Mar 13, 2025  
2023-2024 Undergraduate Academic Catalog-June Update 
    
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2023-2024 Undergraduate Academic Catalog-June Update [ARCHIVED CATALOG]

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BUS 4550 - Auditing and Advanced Accounting

2 lecture hours 2 lab hours 3 credits
Course Description
This course presents the theory, practice, and procedures of auditing for public accountants and internal auditors; auditing standards and ethics; development of audit programs; and preparation of working papers and audit reports. The student is introduced to the consolidation of financial statements, translation of foreign currencies, the reporting requirements of business segments, international standards, estates and trusts, partnerships, and corporations in financial difficulty. (prereq: BUS 3585 ) (quarter system prereq: BA 3591)
Course Learning Outcomes
Upon successful completion of this course, the student will be able to:
  • Understand and appreciate the philosophy of the auditing process
  • Effectively make decisions regarding auditing, finance reporting, and ethics in an organization
  • Understand the standards, concepts and principles related to accounting and auditing theory and practice
  • Synthesize concepts of risk and control, evidence, and documentation
  • Construct and analyze consolidated financial statements and segment reporting
  • Translate and account for international accounting entries
  • Prepare the entries necessary for partnership, estate, and trust transactions
  • Demonstrate researching skills and written and oral communications skills through case analysis, presentations, and discussions
Prerequisites by Topic
  • None
Course Topics
  • The demand for audit and other assurance services
  • The CPA profession
  • Audit reports
  • Legal liability
  • Audit responsibilities and objectives
  • Audit evidence
  • Audit planning and analytical procedures
  • Materiality and risk
  • Internal control and control risk
  • Overall audit strategy and audit program
  • Completing the audit
  • Partnerships
  • Consolidations
  • Foreign currency transactions, derivatives, and hedging foreign exchange risk
  • Estates and trusts
Coordinator
Carol Mannino


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