Nov 23, 2024  
2023-2024 Online College Catalog 
    
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2023-2024 Online College Catalog [Archived Catalog]

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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: Varied Throughout the Term
  • Interactivity: Discussion Boards
  • 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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