UMUC Europe Syllabus for ACCT 422

Prerequisite: ACCT 311. Recommended: ACCT 326. A study of the independent accountant's attest function. Topics include generally accepted auditing standards, tests of controls and substantive tests, and report forms and opinions. Various techniques are used to study auditing concepts and practices; these may include the use of problem sets, case studies, computer applications, and other materials. Students may receive credit for only one ofthe following courses: ACCT 422 or BMGT 422.

Course Goals/Objectives:

After completing this course, you should be able to: use generally accepted auditing standards as a basis for further study specify the conditions that justify issuing an unqualified, qualified, or adverse opinion or a disclaimer explain the AICPA Code of Professional Conduct appreciate the litigious environment in which a CPA practices describe management's responsibility in preparing financial statements and the CPA's attest role describe the nature of gathering and evaluating audit evidence discuss the steps involved in preplanning the audit, including preparing and organizing working papers make preliminary judgments in defining materiality and assessing the risk components demonstrate an understanding of internal control and control risk assessment design an audit program prepare for concluding the audit and drafting the appropriate audit report

Course Introduction:

This course examines professional auditing and the auditing environment, emphasizing the development of skills for performing financial audits. These skills include planning the audit, testing internal controls, substantive testing, and drawing conclusions from results. Procedures to be studied include planning for materiality and audit risk, reporting on the results, evaluating the effectiveness of internal controls, and reporting to management on weaknesses found. Topics include strategies for planning, materiality, evidence, audit risks, audit programs, working papers, internal controls, substantive tests, analytical tests, subsequent events, related-party transactions, conclusions, and audit opinions.

Grading Information and Criteria:

Grading Scale: A =90-100 B =80-89 C =70-79 D =60-69 F Below 60% Homework 25% Project 25% Mid-Term Exam 25% Final Exam 25%

Other Information:

Any other information the instructor wishes to add. This might include: General expectations of students, such as hours per week students should expect to devote to the class Turnaround time for faculty to respond to email and return papers Unique class procedures or activities (such as cooperative learning exercises, panel presentations, case study methods, class journals or learning logs) Supplemental objectives (such as development of skills like teamwork, writing, oral presentation; integration of knowledge on focus topics) Optional activities such as study groups

Project Descriptions:

Academic Policies:

Cases of plagiarism are handled consistent with current UMUC guidelines. See the UMUC policies at the following URL: http://www.umuc.edu/policy/

Common Syllabus for ACCT 422

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