overview
Assignments: 10 Week Course

Interactivity: Discussion Board

Final Assessment: Final Project

Course Learning Objectives
Upon completion of this course, you should be able to do the following:

Identify the primary standard-setting bodies in the audit profession and understand the role that auditing plays in a market economy.
Discuss the audit process, including the key concepts of risk, materiality, and evidence.
Make informed decisions about testing internal controls, sampling, gathering audit evidence, and evaluating audit findings.
Recognize the importance of documenting and communicating audit findings to stakeholders.
Summarize the auditor’s responsibility regarding fraud, as well as specific fraud-detection techniques.
Plan/perform basic audit procedures for specific management assertions related to a company’s financial statements.
Describe the different reports auditors may issue and the contents of each of these reports.
Review the auditor’s code of professional conduct, in particular the requirement for ethics and independence.

Credits: 3

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