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Accounting 2272
Auditing II
Course Information


This three semester-hour course was developed primarily for students planning to sit for the Certified Public Accountant Examination (the CPA Exam). Such students typically have already earned baccalaureate degrees and are taking courses at College of DuPage to meet the requirements to sit for the CPA Exam.

On the other hand, this course is also an appropriate choice for students currently working or planning careers in accounting, finance, management and many other career fields. In fact, students who want to gain a basic understanding of the auditing field because they are or will be working with external or internal auditors often take this course.

Today's CPA
What is a CPA? As stated in the Illinois CPA Society brochure entitled, 150 Hours in 2001 - Guide to the 150 Hour Requirement to Become a CPA in Illinois in 2001: "CPAs of today are business advisors and information specialists. That's a stretch from the traditional stereotype of CPAs as back-room number crunchers. CPAs are people-oriented, team workers, and business leaders. They need a solid understanding of accounting and business to be successful. They also need to be able to analyze and resolve complex business problems, working with a diversity of people and new technologies. Strong writing and communication skills are essential."

Course Description
Accounting 2272, Auditing II, is “Further study of auditing and other assurance services emphasizing professional standards and ethics, legal liability of auditors, regulation of the public accounting profession, internal controls in information technology systems, the components of audit risk, tests of controls and substantive tests relating to selected transaction cycles, audit sampling applications, other services performed by auditors, and related reporting requirements.

The prerequisite for this course is Accounting 2271 or consent of Instructor. If you are unsure whether you meet the prerequisite or are informed that you need a permit to register for this course, you should contact the Instructor.

Course Objectives
Upon successful completion of this course, you should be able to:

  1. Identify the basic concepts underlying the code of ethics, describe the regulation of the public accounting profession, and explain the quality control process and the related professional standards

  2. Explain the relationship between the auditor's responsibilities and the auditor's legal liability

  3. Describe, explain, and make acceptable modifications in the wording of the standard audit report

  4. Describe the relationship of audit risk and sampling, and identify and perform the steps involved in planning a sampling application and evaluating the sample results

  5. Identify and describe the impact of information technology systems on tests of controls and substantive tests

  6. Design detailed tests of controls for the production, financing, and investing cycles

  7. Describe the relationship of inherent and control risk to detection risk, and design substantive tests for inventory, fixed assets, investment securities, long-term debt, and equity

  8. Describe other types of services performed relating to financial information and special reports

  9. Describe accounting and review services and the related reports

  10. Describe other assurance services performed and the related reports

  11. Describe internal, operational, and compliance auditing services


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