ACCTG331 Auditing and Assurance Principles (A1-C1)

This course is designed to expose students both to the demand for and supply of the profession’s flagship service – financial statement audits – and to the nature of the value-added assurance services which decision makers demand in the information age.  Topics include:  auditing and assurance fundamental; relationship among assurance, attestation, and audit services; consulting vs. assurance services; types of attestation services (agreed-upon procedures engagement and review engagement); types of audits (internal, external, or financial statement audits, government audit and special purpose audits); relationship of accounting and auditing other services (operational audits, compliance audits, and non-attest services); professional standards; assurance standards and attestation and auditing standards; professional ethics; legal liability; the framework of financial statements auditing; risk-based approach as audit methodology; audit evaluation and planning, including the concept of risk and materiality; assessing internal controls, and test of controls; performance of an audit; evidence collection, analysis, and substantive tests reporting; reports on assurance services; attestation services, and financial statement audits; and completing the audit including communication with the board of directors and management concerning internal control weaknesses.