FINANCIAL AUDIT I (4 Credits)

Learning Outcomes:

On successful completion of this course, student will be able to: Define the objective and role of external auditing for reliable financial and internal control information; Demonstrate technique and procedure used by auditor in audit process; Explain professional auditing standards and the audit opinion; Manage audit evidence and risk assessment; Identify and respond to the risk of material misstatement; Operate generalized audit software and use of IT in auditing.

Topics:

1. Auditing: Integral to the Economy;
2. The Auditor’s Responsibilities Regarding Fraud and Mechanisms to Address Fraud: Regulation and Corporate Governance;
3. Internal Control Over Financial Reporting: Responsibilities of Management and the External Auditors;
4. Professional Liability, Auditor Judgment Framework, and Professional Responsibilities;
5. Professional Auditing Standards and the Audit Opinion Formulation Process;
6. A Framework for Audit Evidence;
7. Planning the Audit: Identifying and Responding to the Risk of Material Misstatement;
8. Specialized Audit Tools: Sampling and Generalized Audit Software.