Enroll Course: https://www.coursera.org/learn/auditing-part2-the-practice
For those looking to build upon the foundational knowledge of auditing, Coursera’s ‘Auditing II: The Practice of Auditing’ is an exceptional next step. This course masterfully bridges the gap between theoretical concepts and the practical realities faced by audit professionals. Building directly on ‘Auditing I: Conceptual Foundations of Auditing,’ this installment dives deep into the strategic frameworks and analytical tools essential for modern auditing.
The syllabus is thoughtfully structured to provide a comprehensive understanding of the audit process. It begins with a crucial module on the ‘Strategic Analysis of a Client and Its Business Processes,’ introducing the concept of Strategic Systems Auditing (SSA) and its impact. This sets the stage for understanding how to identify and assess strategic business risks, a vital component of any audit.
Module 2, ‘Audit Evidence and Triangulation,’ is particularly insightful. It introduces the powerful concept of triangulation, examining three core sources of audit evidence: entity business states, management information intermediaries, and management business representations. The course brilliantly uses the WorldCom scandal as a case study to illustrate the practical application of this technique, making complex ideas tangible.
‘Strategic Systems Auditing and Internal Controls’ (Module 3) delves into the critical area of internal controls, exploring their components, impact on the audit, and different audit strategies like substantive versus reliance strategies. Understanding the categories of internal control weaknesses is also a key takeaway.
The course then moves into the practical application of sampling techniques. Module 5, ‘Verification of Management Assertions I: Attribute Sampling,’ provides a thorough explanation of sampling, with a strong emphasis on attribute sampling. It clearly outlines the determinants of sample size, demystifying common misconceptions about population size, and underscores the importance of professional judgment.
Module 6, ‘Verification of Management Assertions II: Unit Sampling,’ continues this practical focus, detailing unit sampling, its differences from non-statistical sampling, and the process of planning, selecting, and evaluating samples. The inclusion of a unit sampling example reinforces learning.
Perhaps one of the most critical modules is Module 7, ‘Fraud Risk Assessment.’ It emphasizes the importance of ‘wise thinking’ and professional skepticism when dealing with fraud, supported by studies that highlight factors influencing auditor judgment and management behavior. This module is essential for developing a robust approach to identifying and mitigating fraud risks.
Finally, ‘Completing the Attest Engagement’ (Module 8) rounds out the course, providing a holistic view of the audit process from start to finish.
Overall, ‘Auditing II: The Practice of Auditing’ is a highly recommended course for anyone serious about a career in auditing. It offers a blend of strategic thinking, analytical rigor, and practical application that is invaluable. The instructors’ ability to explain complex topics clearly, coupled with relevant case studies, makes this a truly enriching learning experience.
Enroll Course: https://www.coursera.org/learn/auditing-part2-the-practice