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You can earn credits from the University of Illinois at Urbana-Champaign that count towards a Master of Science in Accountancy (iMSA)

Auditing II: The Practice of Auditing

University of Illinois at Urbana-Champaign

About this Course

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This course provides a continuation of the intensive conceptual and applied introduction to auditing in society begun in Auditing I: Conceptual Foundations of Auditing. It focuses on a conceptual framework that is applied by audit professionals to assess, evaluate, and manage audit risks and evidence.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Approx. 24 hours to complete

English

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Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Approx. 24 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.89/5 (54 Ratings)

Mark E. Peecher, PhD, CPA

Associate Dean of Faculty and Deloitte Professor of Accountancy

Department of Accountancy

39,328 Learners

2 Courses

Offered by

University of Illinois at Urbana-Champaign

Start working towards your degree

This Course is part of an online degree program offered by the University of Illinois at Urbana-Champaign. When you apply for a for-credit non-degree course through the university and complete it online, it counts as credit hours towards a degree at Illinois. All you have to do is apply through the university.

Master of Science in Accountancy (iMSA)

University of Illinois at Urbana-Champaign

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Syllabus - What you will learn from this course

Content Rating97%(1,214 ratings)

Week

Week 1

2 hours to complete

About the Course

2 hours to complete

3 videos (Total 4 min), 5 readings, 1 quiz

2 hours to complete

Module 1: Strategic Analysis of a Client and Its Business Processes

2 hours to complete

13 videos (Total 77 min), 1 reading, 4 quizzes

13 videos

Module 1 Introduction50s

Strategic Systems Auditing (SSA) Part 16m

Strategic Systems Auditing (SSA) Part 29m

Strategic Systems Auditing (SSA) Part 37m

Strategic Systems Auditing (SSA) Part 47m

Strategic Analysis (SA) and Strategic Business Risks (SBRs) Part 16m

Strategic Analysis (SA) and Strategic Business Risks (SBRs) Part 25m

Strategic Analysis (SA) and Strategic Business Risks (SBRs) Part 34m

Strategic Analysis (SA) and Strategic Business Risks (SBRs) Part 45m

Business Process Analysis (PA) Part 16m

Business Process Analysis (PA) Part 26m

Business Process Analysis (PA) Part 36m

Strategic Analysis Summary4m

1 reading

Module 1 Overview and Resources10m

4 practice exercises

Lesson 1.1 Knowledge Check

Lesson 1.2 Knowledge Check

Lesson 1.3 Knowledge Check30m

Module 1 Quiz

Week

Week 2

4 hours to complete

Module 2: Audit Evidence and Triangulation

4 hours to complete

10 videos (Total 67 min), 1 reading, 5 quizzes

10 videos

Module 2 Introduction1m

Audit Evidence & Triangulation11m

WorldCom Example Part 16m

WorldCom Example Part 26m

WorldCom Example Part 37m

WorldCom Example 2 Part 14m

WorldCom Example 2 Part 210m

WorldCom Triangulation Example Part 16m

WorldCom Triangulation Example Part 27m

WorldCom Triangulation Example Part 35m

1 reading

Module 2 Overview and Resources10m

4 practice exercises

Lesson 2.1 Knowledge Check30m

Lesson 2.2 and 2.3 Knowledge Check6m

Lesson 2.4 Knowledge Check30m

Module 2 Quiz

Week

Week 3

2 hours to complete

Module 3: Strategic Systems Auditing and Internal Controls

2 hours to complete

6 videos (Total 37 min), 1 reading, 3 quizzes

Week

Week 4

2 hours to complete

Module 4: Interpreting Evidence and Significant Business Processes

2 hours to complete

7 videos (Total 48 min), 1 reading, 3 quizzes

Week

Week 5

3 hours to complete

Module 5: Verification of Management Assertions I: Attribute Sampling

In this module, you will be introduced to the concept of sampling. We will cover non-statistical and statistical sampling, but we will emphasize a form of statistical sampling called attribute sampling. You will learn about sampling risk as well as about three important determinants of sample size: risk of incorrect acceptance, tolerable error, and expected error. You will learn that population size actually has a small effect on sample size, contrary to lay theories the position population size as one of the most important determinants of needed sample sizes. You will also learn about key steps involved in planning and performing attribute sampling, the critical role of professional judgement during many of these steps, and you will learn about some specific audit procedures for verifying management’s assertions related to their controls.

