ACCT 2351 - Auditing

3 sem hrs cr

This course is a study of auditing theory and practices with emphasis on problems that auditors may encounter in the course of an audit. Topics discussed may include verifying accounting data, internal controls, and auditor liability in the preparation of audit reports. This course is not equivalent to similar 3000 or 4000 level courses at a University. Prerequisite: ACCT 1010   

In rare and unusual circumstances, a course prerequisite can be overridden with the permission of the Discipline Lead for the discipline.

This course may include proctored exams which must be completed on campus or at an instructor approved proctoring center which may require additional costs to the student. Please consult your instructor for additional details. Formerly/Same As (Formerly ACCT 2810, ACT 2810)

Transfer (UT) or Non-Transfer Course (UN): UN

• Define external auditing and describe its role in meeting society’s demands for reliable financial and internal control information
• Define the various types of fraud that affect organizations and discuss auditors’ fraud-related responsibilities and users’ related expectations
• Describe the components of internal control and articulate its importance over financial reporting for organizations and their external auditors
• Discuss the liability environment in which auditors operate, explore the effects of lawsuits on audit firms, and articulate a framework for making quality professional decisions in selected audit settings
• Identify and explain the auditing standards that provide guidance on the audit opinion formulation process
• Discuss the importance of the evidence concepts of appropriateness and sufficiency and explain how those concepts are related to the risk of material misstatement
• Define the concepts of material misstatement and materiality and discuss how they relate to audit risk and detection risk
• Discuss sampling for the testing of controls and account balances, and describe the risks associated with sampling
• Identify the significant accounts, disclosures, relevant assertions, and risks associated with the revenue cycle
• Identify the significant accounts, disclosures, relevant assertions, and risks associated with auditing cash accounts
• Identify the significant accounts, disclosures, relevant assertions, and risks associated with the acquisition and payment cycle
• Describe the activities required to complete a quality audit
• Describe the audit opinion formulation process and the various types of audit reports