FINANCIAL AUDIT II (4 Credits)

Learning Outcomes:

On successful completion of this course, students will be able to: define each cycle characteristic in client’s financial statement audit; explain each account balance audit objective in financial statement audit; Demonstrate valuation and allocation method for auditing long-lived asset; Explain method to test long term liabilities and stockholders’ equity; explain activities required to complete the audit and use of generalized audit software; interpret audit report on financial statement audit.

Topics:

1. Audit Reports for Financial Statement Audits
2. Auditing Cash, Marketable Securities, and Complex Financial Instruments
3. Auditing Debt, Equity, and Long-Term Liabilities Requiring Management Estimates
4. Auditing Inventory, Goods and Services, and Accounts Payable: The Acquisition and Payment Cycle
5. Auditing Long-Lived Assets and Merger and Acquisition Activity
6. Auditing the Revenue Cycle
7. Completing a Quality Audit