This course covers concepts and procedures of external auditing. Topics include: reporting, professional standards and ethics, legal liability, audit objectives, evidence and documentation, planning and analysis, materiality and risk, internal control, sampling, and computer auditing. Attest procedures related to the revenue and collection cycle, acquisition and expenditure cycle, inventory and capital asset balances, production and payroll cycle, investments, long term debt and equity balances, and the finance and investment cycle are studied. Completion of the audit, including evaluation and communication of findings is also covered.
- Professional standards, ethics and legal liability.
- Audit objectives, evidence, procedures and documentation.
- Planning, materiality and risk.
- Internal control.
- Audit sampling.
- Computer auditing.
- Revenue and collection cycle and acquisition and expenditure cycle.
- Inventory and capital asset balances, production and payroll cycle, and finance and investment cycle.
- Investments, long term debt and shareholders’ equity balances, and completion of the audit.
Methods of Instruction
Lectures and group discussions.
Means of Assessment
STUDENTS MUST WRITE BOTH THE MIDTERM EXAMINATION AND THE FINAL EXAMINATION TO OBTAIN CREDIT FOR THE COURSE.
To pass this course, students must obtain a minimum of 50% on invigilated assessments, with the 50% calculated on a weighted average basis.
Invigilated assessments include, in-class quizzes, in-class tests, midterm exam(s) and the final exam.
At the end of the course, the successful student should be able to:
- Discuss the environmental context and issues relating to the attest function;
- Plan an audit taking into account concepts of evidence, risk and materiality;
- Evaluate internal controls;
- Understand sampling techniques and auditing in a computer environment;
- Discuss and perform audit procedures as and when appropriate.
ACCT 3310 with a grade of C or better AND ACCT 3410 with a grade of C or better AND (BUSN 2429 with a grade of C or better OR BUSN 3431 with a grade of C or better)
OR ACCT 3310 with a grade of C or better AND currently active in the PDD Accounting or PDD Accounting Studies or PBD Accounting or PBD Accounting & Finance
Courses listed here must be completed either prior to or simultaneously with this course:
Courses listed here are equivalent to this course and cannot be taken for further credit:
Course Guidelines for previous years are viewable by selecting the version desired. If you took this course and do not see a listing for the starting semester/year of the course, consider the previous version as the applicable version.
Below shows how this course and its credits transfer within the BC transfer system.
A course is considered university-transferable (UT) if it transfers to at least one of the five research universities in British Columbia: University of British Columbia; University of British Columbia-Okanagan; Simon Fraser University; University of Victoria; and the University of Northern British Columbia.
For more information on transfer visit the BC Transfer Guide and BCCAT websites.
If your course prerequisites indicate that you need an assessment, please see our Assessment page for more information.