Audit I -Audit and Assurance

Catalog description

This course introduces the student to the environment in which Public Accounting exists as well as the standards, both AICPA and PCAOB, which firms must follow in rendering audit and assurance services. The course covers both the theoretical and practical issues involved in planning an engagement, risk assessment and the audit risk model, evidence gathering and internal control policies and procedures. The audit of major transaction cycles (i.e. the revenue cycle) and account groups (i.e. Cash) are then covered highlighting internal specific control policies, testing of controls and substantive audit procedures to gather evidence. Study of appropriate AICPA and PCAOB professional standards is an integral part of this course.