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Auditing A Brief Introduction to Page 1 of 8 Some Words of Introduction Welcome to AC410! Let’s talk about your course and how to successful in this class. The general definition of an audit is an objective evaluation of an entity, organization, system, process, enterprise, project or product relative to specific objectives. For our purposes, we will concentrate of audits related to accounting / financial information. Traditionally, financial auditing has associated with the necessary procedures performed to ascertain the validity and reliability of inform ation contained in a company’s financial statements and render an opinion thereon; or by regulators to ensure compliance with state or Federal banking, utility, insurance or securities regulations. Financial statement audits are performed by licensed Certified Public Accountants (CPA). Certified Public Accountants must possess certain educational requirements; pass a comprehensive uniform exam; and then fulfill certain experience and other requirements of the individual state that licenses the CPA. Certified Public Accountants perform audits based upon standards established by the American Institute of Certified Public Accountants. Additionally, because of the Sarbanes- Oxley Act of 2002, CPA’s are also obligated to perform audits of publicly traded companies within standards set by the Public Company Oversight Board. Financial related auditing has evolved beyond the traditional financial audit performed by CPA’s. This includes the use of auditors within the company (internal auditors) to perform assessments of financial and operational performance. Information systems auditors perform audits of computer applications and general system controls. Forensic auditors investigate asset misappropriations. The US Congress has the General Accounting Office (GAO), which performs financial and operations audits of governmental projects as mandated by Congress. Different organizations such as the Institute of Internal Auditors have developed their own standards to promote the effectiveness and efficiency of their audit work. Your Grade Our overall goal is to master the learning objectives in each unit. As a student, you are interested in learning, but are equally concerned with how I evaluate your performance. I measure your performance by the amount of points you accumulate for the course. Per our syllabus, there are 1,000 points and KU applies the total points you earn to a grading scale that is located in our class syllabus. Since, your performance goal is to accumulate the maximum amount of points for the course, the following is a summary of the points you can accumulate and some hints on maximizing your points.
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Auditing A Brief Introduction to Page 2 of 8 Your Auditing Course is Very Different from your Other Accounting Courses There is a lot of homework in this course . Most of our work will involve essay type answers. In other words, you are going to do a lot of writing
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This note was uploaded on 10/04/2011 for the course AC410 410 taught by Professor Crowley during the Spring '11 term at Kaplan University.

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