Auditing Course Description

ACC 412 Auditing

Course Description: This course develops an understanding and appreciation of the philosophy of the auditing process and the role of internal and external auditing in an organization. The concepts of risk and control, evidence and documentation are considered. The operational approach of the internal auditor is contrasted with the attestation focus of the external auditor. Critical thinking and communication skills are developed through a variety of means including case analyses, presentations, seminar-type discussions, preparation of a group and individual case papers, research of authoritative literature and use information technology tools.

Course Objectives:

The student will develop an understanding and demonstrate knowledge of

the practical need for internal and external auditing;
the risks that exist in both the business and auditing environment and a problem-solving methodology for assessing risks;
the need for ethical standards and behavior in the application of auditing and the implications of unethical behavior on individual professionals, the profession, businesses and the economy.

The student will develop and demonstrate skills required of a professional auditor including

research skills, using standard library resources and electronic research technologies, relative to both professional standards and business issues;
critical thinking/analytical skills;
communication skills, particularly written communication skills;
the ability to work in a team environment.

The student will develop an understanding and demonstrate knowledge of specific auditing concepts and procedures, including

comparing and contrasting internal and external auditing in terms of their role in business and society, their goals and objectives, their processes and practices;
the professional responsibilities of an auditor;
the nature of an internal control system, its role in a business and its significance in the auditing process;
the underlying concepts of generally accepted auditing standards, PCAOB standards, and the application of such standards to fact situations;
the use of computer assisted auditing techniques to solve audit problems.

The student will demonstrate knowledge of ethics and professional responsibilities.

Course Format: We will use a variety of methods to achieve the aforementioned objectives, including:

in-depth case analysis, presentation, and discussion,
group exercises and discussion, short lectures,
case research based on reading and research in periodicals and technical accounting literature,
examinations to measure achievement and mastery,
in-class discussion of current events and preparation of news briefs,
manual and electronic research tools and techniques,
electronic communications.