Auditing

Curriculum Guideline

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Course
ACCT 4750
Discontinued
No
Course Code
ACCT 4750
Descriptive
Auditing
Department
Accounting
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
201420
PLAR
No
Semester Length
15 Weeks X 4 Hours per week = 60 Hours
Max Class Size
30
Contact Hours
Lecture: 4 Hours per week
Method(s) Of Instruction
Lecture
Learning Activities

Lectures and group discussions.

Course Description
This course covers concepts and procedures of external auditing. Topics include: reporting, professional standards and ethics, legal liability, audit objectives, evidence and documentation, planning and analysis, materiality and risk, internal control, sampling, and computer auditing. Attest procedures related to the revenue and collection cycle, acquisition and expenditure cycle, inventory and capital asset balances, production and payroll cycle, investments, long term debt and equity balances, and the finance and investment cycle are studied. Completion of the audit, including evaluation and communication of findings is also covered.
Course Content
  1. Professional standards, ethics and legal liability.
  2. Audit objectives, evidence, procedures and documentation.
  3. Planning, materiality and risk.
  4. Internal control.
  5. Audit sampling.
  6. Computer auditing.
  7. Revenue and collection cycle and acquisition and expenditure cycle.
  8. Inventory and capital asset balances, production and payroll cycle, and finance and investment cycle.
  9. Investments, long term debt and shareholders’ equity balances, and completion of the audit.
Learning Outcomes

At the end of the course, the successful student should be able to:

  1. Discuss the environmental context and issues relating to the attest function;
  2. Plan an audit taking into account concepts of evidence, risk and materiality;
  3. Evaluate internal controls;
  4. Understand sampling techniques and auditing in a computer environment;
  5. Discuss and perform audit procedures as and when appropriate.
Means of Assessment
Assignments/projects/cases/tests  30%
Midterm examination  35%
Final examination  35%
  100%

STUDENTS MUST WRITE BOTH THE MIDTERM EXAMINATION AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR THE COURSE.

Textbook Materials

Textbooks and Materials to be Purchased by Students

Robertson & Smieliauskas, Auditing: An International Approach, latest Canadian edition. McGraw-Hill Ryerson, Toronto, or other textbooks as approved by the accounting department.

Instructor compiled materials (if applicable).

Faculty of Commerce and Business Administration approved calculators

Prerequisites

ACCT 2310 with a grade of “C” or better AND

ACCT 2410 with a grade of “C” or better AND

BUSN 2429 with a grade of “C” or better