Audit Institutions

1 credits · Owen Graduate School of Management

This course serves MAcc students entering a valuation service line of an international public accounting firm. The course fosters the development of a fundamental understanding of what attest providers do and the conceptual and practical problems they face. Such an understanding facilitates a productive interaction between valuation program alumni and their largest client - the assurance/audit service line of their own firm. The focus of the course is (1) the nature and value of external audits of corporate financial statements, (2) the structure and performance of the public accounting profession, (3) the demand for 'audit assist' engagements (AKA channel 1 services), and (4) the language attest providers use to scope 'audit assist' engagements. 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. [1]