3 hours to complete

8 videos (Total 49 min), 1 reading, 5 quizzes

8 videos

Module 5 Introduction57s

Attribute Sampling: Major Phases of an Audit Part 15m

Attribute Sampling: Major Phases of an Audit Part 28m

Attribute Sampling: Important Factors in Determining Sample Size Part 16m

Attribute Sampling: Important Factors in Determining Sample Size Part 23m

Attribute Sampling: Tolerable Error4m

Attribute Sampling: Test of Controls Part 19m

Attribute Sampling: Test of Controls Part 28m

1 reading

Module 5 Overview and Resources10m

5 practice exercises

Lesson 5.1 Knowledge Check30m

Lesson 5.2 Knowledge Check30m

Lesson 5.3 Knowledge Check30m

Lesson 5.4 Knowledge Check30m

Module 5 Quiz

Week

Week 6

3 hours to complete

Module 6: Verification of Management Assertions II: Unit Sampling

In this module, you will continue to learn about verifying management’s assertions. First, you will learn about unit sampling, which is one of the most common statistical sampling approaches. Then you will learn about the differences between unit sampling and non-statistical sampling. Next, you will learn about planning, picking, and evaluating the results of the sample. You will also learn about different types of sample selections: probabilistic and non-probabilistic. Lastly, you will reinforce your conceptual understanding by working through a unit sampling example.

3 hours to complete

8 videos (Total 52 min), 1 reading, 5 quizzes

8 videos

Module 6 Introduction1m

Unit Sampling Part 16m

Unit Sampling Part 29m

Unit Sampling Part 34m

Unit Sampling Example 14m

Unit Sampling - Sample Selection Part 18m

Unit Sampling - Sample Selection Part 28m

Unit Sampling Example 27m

1 reading

Module 6 Overview and Resources10m

5 practice exercises

Lesson 6.1 Knowledge Check30m

Lesson 6.2 Knowledge Check30m

Lesson 6.3 Knowledge Check30m

Lesson 6.4 Knowledge Check30m

Module 6 Quiz

Week

Week 7

4 hours to complete

Module 7: Fraud Risk Assessment

In this module, you will learn about fraud risk assessment, which is one of the most critical portions of the audit. First, you will learn about wise thinking and why it is important to have professional skepticism when it comes to fraud. You will learn about wise thinking from several recent studies. You will first learn about a study that highlights the importance of wise thinking in auditing. Then you will learn about two additional studies that show the factors that influence auditors’ judgement and management’s behavior. Lastly, you will learn about a study that shows how auditors’ strategic thinking influences their selected audit procedures.

4 hours to complete

12 videos (Total 74 min), 1 reading, 6 quizzes

12 videos

Module 7 Introduction1m

Wise Thinking Part 13m

Wise Thinking Part 29m

Wise Thinking Part 36m

BPS (2018) - Methods6m

BPS (2018) Manipulations I5m

BPS (2018) - Manipulations II4m

Results Part 15m

Results Part 24m

Risk Based Auditing & Fraud: Hammersley and Bowlin Studies Part 15m

Risk Based Auditing & Fraud: Hammersley and Bowlin Studies Part 28m

Risk Based Auditing & Fraud: HZ Study10m

1 reading

Module 7 Overview and Resources10m

6 practice exercises

Lesson 7-1 Knowledge Check30m

Lesson 7-2 Knowledge Check30m

Lesson 7-3 Knowledge Check30m

Lesson 7-4 Knowledge Check30m

Lesson 7-5 Knowledge Check30m

Module 7 Quiz

Week

Week 8

3 hours to complete

Module 8: Completing the Attest Engagement

3 hours to complete

6 videos (Total 38 min), 3 readings, 4 quizzes

Reviews

4.8

44 reviews

5 stars
80.70%
4 stars
14.61%
3 stars
4.09%
2 stars
0.58%

TOP REVIEWS FROM AUDITING II: THE PRACTICE OF AUDITING

by SBJul 7, 2020

Thank you Dr. Mark for this amazing, well tailored course of Audit practices. I really enjoyed it and got a lot of information in the audit procedures.

by HAJun 17, 2021

Great course supported with findings of recent published research papers by very recognized scholars.

by GKMar 31, 2020

I Love Doctor Mark E Peecher's training approach. I love his work. I was fully engaged from Module 1-8.

Thank you for the excellent materials and proficiency in your lecture approach

Gordon

by ZIApr 9, 2021

Amazing experience. Content demisfied by Dr. Peecher. Am grateful throughout

View all reviews

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I purchase the Certificate?
When you purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

More questions? Visit the Learner Help Center.

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Auditing II: The Practice of Auditing

Auditing II: The Practice of Auditing

About this Course