FINANCIAL AUDIT II (4 Credits)

Learning Outcomes:

On successful completion of this course, student will be able to: Analyze each cycle in client’s financial statement; Examine each account balance in financial statement audit; Demonstrate valuation and allocation method for auditing long-lived asset; Explain method to test long term liabilities and stockholders’ equity; Manage activities required to complete the audit; Discover current issue, use of generalized audit software, and other services by audit firm.

Topics:

1. Auditing the Revenue Cycle;
2. Auditing Cash and Marketable Securities;
3. Auditing Inventory, Goods and Services, and Accounts Payable: The Acquisition and Payment Cycle;
4. Auditing Long-Lived Assets: Acquisition, Use, Impairment, and Disposal;
5. Auditing Debt Obligations and Stockholders’ Equity Transactions;
6. Activities Required in Completing a Quality Audit;
7. Audit Reports on Financial Statements;
8. Advances Topics Concerning Complex Auditing Judgments and Generalized Audit Software;
9. Other Services Provided by Audit Firms.