ACC435A Auditing I
Lead Faculty: Dr. Connie Fajardo
Course DescriptionA study of financial statement audits in accordance with auditing standards promulgated by authoritative bodies. Topics include planning of the audit engagement, auditorandapos;s responsibility for fraud, review of internal controls, gathering substantive evidence using analytical procedures and test of account balances for the revenues, acquisition and expenditures, and inventory processes.
- Apply auditing standards promulgated by authoritative organizations.
- Analyze how management's assertions about the financial statements are used in the audit process.
- Develop an audit strategy and audit plan to respond to the assessed risk of material misstatement.
- Evaluate auditor's responsibility for the audit of internal controls and reporting requirements for deficiencies and material weaknesses.
- Document the methods the auditor uses to gather evidence regarding transactions in the revenue process including sales transactions and accounts receivable balance at year-end.
- Describe the auditor's responsibility for fraud detection in a financial statement audit applying the fraud triangle and identification of risk of material misstatements due to fraud.
- Document the acquisition and expenditure business process to gather substantive evidence using analytical procedures, substantive tests of transactions and account balances.
- Evaluate the appropriate method to be used to gather evidence in the inventory process for internal controls and substantive tests.