1 – Students will demonstrate an understanding of generally accepted auditing standards (GAAS), especially the two General Standards upon which the auditing profession is built: Independence and Professional Skepticism.

2 – Students will develop the ability to perform estimates of materiality and inherent risk assessments that are typically conducted during audit planning.

3 – Students will demonstrate an understanding of standards and procedures related to assessing clients’ internal controls, including the COSO framework, the six transaction-level assertions, attribute sampling and the categorization of control deficiencies identified during audits.

4 – Students will demonstrate an understanding of risk-adjusted balance testing, which requires an appreciation of the Audit Risk Model, the four balance-level assertions and ability to identify appropriate audit evidence to support clients’ assertions.

5 – Students will understand the reporting options an auditor has at the culmination of both financial statement and internal control audits.