FINANCIAL AUDIT (4/2 SCU)

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; explain auditor legal liability and professional standard; demonstrate technique and procedure used by auditor in audit process; practice working paper in each accounting cycle; explain data analytics and current issue in audit; demonstrate activities required in completing a quality audit.

Topics:

1. Quality Auditing: Why It Matters;
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 Auditor;
4. Professional Legal Liability;
5. Professional Auditing Standards and the Audit Opinion Formulation Process;
6. Audit Evidence;
7. Planning the Audit: Identifying, Assessing, and Responding to the Risk of Material Misstatement;
8. Specialized Audit Tools: Attributes Sampling, Monetary Unit Sampling, and Data Analytics Tools;
9. Auditing the Revenue Cycle;
10. Auditing Inventory, Goods and Services, and Accounts Payable: The Acquisition and Payment Cycle;
11. Auditing Long-Lived Assets and Merger and Acquisition Activity;
12. Auditing Debt, Equity, and Long-Term Liabilities Requiring Management Estimates;
13. Completing a Quality Audit;
14. Audit Reports for Financial Statement Audits;
15. Overview of Audit Working Paper;
16. Audit Planning;
17. Sales and Account Receivable Cycle;
18. Inventory and Account Payable Cycle;
19. Cash and Cash Equivalent Cycle;
20. Prepaid Expense and Equipment Cycle;
21. Investment Cycle;
22. Non-Current Asset Cycle;
23. Revenue and Expense;
24. Completion of Audit Engagement;
25. Auditing Cash, Marketable Securities, and Complex Financial Instruments.