This course is the first in a two-part series that deals with auditing a company's financial reports, internal controls, and Electronic Data Processing (EDP) systems. Topics include auditing standards, evidence, audit planning and documentation, materiality and risk, internal control, statistical tools, and the overall audit plan and program.
Explain how an auditor assesses an entity's business risks.
Analyze the types and reliability of audit evidence.
Prepare an engagement letter.
Formulate audit objectives based on financial statements and management assertions.
Explain the application of materiality, audit risk, and evidence to an audit.
Audit Planning and Internal Controls
Use the auditing analytical procedures.
Identify the components of internal control.
Analyze tests of controls.
Assess control risk.
Statistical Tools for Auditing
Perform sampling tests.
Evaluate the results of an audit conducted through the use of statistical sampling.
Justify the use of statistical and non-statistical sampling when conducting an audit.
Explain the importance of sampling techniques in an audit.
Internal Controls and Information Technology
Explain the effect of IT on internal controls.
Identify computer-assisted audit techniques.
Auditing and Assurance
Explain the nature and functions of auditing.
Identify the organizations that affect the public accounting profession.
Compare and contrast auditing, attestation, and assurance service standards.
Describe the elements of Generally Accepted Auditing Standards.
Explain the Sarbanes-Oxley Act and its application to audits.
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