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Auditing II

The Practice of Auditing

Mark E. Peecher, PhD, CPA

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.

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Syllabus

About the 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.

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Develops strategic analysis, strategic business risks, triangulation, internal controls, sampling, verification of management assertions, fraud risk assessment, and completing the attest engagement, which are core skills for audit professionals

Taught by Mark E. Peecher, PhD, CPA who are recognized for their work in corporate governance and business ethics

Examines evidence triangulation, which is a highly relevant concept in the field of auditing

Explores attribute sampling and unit sampling, which are standard in the industry of accounting

Builds a strong foundation for beginners in the field of auditing

Provides a continuation of the intensive conceptual and applied introduction to auditing topics

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Reviews summary

Deep dive into auditing practice

According to learners, Auditing II provides a solid conceptual framework and dives into the practical application of auditing principles. Many found the course content to be thorough and highly relevant to both professional practice and further studies like the CPA exam. The structure, covering topics from strategic analysis to fraud risk and sampling, is often described as well-organized and logical. While some note the material can be challenging, particularly the sampling modules, the overall consensus is that it builds effectively on Auditing I and offers valuable insights into the complexities of modern auditing.

Modules flow logically from one topic to the next.

"The course modules are structured logically, building knowledge progressively."

"I found the syllabus outline followed a sensible path through the auditing process."

"Each week introduced new concepts that connected well with the previous material."

Continuously develops concepts from the first course.

"This course is a perfect continuation of Auditing I, expanding on the foundation established there."

"You definitely need to have taken Auditing I or have equivalent knowledge to succeed here."

"It seamlessly integrates the theoretical base from the first course with practical application."

Provides a strong foundation in auditing theory.

"Built upon the concepts from Auditing I, providing a deeper dive into the 'why' behind the practice."

"The course offers a robust conceptual framework that is essential for understanding auditing."

"It explains complex ideas clearly, helping to solidify my understanding of fundamental auditing principles."

Topics covered are current and important.

"The modules on fraud risk assessment and strategic systems auditing were particularly relevant to today's audit environment."

"I found the content highly relevant to my work in public accounting."

"This course covers the essential practices needed for anyone pursuing a career in auditing."

Focuses on applying concepts to real-world scenarios.

"This course helped me understand how the auditing concepts learned in Auditing I are applied in practice."

"I appreciated the emphasis on practical application throughout the modules."

"The case studies and examples really brought the concepts to life and showed how they are used in actual audits."

Statistical sampling section requires significant effort.

"Modules 5 and 6 on sampling were quite challenging and required extra study time."

"I struggled a bit with the attribute and unit sampling calculations."

"The sampling methodologies felt complex, but working through the examples helped somewhat."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Auditing II: The Practice of Auditing with these activities:

Form a study group with classmates

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Study groups can provide a supportive environment for learning and collaboration

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Identify classmates who are interested in forming a study group
Schedule regular meetings to discuss course material and work on assignments
Take turns leading discussions and presenting your understanding of the concepts

Explore the AICPA website for auditing resources

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The AICPA website offers a wealth of resources that can supplement your learning

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Visit the AICPA website and explore the Auditing & Attestation section
Review the resources available, such as articles, white papers, and webinars
Identify resources that are relevant to the topics covered in the course

Create a mind map of the course concepts

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Creating a mind map can help you visualize the relationships between different concepts

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Start with the main topic of the course
Draw branches for each of the subtopics
Add details and examples to support each subtopic

Four other activities

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Solve practice problems on audit procedures

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Practice problems will help you apply your knowledge and reinforce your understanding

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Find practice problems in your textbook or online resources
Review the problem and identify the relevant concepts
Apply your knowledge to solve the problem
Check your answer against the provided solution

Write a summary of the key audit procedures for a specific industry

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Summarizing key audit procedures will help you understand how they are applied in different contexts

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Choose an industry that you are interested in
Research the key audit procedures that are used in that industry
Write a report that summarizes your findings

Read the book 'Auditing & Assurance Services' by Alvin A. Arens and Randal J. Elder

