Applied External Audit

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

1. Document a client’s business processes, information systems and internal controls for specific accounting cycles;

2. Apply sampling methods for specified procedures using IDEA software;

3. Execute well-documented specific audit procedures (both compliance and substantive tests) in different audit cycles such as sales and collections, purchases and payments and others based on a simulated audit and using CaseWare;

4. Describe the elements of a high-quality audit working paper and the importance of documentation;

5. Evaluate audit evidence accumulated from the specified audit procedures to identify potential misstatements and draw appropriate conclusions, considering materiality;

6. Demonstrate understanding and use of the CPA Canada Handbook – Assurance requirements with respect to audit, reviews, and special reports as well as compilation:

• Explain how to gather evidence, and what level, depending on the type of engagement;
• Differentiate between the different reporting requirements for each type of engagement;

7. Explain Auditor's Report, and apply different types of opinion to specific situations;

8. Apply audit procedures relating to subsequent events and analyze reporting implications.