| TERM: | 2019-20 Fall |
| COURSE NUMBER: |
BUSI 460 |
| COURSE TITLE: |
Audit |
| NAME OF
INSTRUCTOR: |
John Mikhail |
| CREDIT WEIGHT
AND WEEKLY TIME DISTRIBUTION: |
credits 3(hrs lect 3 - hrs sem 0 - hrs lab 0) |
| COURSE
DESCRIPTION: |
Examines the economic role of financial statement
auditing for public companies, addressing ethical requirements such as
independence, competence and objectivity, management of audit
engagements, audit objectives, analytical procedures, major accounting
cycles, internal control and audit objectives, evidence gathering
techniques, sampling, and reporting.
Prerequisites:
BUSI 354 |
| COURSE
MATERIALS: |
Text: Alvin A. Arens, Randal J. Elder, Mark
S. Beasley, Ingrid B. Splettstoesser, Auditing: The Art and
Science of Assurance Engagements, Canadian Twelfth Edition (2013); |
| MARK
DISTRIBUTION IN PERCENT: |
|
| Assignments |
30% |
| Mid-term exam |
30% |
| Final Exam |
40% |
|
|
|
100% |
|
| COURSE OBJECTIVES: |
Upon successful completion of this course, students
will be able to:
- 1 Explain the role of auditors and audit standards.
- Differentiate and explain the difference between
the role of an auditor and accountant.
- Explain quality control standards.
- 2 Plan an audit.
- Explain the audit standards that an auditor must
comply with.
- Explain client acceptance and retention procedures
and evaluate the desirability of accepting or retaining a client.
- Assess audit risk, determine materiality.
- 3 Evaluate an entity’s control environment.
- The following concepts, skills, and issues are used
to support this Outcome:
- Explain the impact of COSO, entity-level and
internal controls.
- Evaluate an audit client’s key internal control
strengths and weaknesses and recommend areas for improvement.
- 4 Recommend procedures to evaluate the internal
control environment and audit key account balances.
- Explain sampling risk and sampling techniques.
- Create an audit plan by integrating our assessment
of management assertions and objectives over account balances and
transactions.
- Design audit procedures and evaluate the quality
and types of audit evidence.
- 5 Differentiate between assurance engagements and the
reports used in each.
- Evaluate the evidence obtained and finalize the
engagement.
- Recommend an appropriate audit report.
- Distinguish between the different types of
assurance and non-assurance services.
|
| COURSE
OUTLINE: |
- Lesson
1:
Introduction to Auditing (Chapters 1 and 2)
- Lesson
2:
Auditor's Report and Responsibilities (Chapters 4 and 19)
- Lesson
3:
Professional Ethics, Audit Objectives, Phases of the Audit, and Audit
Evidence (Chapters 3, 5, and 9)
- Lesson
4:
Audit Planning, Materiality, and Risk (Chapters 6 and 7)
- Lesson
5:
Introduction to Internal Control, Assessment of Control Risk, and Audit
Program Concepts (Chapters 8 and Chapter 10)
- Lesson
6:
Audit Sampling (Chapter 11)
- Lesson
7:
Audit of the Sales and Receivables Cycle and Cash Balances (Chapters 12
and 17)
- Lesson
8:
Audit of the Acquisition and Payment Cycle (Chapter 13)
- Lesson
9:
Audit of the Inventory and Payroll Cycles (Chapters 14 and 15)
- Lesson
10: Completion of the
Audit and Fraud (Assessment and Management) (Chapter 18 and Chapter 6
[pp. 148–155 only])
|
THE KING'S UNIVERSITY