Accounting 614

ACTG 614: Advanced Auditing and Attestation

Prerequisites: ACTG 414

Credit Hours: Three hours seminar

An expanded study of auditing and attestation services and technology topics.  It is designed to further expose students to the prerequisite knowledge tested on the Auditing and Attestation section of the Uniform CPA Examination.  Audit teams will be utilized to conduct an audit simulation based on a cycle approach. 


Detailed Description of Content of Course

The course includes expanded and new coverage of auditing and assurance topics introduced in an undergraduate auditing course.  The framework of the course has been developed among the five general topics tested on the new Uniform CPA Examination.  They are:

1. Planning the engagement

2. Evaluation of internal controls

3. Gathering sufficient audit evidence

4. Evaluating audit evidence

5. Preparing communication to satisfy engagement objectives


The student will be introduced to three new topics.  They are:

1. Interviewing techniques

2. Conducting substantive testing using a cycle approach

3. Conducting an audit simulation 


 Detailed Description of Conduct of Course

A variety of instructional strategies will be utilized.  Textbook materials will be used to review and expand upon the materials introduced in an undergraduate auditing course.  The student will be assigned to an audit team and will conduct a complete audit simulation.  Each member of a team will perform a specific audit task and will complete the appropriate audit working papers to document the work.  The audit team will present its audit findings and conclusions to the class.  Internet research and reading activities will be used to expose the students to current accounting and auditing research topics.  Students will research technical auditing and accounting issues utilizing industry standard (Generally Accepted Accounting Standards [GAAS] and Statement on Auditing Standards [SAS]).  Case studies from the SEC will be sued to introduce students to the professional and ethical responsibilities of a CPA. 


Goals and Objectives of the Course

Upon successful completion of this course, the student will be able to:

1. Understand audit and assurance services;

2. Identify management assertions for various audit cycles;

3. Assess audit risk;

4. Plan the engagement;

5. Develop a comprehensive audit plan; and

6. Conduct a financial audit simulation using a cycle approach. 


Assessment Measures

Students will be evaluated on the quality of oral presentations, written materials and research projects and presentations, as well as exams. 


Other Course Information

If needed, a review and/or clarification of the theory or application of standards may be provided if either the students are weak in certain topical areas or the pronouncements have been superseded.