Learning Outcomes

Upon successful completion of this course, students will be able to:

• Identify the components of an audit and explain the demand for audits.
• Examine the characteristics of quality control for financial statement audits and explain how quality control is monitored.
• Analyze a variety of situations to assess whether threats to independence exist.
• Identify the components of the audit risk model and assess the risk of material misstatement for a variety of audit engagements. Begin to assess the nature, extent and type of evidence required.
• Discuss the factors that need to be considered in planning the audit engagement and assess the appropriate materiality level for a given audit engagement.
• Describe the management assertions.
• Understand the primary objective of internal controls and begin to assess the adequacy of internal controls in a basic situation.
• Begin to apply professional judgement to a variety of audit situations.

Effective as of Fall 2014