Audit Institutions and Processes (MAcc)

2 credits · Owen Graduate School of Management

This course serves MAcc students entering the assurance/audit service line of an international public accounting firm. The course fosters the development of a fundamental understanding of the assurance service market and engagement-level processes. The course focus is (1) the nature and value of external audits of corporate financial statements, (2) the structure and performance of the public accounting profession, (3) approaches to assessing the risk of material financial statement misstatements, (4) the evaluation of financial statement assertions, and (5) the conceptual and practical problems attest providers face. The emphasis throughout the course is professional judgment as opposed to off-the-shelf mechanical rules. Ever present is professional formation, and a socialization into the public accounting profession. [2]