ACA130 - Audit and Assurance

Outline information
Semester
Schools offering this subject
Last revision date Mar 18, 2019 8:40:36 AM
Last review date Mar 18, 2019 8:40:45 AM

Subject Title
Audit and Assurance

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.

Credit Status
For information regarding exemptions for courses included in CPA’s Advanced Certificate in Accounting & Finance (ACAF) program please see https://media.cpaontario.ca/earn-your-acaf/pdfs/Seneca%20AAF%20Course%20Chart.pdf

The minimum grade to pass this course is C (60%) and the minimum program GPA to graduate from the Advanced Accounting & Finance program is 60% or C.

 


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

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 the 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, and c) inventory and warehousing.
  12. Design and perform tests of details over the following transaction cycles: a) payroll, b) capital acquisition, and 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.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.