Contemporary Auditing II

Course Description

This course is the second in a two-part series that deals with auditing a company's financial reports, internal controls, and Electronic Data Processing (EDP) systems. Topics include the personnel and payroll system, inventory, capital acquisition cycle, selected balance sheet and income statement accounts, audit reports, assurances and other services, professional ethics, and legal responsibilities.

Topics and Objectives

Revenue and Payroll Cycles

  • Evaluate the types of transactions, documents, and key internal controls for the revenue and payroll cycles.
  • Evaluate test of controls, substantive tests of transactions, analytical procedures, and tests of account balances for revenue and payroll related accounts.

Purchasing and Inventory Cycles

  • Evaluate the types of transactions, documents, and key internal controls for the purchasing and inventory cycles.
  • Develop an audit program that includes test of controls, substantive tests of transactions, analytical procedures, and tests of account balances for various business cycles.

Substantive Testing of Current and Long-Term Assets, Long-Term Liabilities, and Equity

  • Evaluate key internal controls for current assets, long-term assets, long-term liabilities and equity.
  • Complete an audit program that includes test of controls, substantive tests of transactions, analytical procedures, and tests of account balances for various business cycles.
  • Analyze the results of test of controls, substantive tests, analytical procedure results, and tests of account balances.

Issuing the Audit Report

  • Identify types and purposes of audit reporting.
  • Explain the reasons why an auditor would express an opinion other than unqualified on the financial statements.
  • Identify the final steps in the completion of an audit.

Auditor's Professional Ethics and Legal Liability

  • Explore the role of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct.
  • Examine the auditor's legal liability.

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