FINANCIAL AUDIT I (4 Credits)

Learning Outcomes:

On successful completion of this course, students 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. Audit Evidence
2. Internal Control Over Financial Reporting: Responsibilities of Management and the External Auditors
3. Planning the Audit: Identifying and Responding to the Risk of Material Misstatement
4. Professional Auditing Standards and the Audit Opinion Formulation Process
5. Professional Legal Liability
6. Quality Auditing: Why It Matters
7. Specialized Audit Tools: Attributes Sampling, Monetary Unit Sampling, and Data Analytics Tools
8. The Auditor’s Responsibilities Regarding Fraud and Mechanisms to Address Fraud: Regulation and Corporate Governance