ACA230 - Applied External Audit

Outline information
Schools offering this subject
Last revision date Mar 18, 2019 8:40:39 AM
Last review date Mar 18, 2019 8:40:49 AM

Subject Title
Applied External Audit

Subject Description
Applied External Audit is an elective course that builds on the technical components from previous auditing courses, focusing on external audit issues. The course assumes that students are familiar with the material related to the first two stages of an audit, acceptance/continuance and audit planning and will focus on the last two stages of execution and reporting.

Credit Status
One Credit

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:

  1. Document a client’s business processes, information systems and internal controls for specific accounting cycles;
  2. Apply sampling methods for specified procedures using software such as IDEA;
  3. Execute well-documented specific audit procedures (both tests of controls and substantive tests) in different audit cycles, such as sales and collections, purchases and payments and others based on a simulated audit and using a product such as CaseWare;
  4. Demonstrate understanding of the elements of a high-quality audit working paper and the importance of documentation;
  5. Analyze audit evidence accumulated from the specified audit procedures to identify potential misstatements and draw appropriate conclusions, considering materiality;
  6.  Demonstrate understanding of the CPA Canada Handbook – Assurance requirements with respect to reviews, compilations and special reports;
  7. Explain how to gather evidence, and what level, depending on the type of engagement;
  8. Differentiate between the reporting requirements for each type of engagement.

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