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. Demonstarte 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.