Course Title: Advanced Auditing

Course Code: ACFN 592

Credit Hours: 2

Course Description:

The course provides students with a solid theoretical and practical foundation in auditing, with
focus on the audit of financial statements. It covers central topics of auditing, such as, risk and
materiality assessment, the planning of auditing, the auditing process, auditors’ reporting, audit
sampling. The functions and procedures related to Auditing of transaction cycles are also
studied. The course also covers Professional conduct and ethics and independence issues and
generally accepted auditing standards.

Course objectives:

After completing this course, the student should be able to:

 analyze ethical dilemmas against existing regulatory framework and the expectations of the
general public,
 identify the steps in the audit process and explain the general types of audit
tests/procedures
 explain internal control , discuss why internal controls are important, how control risks are
assessed and ultimately how the status of internal controls affect the focus of the audit
 examine what mix of audit procedures to be performed and what types of audit tests that
are most suitable based on the risk and materiality assessment made by the auditor
 explain how audit evidence is gathered and evaluated and how findings are reported to
outside interested parties
 Apply audit procedures to various transactions, transaction cycles and accounts of
businesses.
 Produce exceptional quality written reports.
Course contents

1. The Demand For Audit and Other Assurance Services and The CPA Profession
2. Audit Reports
3. Professional Ethics And Legal Liability
4. Audit Responsibilities And Objectives
5. Audit Evidence, Materiality And Risk
6. Audit Planning And Analytical Procedures
7. Internal Control And Control Risk
8. Fraud Auditing
9. Overall Audit Strategy And Audit Program
10. Audit Of The Sales And Collection Cycle
11. Audit Of The Acquisition And Payment Cycle
12. Completing The Audit
13. Other Assurance And Non-assurance Services
Text Books
1. Auditing and assurance services : an integrated approach, Arens , Alvin A. 15 th edition , by
Pearson education. Inc (2014)
References
2. Knapp, Contemporary Auditing: Real Issues & Cases, Ninth Edition
3. Financial Shenanigans, 3rd edition, Schilit, McGraw-Hill Irwin.
4. Sarbanes-Oxley Act of 2002
5. Auditing After Sarbanes-Oxley; Illustrative Cases, 2nd edition, Thibodeau, Freier, McGraw-
Hill Irwin, 2009.
Teaching/Learning Strategies:
The teaching methods will consist of a mix of self-study, lectures, practical group exercises and
case analysis.
Assessment:
Assignments 15%
Case studies 25%
Midterm exam 20%
Final exam 40%
Total 100%