Audit and Assurance II

This course focuses on the advanced execution and completion of the financial statement audit. Students will learn how to design, conduct, and assess audit procedures based on the auditor’s assessment of audit risk. In addition to auditing tests of controls, students will examine substantive audit approaches, including analytical procedures and tests of detail, with an emphasis on audit sampling, data analytics, and computer-assisted audit techniques. The course explores audit procedures across major transaction cycles, such as revenue, expenditures, inventory, payroll, capital assets, and cash. Students will explore audit sampling risk, professional documentation requirements, and the critical evaluation of audit evidence to support audit conclusions. Students will also study the completion phase of the audit, including subsequent events, consideration of the going concern assumption, and the final evaluation of audit evidence. This course concludes with a comprehensive review of the auditor's reporting process, including the structure and components of the independent auditor's report, as well as an overview of other assurance and related service engagements. A key element of this portion of the course is the application of professional judgment, the evaluation of audit quality, and the effective communication of audit findings to stakeholders.