internal control. (See Course Website) Compare concerns about internal management’s REQUIRED READING: control with those of the auditor. Chapter 9-Internal Controls and Control Risk: Describe the inherent limitations of internal control. Understand the fraud triangle and apply to analysis CPA Handbook of risk of fraudulent financial reporting and CAS 240 misappropriation of assets. CAS 265 Describe the COSO components of internal control CAS 330 and provide examples of each component. CAS 500 Use the COSO model to assess internal control risk CAS 520 Understand the two audit strategies of (i) a CAS 505 substantive approach and (ii) a combined approach and using risk assessment to determine when each approach is approach is appropriate Understand responsibility for reporting auditor’s significant control weaknesses to management and those in charge of governance Assess controls and develop recommendations for the management letter Assignment and Class Work Audit Evidence, Documentation, Evidence Mix, and Session 6 Audit Strategy Discussion/practice questions: Thursday, June 25 6-24, 8-17, 8-18, 10-17, 10-22, Epoch Jeans Part 2 Learning Objectives: REQUIRED READING: Describe the nature of audit evidence and the five Chapter 8 Audit Evidence (p. 213-232, 239-241) – evidence decisions made during the audit process Chapter 6 Nature of Audit Working Papers (p. – Describe the seven general methods of evidence 168- 172) collection and provide examples of each Chapter 10 Audit Strategy and Audit Program – Evaluate the reliability of evidence in specific
internal control. Compare management’s concerns about internal control with those of the auditor. Describe the inherent limitations of internal control. Understand the fraud triangle and apply to analysis of risk of fraudulent financial reporting and misappropriation of assets. Describe the COSO components of internal control and provide examples of each component. Use the COSO model to assess internal control risk Understand the two audit strategies of (i) a substantive approach and (ii) a combined approach and using risk assessment to determine when each approach is approach is appropriate Understand auditor’s responsibility for reporting significant control weaknesses to management and those in charge of governance Assess controls and develop recommendations for the management letter (See Course Website) REQUIRED READING: Chapter 9-Internal Controls and Control Risk: CPA Handbook CAS 240 CAS 265 CAS 330 CAS 500 CAS 520 CAS 505 Session 6 Thursday, June 25 Audit Evidence, Documentation, Evidence Mix, and Audit Strategy Learning Objectives: Describe the nature of audit evidence and the five evidence decisions made during the audit process Describe the seven general methods of evidence collection and provide examples of each Evaluate the reliability of evidence in specific Assignment and Class Work Discussion/practice questions: 6-24, 8-17, 8-18, 10-17, 10-22, Epoch Jeans Part 2 REQUIRED READING: Chapter 8 – Audit Evidence (p. 213-232, 239-241) Chapter 6 – Nature of Audit Working Papers (p. 168- 172) Chapter 10 – Audit Strategy and Audit Program
4551%20Summer%202015%20Course%20Outline%20rev1.docx