The audit of corporate financial statements by the independent registered accountant using generally accepted auditing standards of the Public Companies Accounting Oversight Board for publicly traded corporations is the focus of this course. A risk based approach is used with emphasis on both auditing concepts and audit programs.
- Create an audit risk assessment and construct the auditors' responses to audit risk.
- Demonstrate understanding of the structure of the integrated audit and the nature of audit evidence and procedures.
- Demonstrate understanding of concepts associated with generally accepted auditing standards in the United States to support decision-making made by auditors and management personnel preparing for an audit.
- Apply the principles of independence and integrity to examine ethical situations encountered by professional accountants.
- Assess the value, underlying constructs and limitations of audit opinions.
- From the viewpoint of professional skepticism, evaluate financial statements and what management asserts about those statements.