In the face of the far-reaching challenges in the history of modern financial markets
and the international financial statement auditing environment which becomes more
complex and demanding, this course is committed to providing the most complete and
up-to-date materials based on the framework of International Standard on Auditing (ISA),
which will make it easier for students to learn more efficiently, combined with University
of Illinois Project Discovery teaching methodology which emphasizes student’s active
learning.
The international professional standards are the basis for the conduct of audits all over
the world. The implementation and appropriate application of the clarified ISAs is critical
for the success of the auditing profession in the coming years. Therefore, the objective of
this ISA auditng course is to help each student obtain the latest, most current concepts, skill,
knowledge, and personal characteristics necessary to practice successfully as an auditor.
This course emphasizes not only acquiring knowledge, but also skills and attitudes required
for success in the accounting profession. Two key attitudes required for this course are:
1) Intellectual curiosity and 2) Taking responsibility for your own learning.
The topics covered in the second semester includes auditing business processes
including Revenue, Purchasing, Human Resource Management, Inventory,
Financing/Investing, completing the audit engagement, audit reports on financial
statements, and professional ethics, independence and quality control.
Because assurance professionals regularly work in teams, the group assignments such as
Grouptalk presentation and case analysis, discussion, and presentation are an important component of
this course, which aims to help you develop the skill-set needed to plan and design audit
engagements.