This course has an assignment that is due by 11:55 pm Central Standard Time on Wednesday night of the first week of class. Failure to complete this assignment will result in your removal from the course for non-participation.

Investigative techniques with emphasis on the decision making process. Major areas include the audit environment, theory and concepts, auditing specific cycles and accounts, completing the audit, and reporting the results. Prerequisite: AC301.

This course emphasizes the manner in which the assurance function is performed, with an emphasis on the auditing of financial statement information. It continues with the content and learning methods introduced in your earlier accounting courses and with emphasis on understanding relevant professional standards (primarily in 2 areas—attest and audit) and applying those standards.  The specific learning outcome objectives are as follows:

• Overall auditor responsibilities :  Understand the nature of audit risk and an auditor’s responsibility to detect financial statements misstatements and noncompliance with laws and regulations.
• The audit process :  Understand the nature of the audit process, including the nature of and relationships among financial statement assertions, audit objectives, audit procedures and audit evidence.
• Reporting requirements :  Apply appropriate audit reporting standards to various reporting situations. 
• Ethical responsibilities :  Apply ethical standards to situations encountered by accountants.