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ACC 531 Advanced Auditing

Master the current auditing standards, concepts, issues, risks, and procedures.

8 weeks

In ACC 531 Advanced Auditing, you’ll gain an in-depth understanding of U.S. public company financial statement auditing from the perspective of the auditor and management. Experience a hands-on learning approach as you conduct a comprehensive examination of a series of actual audit cases. Along the way you will identify key management financial statement assertions, important audit matters, and relevant fraud elements.

Course Overview

In this course, you’ll tackle internal control and auditing issues including the organization, equipment, and applications controls; statistical sampling issues; and audit issues relating to certain operating cycles. You’ll learn the important role and reasons behind public company financial statement audits and gain insight into the audit firm’s process for accepting an audit client and performing the audit.

The Public Company Accounting Oversight Board (PCAOB) provides oversight and setting standards for public company audits. You’ll discuss how and why this board functions, as well as understand its financial statement assertions. In 2002, the Sarbanes-Oxley Act of 2002 was enacted to protect investors from the possibility of fraudulent accounting practices. In this course, you’ll explore this bill in greater deal as you evaluate its effect and overall impact.

Ethical Reporting

Learn the particular financial reporting challenges associated with ethical responsibilities of independent auditors in ACC 531.

As you navigate the ins and outs of the audit process, you’ll become familiar with the role and responsibility of management, the independent auditor, and the audit committee in the process. You’ll also identify the four elements of the fraud diamond—financial incentive, opportunity, rationalization and capability—that lead perpetrators to believe they can get away with fraudulent activity.

Throughout the course, you’ll hone your business writing skills as you demonstrate an awareness of current audit topics, such as the PCAOB proposal to require public company auditors to disclose critical audit matters and more.

Sample Assignment

You’ll collaborate with other students to prepare a team presentation of an actual comprehensive audit case, following a prescribed case analysis format.

Course Topics

Throughout each week of the course, you will focus on a core topic or theme. Sample topics are listed below and are subject to change based on the instructor.

  • Review Public Company Auditing and PCAOB’s “Critical Audit Matters” Proposal
  • Audits of High-Risk Accounts and In-Depth Guide to Public Company Auditing
  • Internal Control Issues and Avoiding the Fraud Mind-set
  • Ethical Responsibilities of Accountants and Operation Broken Gate
  • Ethical Responsibilities of Independent Auditors
  • Professional Roles and Current Financial Statement Auditing Topic in the News
  • Professional Issues and Begin Preparing Comprehensive Case Presentations and Assignments
  • Comprehensive Cases

What You'll Learn

In ACC 531, you’ll gain in-depth knowledge of internal control and auditing issues relating to Management Information Systems.

  • Understand current auditing standards, concepts, issues, risks, and procedures applicable to U.S. public company financial statements and internal controls.
  • Examine actual audit cases and be able to identify key management financial statement assertions, important audit matters, and relevant fraud triangle elements.
  • Critically evaluate audit evidence supporting financial statement disclosures and demonstrate effective business writing skills in responding to questions related to actual audit cases.
  • Analyze audit cases to address specific financial reporting matters.
  • Consider ethical issues encountered by auditors and accounting professionals and make appropriate judgments in view of current professional conduct standards.

Learn More

In ACC 531, you’ll address financial statement audit issues commonly faced by auditors, accountants, and financial managers. For more information about this course or other courses in The University of Scranton’s online Master of Accountancy degree, request more information or call us today toll-free at (866) 373-9547.

The content presented on this page is representative information for example purposes and is subject to change as course and student needs change over time.