SYLLabusSpring2012 - North Carolina State University...

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1 North Carolina State University Accounting 450 – Risk and Assurance Spring 2012 Instructor: Professor Joe Brazel, Ph.D., CPA Office: 3160 Nelson Hall Email: Telephone: 513-1772 Webpage: (where class notes, etc. are available) Class Hours: Tuesday, Thursday Section 1 8:30am – 9:45am Room 1140, Nelson Section 2 10:15am – 11:30am Room 1140, Nelson Office Hours: 12:30pm – 1:30pm, Tuesday, Thursday and by appointment POLICIES FOR CONDUCT OF COURSE 1. Course Prerequisites ACC 311 – Intermediate Financial Accounting II – You must have earned at least a C- or better. 2. Required Texts Auditing and Assurance Services: An Integrated Approach , Arens, Elder, Beasley, Prentice Hall, 14th Ed., (approx. $170.00 new, $120.00 used) Custom Casebook for this class (ISBN: 1256073954, available at the bookstore). This casebook contains 4 cases derived from: Auditing Cases: An Interactive Learning Approach , Beasley, Buckless, Glover, Prawitt, Prentice Hall, 5th Ed., (approx. $25.00 new) 3. General Content This course is designed to help you obtain an in-depth understanding of the assurance services market. This market involves the issuance of assurance reports by independent accountants on the fairness of information used to make business decisions. In the first part of the course, we will examine external factors that impact the market for assurance services. We will begin with a discussion of factors affecting the demand for audit services (external, internal, and governmental auditing) and other assurance services. We will continue with a discussion of how the assurance services market relates to and differs from other services offered by accountants. This will include a discussion of the professional ethical rules and professional standards that regulate the assurance services markets. Following that discussion, we will focus on the "end product" of the assurance service - the accountant’s assurance report. The second part of the course will highlight the underlying concepts that lead to procedures accountants perform to gather evidence used as the basis for the assurance report. This segment of the course focuses on learning how to assess a company’s core business strategies and identifying related business risks associated with those strategies. We will use the identification of key business risks faced by companies to distinguish risks related specifically to the reliability and relevance of information used for business decision making (e.g., risks that financial statements are materially misstated) from other risks not affecting information risk. Using that understanding, we will describe evidence gathering objectives to ensure that accountants obtain sufficient, competent evidence to support assertions made by management about the reliability and relevance of the information used for decision making. We will outline internal controls developed by companies to mitigate their business risks and explain how tests of those controls
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SYLLabusSpring2012 - North Carolina State University...

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