University of Illinois at Urbana-Champaign
Auditing II: The Practice of Auditing
University of Illinois at Urbana-Champaign

Auditing II: The Practice of Auditing

Taught in English

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19,608 already enrolled

Course

Gain insight into a topic and learn the fundamentals

4.8

(206 reviews)

Intermediate level
Some related experience required
24 hours to complete
3 weeks at 8 hours a week
Flexible schedule
Learn at your own pace
Progress towards a degree

Details to know

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Assessments

35 quizzes

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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 (69 ratings)
Mark E. Peecher, PhD, CPA
University of Illinois at Urbana-Champaign
2 Courses56,486 learners

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4.8

206 reviews

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OR
5

Reviewed on Jan 9, 2023

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5

Reviewed on Jan 25, 2021

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5

Reviewed on Feb 14, 2021

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