ACCT 240 - Auditing Theory and Practice
The study and analysis of fundamental components of auditing theory and risk, including inherent risk, control risk, and detection risk. Emphasis is placed on internal control procedures, risk assessment and examination of accounts. Additionally, the role of regulatory organizations and professional standards such as Generally Accepted Auditing Standards and Standards of the Public Company Accounting Oversight Board are discussed. PREREQUISITE(S): ACCT 231 or consent of department. Four hours each week. Formerly AC 215.
4 semester hours
Upon course completion, a student will be able to:
- List and discuss generally accepted auditing standards.
- Identify appropriate internal controls for business entities.
- Describe the benefits and constraints of the various substantive and analytical testing procedures.
- Prepare audit programs in compliance with generally accepted auditing procedures.
- Prepare required audit report and other reports as necessary.
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