This course will discuss Generally Accepted Auditing Standards (GAAS) and International Standards on Auditing (ISA). The student will learn about the role of the auditing in a modern corporate setting. This will include the demand for auditing services, ethical dimensions of the auditing function and the responsibilities and legal liabilities of auditors. The student will also learn the importance and process of many audit functions including: planning audits, collection of audit evidence, assessing risk and internal controls, understanding audit sampling and analytical procedures, constructing the audit report.

CILO-1: Describe the Generally Accepted Auditing Standards (GAAS), the International Standards on Auditing (ISA) and the Macao Auditing Standards. CILO-2: Explain the demand for audit and assurance services. CILO-3: Demonstrate the audit profession and the professional ethics. CILO-4: Explain auditors responsibilities and legal liability. CILO-5: Collect audit evidence and plan audit assignment. CILO-6: Assess materiality and audit risk. CILO-7: Assess internal control and the impact on the audit firm. CILO-8: Draft audit reports and the different forms of audit report. CILO-9: Assess and develop audit sampling and analytical procedures. CILO-10: Demonstrate the skills for fraud auditing. CILO-11: Analyze real case studies and present audit findings to the class.