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Auditing

I.     Course Prefix/Number: ACC 260

       Course Name: Auditing

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite

Recommended: ACC 242, or concurrent enrollment in ACC 242.

III.   Course (Catalog) Description

Course concerned primarily with financial auditing. Content includes auditing standards, concepts and techniques, internal control, audit programs and audit reports.

IV.   Learning Objectives

This course is designed to give the student an understanding of:
A.    Generally Accepted Auditing Standards
B.    Auditing Procedures for Manual and Computerized Accounting Systems
C.    Compilation and Review Procedures
D.    Audit Reports
E.    Professional Ethics

V.    Academic Integrity

Students and employees at Oakton Community College are required to demonstrate academic integrity and follow Oakton's Code of Academic Conduct. This code prohibits:

• cheating,
• plagiarism (turning in work not written by you, or lacking proper citation),
• falsification and fabrication (lying or distorting the truth),
• helping others to cheat,
• unauthorized changes on official documents,
• pretending to be someone else or having someone else pretend to be you,
• making or accepting bribes, special favors, or threats, and
• any other behavior that violates academic integrity.

There are serious consequences to violations of the academic integrity policy. Oakton's policies and procedures provide students a fair hearing if a complaint is made against you. If you are found to have violated the policy, the minimum penalty is failure on the assignment and, a disciplinary record will be established and kept on file in the office of the Vice President for Student Affairs for a period of 3 years.
Details of the Code of Academic Conduct can be found in the Student Handbook.

VI.   Sequence of Topics

A.    An  Overview of Auditing
B.    Audit Reports
C.    Professional Ethics
D.    Legal Liability
E.    Audit Objectives
F.    Types of Evidence and Documentation
G.    Audit Planning and Analytical Procedures
H.    Materiality and Risk
I.    Internal Control
J.    Overall Audit Plan and Audit Program
K.    Audit of the Sales and Collection Cycle
L.    Audit Sampling for Tests of Transactions
M.    Audit Sampling for Tests of Details of Balances
N.    Completing Tests Sales & Collection Cycle - Accounts Receivable
O.    Completing the Audit
P.    Other Engagements, Services and Reports
Q.    The Effect of EDP Systems on Auditing

VII.  Methods of Instruction

A.    Lecture and Discussion
B.    Problem Solving
C.    Review of Homework
D.    Case Problems
Course may be taught as face-to-face, media-based, hybrid or online course.

VIII. Course Practices Required

The student must be able to perform the following skills on a college level:
A.    Reading
B.    Writing
C.    Oral Presentations
D.    Mathematics (including percentages and algebra)

IX.   Instructional Materials

Note: Current textbook information for each course and section is available on Oakton's Schedule of Classes.

Varies by instructor.

X.    Methods of Evaluating Student Progress

A.    Four Tests (100 points each)
B.    Final Exam (200 points)
C.    Homework  (6 points each)
D.    Projects/Cases (50 points each)
Attendance is considered if a student is between grades.

A point scale is based on total possible points.
90 - 100% = A
80 -  89% = B
70 -  79% = C
60 -  69% = D
59% & Below F

XI.   Other Course Information



If you have a documented learning, psychological, or physical disability you may be entitled to reasonable academic accommodations or services. To request accommodations or services, contact the Access and Disability Resource Center at the Des Plaines or Skokie campus. All students are expected to fulfill essential course requirements. The College will not waive any essential skill or requirement of a course or degree program.