ACNT 2370 - Financial Statement Auditing Theory
3 Credits (3 hrs. lec.) Exploration of the necessary skills and knowledge needed to offer services in assurance, attestation or auditing engagements. The main focus is the process used by external auditors to conduct financial statement audits. This course is for students who possess a Bachelor's degree and is part of the Advanced Technical Certificate in Professional Accountancy. You must contact Karen Russom at: Karen.N.Russom@LoneStar.edu to register for this course. Prerequisite: Enrollment in Professional Accountancy ATC (C4_ACC4), ACNT 1371 or ACNT 2303
1 - Explain the role and responsibilities of the professional auditor along with those standards and legal obligations which govern the profession.
2 - Distinguish between attestations and assurance services.
3 - Describe the conduct of an audit based up-on those assertions management makes about their financial statements and the analysis of risks, controls and mitigations associated with each assertion.
4 - Develop a basic financial statement fraud plan which includes materiality and determining the extent, nature and timing of testing.
5 - Describe the most relevant evidence to acquire in validating assertions, how much evidence to acquire and not to acquire it.
6 - Identify the appropriate wording for an audit report based upon findings.