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ACC551 - Accounting: Auditing I

This paper deals with the methodology of auditing and its practices. You are required to focus on the following aspects mainly:

  • The concept of auditing and accepted auditing standards

  • The parts of unqualified and qualified auditors reports

  • The aims of an audit and the possible approaches gathering evidence taken by auditors

  • The designing and planning of audit report

  • The concept of materiality in auditing

  • The implication of audit risk model

  • The tests of controls in different transaction contexts


Subject Title 
Accounting: Auditing I

Subject Description 
This one semester subject is a comprehensive introduction to auditing which will provide students with a knowledge of auditing methodology, theory and practice. Students will study a variety of topics including: the nature of evidence, accounting cycles, analytical procedures, auditing in an EDP environment, and interacting with management and audit committees.

Learning Outcomes 
Upon successful completion of this subject the student will be able to:

1. Define and explain the nature of auditing and generally accepted auditing standards.

2. Describe the components of unqualified and qualified auditors reports and identify situations where a qualification is warranted.

3. Explain the objectives of an audit and the way the auditor approaches accumulating evidence.

4. Describe the four evidence decisions that must be made and the seven types of evidence available to an auditor.

5. Perform the steps involved in planning an audit and designing an audit approach.

6. Design and perform the five major types of analytical procedures.

7. Apply the concept of materiality to the audit.

8. Describe and apply the audit risk model.

9. Apply the steps necessary in understanding a client`s internal control system and assess control risk for each major type of transaction.

10. Describe the methodology for the design of an audit program.

11. Design and perform tests of controls over the following transaction cycles:
a) Sales and collection
b) Acquisition and payment
c) Inventory and warehousing

12. Design and perform tests of details over the following transaction cycles:
a) Payroll
b) Capital Acquisition
c) Cash

13. Design and perform the necessary procedures involved in the final phase of the audit.

14. Describe the ethical concerns specific to the accounting profession.

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