Integrated Audit Practice Case
The Integrated Audit Practice Case is an online project designed to help students learn to solve audit problems by applying knowledge from multiple sources to the audit of a fictitious client, Oceanview Marine Company. Completing the case is ideal preparation for students to learn skills necessary to complete an audit from the planning phase to completion, including issuing the audit report.
Objectives:
- Help students understand the interrelationships among the many audit decisions involved in audit planning, audit testing, and the formation of the auditor′s opinion.
- Help students learn how auditors make decisions and perform audits when they are confronted with information about an entire company where some data may be irrelevant or contradictory.
- Familiarize students with audit workpapers and good workpaper techniques by having them prepare actual working papers. Most of the working papers are in Excel, helping to enhance your students’ Excel skills.
Students complete the online case in 10 assignments:
Assignment 1: Decide Client Acceptance
Assignment 2: Preliminary Analytical Procedures and Risk Assessment Planning Discussion
Assignment 3: Determine Materiality and Assess Acceptable Audit Risk and Inherent Risk
Assignment 4: Assess Control Risk and Plan Tests of Controls and Substantive Tests of Transactions
Assignment 5: Perform Tests of Controls and Substantive Tests of Transactions
Assignment 6: Perform Audit of Accounts Payable
Assignment 7: Perform Audit of Accounts Receivable
Assignment 8: Perform Audit of Cash
Assignment 9: Perform Audit of Inventory
Assignment 10: Complete the Audit
The online project includes:
- Assignments:Contains the instructions for each of the 10 audit assignments for the Integrated Audit Practice Case.
- Documents:Contains copies of the invoices, checks, receiving reports and other client documents used to perform many of the audit tests.
- Current Workpapers:Includes more than 150 working papers, some completed and others for students to complete while doing assignments.
- Electronic Workpapers:Most workpapers are in Excel format, which helps prepare students for the real world. Other workpapers are in fillable PDF format.
- Online Discussion Questions and Quizzes: Help your students stay on track by assigning the assignment’s Discussion Questions and Quizzes. Students also submit their electronic workpapers online for instructor grading.
Designed for Use with Any Auditing Textbook
The case project is relevant for use in any auditing course, regardless of the text, if the faculty member wants students to understand such topics as audit risk, inherent risk, audit planning, understanding and testing internal controls, analytical procedures, and substantive tests of account balances. The project can be used as a supplement to the first auditing course in one of two ways:
- To emphasize the concepts you teach as you proceed throughout the course. Students will do assignments shortly after they are discussed in class.
- To emphasize the concepts you teach after you have covered the basic auditing concepts. Assignments will be made near the end of the basic auditing course.