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ACCT-271 Auditing I
Fall only
STAFF
This course is designed as a systematic approach to the introduction of the audit process. It builds upon three basic concepts related to financial statement auditing: materiality, audit risk and evidential matter. We will study relevant portions of the Sarbanes-Oxley Act of 2002, the creation of the Public Companies Accounting Oversight Board and the newly mandated “Integrated Audit” for public registrants. To fully comprehend the Integrated Audit, we will learn how audit firms assess business processes and related internal controls as well as execute substantive audit procedures on significant account balances.
Since the passage of the Sarbanes-Oxley Act, greater emphasis has been placed on the auditor’s responsibility to detect fraud. In response, we will integrate the requirements of Statement on Auditing Standards No. 99, Consideration of Fraud in a Financial Audit, into our class discussions. For example, one chapter deals specifically with management fraud in the context of the audit risk model, another covers employee fraud in the context of the audit of cash. We will also learn about the requirement to conduct “extended audit procedures” necessary to detect fraud when auditors determine that the risk of fraud at a company is high. Our learning experience will be enhanced through discussion of high profile frauds such as Enron, Phar-Mor and Worldcom.
Throughout the semester we will emphasize the importance of professional ethics and related independence requirements. As concepts and their applications are introduced, we will focus on the decision-making process of the auditors. For the practicing CPA, use of “auditor judgment” is the cornerstone of the decision-making process.
Credits: 3
Prerequisites: JR & SR MSB Students only, ACCT 202
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