Students will apply auditing techniques in gathering evidence to support an audit report. Audit procedures will be applied to transaction cycles such as sales/cash receipts, acquisition/payment, payroll/personnel, inventory/warehouse, and capital acquisition/repayment. Statistical sampling approaches will be applied to the data in the transaction cycles and the composition of the account balances. Cash and other balance sheet accounts are studied. Completion of the audit process includes review of contingent liabilities, subsequent events, financial statement presentation and disclosures. Other assurances rendered by an auditor are discussed including compilations, reviews, operational audits, and governmental financial audits. Note: ACC 251 and ACC 252 combined cover the scope of the Auditing section of the CPA exam.
Last Updated: 03/01/2016