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Advanced Auditing

I.     Course Prefix/Number: ACC 261

       Course Name: Advanced Auditing

       Credits: 3 (3 lecture; 0 lab)

II.    Prerequisite

Recommended: ACC 260

III.   Course (Catalog) Description

Course covers audit sampling, legal liability for CPA’s, financial statement reviews, agreed upon procedures and other assurance services.  Other topics include other comprehensive basis of accounting, audit reporting, Yellow Book auditing, integration of internal control in an IT environment, and internal, operational, and compliance auditing.   Topics will contain an overview of fraud examination and forensic auditing.  Students will participate in an audit simulation throughout the term.

IV.   Learning Objectives

This course is designed to give the student an understanding of:
A.    Students will demonstrate an understanding of concepts and the ability to answer CPA exam questions related to:
a. Legal liability for CPA’s
b. Audit sampling
c. Financial statement review engagements
d. Agreed upon engagement and other assurance services
e. Auditing procedures for computerized accounting systems
f. Internal, operational, governmental and compliance auditing

 

B.    Students will demonstrate an understanding of the purpose and basic procedures related to fraud examination and forensic accounting.
C.    Students will perform a simulated audit to demonstrate competence in audit procedures.

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.    Legal liability for CPA’s
B.    Audit sampling
C.    Financial statement review engagements
D.    Agreed upon engagement and other assurance services
E.    Audit reporting for specialized audit and other assurance engagements
F.    Auditing procedures for computerized accounting systems
G.    Internal, operational, governmental and compliance auditing
H.    Yellow Book (governmental) auditing
I.    Other comprehensive basis of accounting engagements
J.    Overview of fraud examination and forensic auditing

VII.  Methods of Instruction

A.    Lecture and Discussion
B.    Working Problems and Reviewing Solutions
C.    Case Discussion
D.    Computer lab for Accounting Research
Course may be taught as face-to-face, media-based, hybrid or online course.

VIII. Course Practices Required

Students are expected to perform on a college level in text reading, writing, problem solving and oral presentations.  Course may be taught as face-to-face.

IX.   Instructional Materials

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

1. Custom publication including chapters from auditing and forensic accounting textbooks
2. Wiley CPA Exam Review Auditing and Attestation
3. Class Handout Packet

X.    Methods of Evaluating Student Progress

Grades are based on class attendance and participation, homework submitted, quizzes, exams, and audit simulation.

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 ASSIST office in the Learning Center.  All students are expected to fulfill essential course requirements.  The College will not waive any essential skills or requirements of a course or degree program.

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.