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This book provides a comprehensive overview of auditing concepts and practices

View Auditing and Assurance Services, Global Edition on Amazon

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Read the chapters that correspond to the topics covered in the course
Take notes and highlight important concepts
Complete the end-of-chapter questions and exercises

Volunteer at a local accounting firm

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Volunteering can provide you with practical experience and insights into the field

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Identify local accounting firms that offer volunteering opportunities
Contact the firms and inquire about volunteering
Attend training and orientation sessions
Assist with tasks under the supervision of experienced professionals

Career center

Learners who complete Auditing II: The Practice of Auditing will develop knowledge and skills that may be useful to these careers:

Auditor

An Auditor examines financial records, typically for an accounting firm or a business's internal accounting department. This course introduces Auditing II: The Practice of Auditing. It provides a continuation of the intensive conceptual and applied introduction to auditing in society begun in Auditing I: Conceptual Foundations of Auditing. This course focuses on a conceptual framework that is applied by audit professionals to assess, evaluate, and manage audit risks and evidence.

See salaries and explore the career path for Auditor

Forensic Accountant

A Forensic Accountant works with law enforcement, attorneys, and regulatory bodies to investigate suspected financial crimes. Courses in auditing support the development of essential auditing and investigation knowledge. This course may also provide knowledge of financial crimes.

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Financial Manager

A Financial Manager plans, organizes, directs, controls, and evaluates financial activities of an organization. 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. This may help the learner be able to pass certification exams, such as the Certified Financial Manager (CFM) exam.

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Risk Manager

A Risk Manager develops and implements risk management strategies to protect an organization from financial and operational risks. This course may provide a foundational understanding of risk assessment and mitigation., which are important aspects of risk management.

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Compliance Officer

A Compliance Officer ensures that an organization's activities comply with relevant laws and regulations. The study of auditing provides knowledge of internal controls and risk assessment, which are both relevant to compliance.

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Internal Auditor

An Internal Auditor examines financial records and internal controls to ensure that an organization is operating efficiently and in compliance with laws and regulations. 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. This course may help students prepare for the Certified Internal Auditor (CIA) exam.

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Accountant

An Accountant prepares and examines financial records of an organization, typically for tax or accounting purposes. This course can help to develop an understanding of auditing principles and procedures, which can be valuable for Accountants.

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Financial Analyst

A Financial Analyst researches and interprets financial data to make investment recommendations. This course may provide knowledge of accounting and auditing principles, which can be helpful for understanding financial statements.

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Tax Accountant

A Tax Accountant prepares and files tax returns for individuals and businesses. Courses in auditing can help to develop the necessary skills in accounting and tax law.

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Management Consultant

A Management Consultant analyzes and develops solutions to improve an organization's efficiency and profitability. 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. This may provide insight into how organizations operate and the challenges they face.

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Budget Analyst

A Budget Analyst prepares and analyzes budgets for an organization. The study of auditing can provide knowledge of accounting and financial management, which are both relevant to budget analysis.

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Loan Officer

A Loan Officer evaluates and approves loan applications. Courses in auditing can help to develop analytical and risk assessment skills, which are important for Loan Officers.

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Credit Analyst

A Credit Analyst assesses the creditworthiness of individuals and businesses. This course may provide knowledge of financial statement analysis and risk assessment, which are both relevant to credit analysis.

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Insurance Underwriter

An Insurance Underwriter assesses and approves insurance applications. This course may provide knowledge of risk assessment and financial analysis, which are both relevant to insurance underwriting.

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Actuary

An Actuary analyzes and manages financial risks for insurance companies and other organizations. This course may provide knowledge of risk assessment and financial analysis, which are both relevant to actuarial work.

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Reading list

We've selected 11 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Auditing II: The Practice of Auditing.

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Contains the authoritative standards for auditing and assurance engagements. It is essential reading for anyone involved in the auditing profession.

Auditing II

The Practice of Auditing

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What's inside

Syllabus

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Reviews summary

Deep dive into auditing practice

Activities

Career center

Reading list

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