ACC 301: Auditing and Other Assurance Services

This course is an analysis and appraisal of audit theory and practice, focusing on issues relevant to the public accounting profession and to internal auditors and managers in private and governmental organizations. It introduces students to the role of auditors and 152 audit standards and emphasizes the concept of risk. Topics include auditing principles and procedures involving staff organization, professional ethics, legal responsibility of the accountant, various forms of audit reports, internal control, fraud detection and prevention procedures, audit programs, working papers, original record examination, the nature of evidential matter and an introduction to audit-related statistical applications.  The content, meaning and impact of the Sarbanes-Oxley Act are covered. Students gain an understanding of audit risk and learn the fundamentals of auditing, from planning to obtaining and documenting sufficient evidence for expression of an audit opinion.  They gain an understanding of the attest function and other assurance services and their applicability to various entities, operations audits, compliance audits and the requirements for an integrated audit. Prerequisites: ACC 206, ACC 220.