This course provides a continuation of the intensive conceptual and applied introduction to auditing in society begun in Auditing I: Conceptual Foundations of Auditing. It focuses on a conceptual framework that is applied by audit professionals to assess, evaluate, and manage audit risks and evidence.
Auditing II: The Practice of Auditing
Auditing II: The Practice of Auditing
Instructor: Mark E. Peecher, PhD, CPA
23,216 already enrolled
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Gain insight into a topic and learn the fundamentals.
4.8
(247 reviews)
Intermediate level
Some related experience required
Flexible schedule
Approx. 24 hours
Learn at your own pace
96%
Most learners liked this course
What you'll learn
Explain the core concepts related to the development and nature of strategic-systems auditing.
Analyze the framework auditors’ draw upon to assess and verify organizations’ internal controls over financial reporting.
Design and execute a series of evidence-gathering procedures.
Assess the implications of obtained evidence for an organizations’ assertions.
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Assessments
35 quizzes
Taught in English
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There are 9 modules in this course
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
What's included
3 videos5 readings1 quiz1 discussion prompt
In this module, you will be introduced to the concept of strategic systems auditing (SSA). First, you will learn about the SSA approach and how it impact the audit. Then, you will learn about strategic analysis and strategic business risks.
What's included
13 videos1 reading4 quizzes
In this module, you will be introduced to the concept of triangulation, which looks at three fundamental sources of audit evidence. First you will learn about the three sources of evidence, which are entity business states, management information intermediaries, and management business representations. Next, you will learn how evidence triangulation can be applied to the WorldCom scandal.
What's included
10 videos1 reading4 quizzes1 peer review
In this module, you will be introduced to the concept of internal controls. First, you will learn about different components of internal controls and how they impact the audit. Next, you will learn about different audit strategies around controls: Substantive strategy vs reliance strategy. Lastly, you will learn about the categories of internal control weaknesses.
What's included
6 videos1 reading3 quizzes
What's included
7 videos1 reading3 quizzes
In this module, you will be introduced to the concept of sampling. We will cover non-statistical and statistical sampling, but we will emphasize a form of statistical sampling called attribute sampling. You will learn about sampling risk as well as about three important determinants of sample size: risk of incorrect acceptance, tolerable error, and expected error. You will learn that population size actually has a small effect on sample size, contrary to lay theories the position population size as one of the most important determinants of needed sample sizes. You will also learn about key steps involved in planning and performing attribute sampling, the critical role of professional judgement during many of these steps, and you will learn about some specific audit procedures for verifying management’s assertions related to their controls.
What's included
8 videos1 reading5 quizzes
In this module, you will continue to learn about verifying management’s assertions. First, you will learn about unit sampling, which is one of the most common statistical sampling approaches. Then you will learn about the differences between unit sampling and non-statistical sampling. Next, you will learn about planning, picking, and evaluating the results of the sample. You will also learn about different types of sample selections: probabilistic and non-probabilistic. Lastly, you will reinforce your conceptual understanding by working through a unit sampling example.
What's included
8 videos1 reading5 quizzes
In this module, you will learn about fraud risk assessment, which is one of the most critical portions of the audit. First, you will learn about wise thinking and why it is important to have professional skepticism when it comes to fraud. You will learn about wise thinking from several recent studies. You will first learn about a study that highlights the importance of wise thinking in auditing. Then you will learn about two additional studies that show the factors that influence auditors’ judgement and management’s behavior. Lastly, you will learn about a study that shows how auditors’ strategic thinking influences their selected audit procedures.
What's included
12 videos1 reading6 quizzes
What's included
5 videos3 readings4 quizzes1 plugin
Instructor
Instructor ratings
4.8 (80 ratings)Offered by
Recommended if you're interested in Business Essentials
University of Pennsylvania
Starweaver
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Build toward a degree
This course is part of the following degree program(s) offered by University of Illinois Urbana-Champaign. If you are admitted and enroll, your completed coursework may count toward your degree learning and your progress can transfer with you.¹
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Learner reviews
4.8
247 reviews
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Showing 3 of 247
BM
5
Reviewed on Nov 22, 2022
Lots of knowledge gained and paired to real life scenarios
EA
5
Reviewed on Nov 11, 2021
That was an amazing class. You will gain many many insightful and practical knowledge there. The lecturer was so master and experience the material he taught. Enroll and enjoy the class!
DM
5
Reviewed on Feb 14, 2021
A good learning experience for individuals interest in professional development as a practicing auditor.
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