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Thompson Rivers University
Thompson Rivers University

ACCT 4231: Assurance

Students will learn to gather and evaluate audit evidence related to company financial statements. The goal is to provide assurance that the financial statements fairly present the financial performance and position of the organization being audited. Risk assessment techniques available to auditors and possible responses to those risks will be examined. Topics include an introduction to auditing and the public accounting profession; the audit process; professional relationships and legal liability; materiality and risk; audit evidence, evidence mix and audit strategy; the audit of internal controls, control risk and corporate governance; audit sampling; application of the audit process and auditor reporting.

Learning outcomes

After successfully completing this course, students will be able to:

  • Discuss the role of financial statement auditing and the structure and regulatory framework for auditing in Canada according to Canadian Audit Standards (CAS).
  • Describe the audit report and explain conditions for qualifications in the audit report.
  • Identify the stages of the audit process and the major activities undertaken at each stage.
  • Assess professional ethics and legal liability with respect to the audit function.
  • Explain how materiality and various risk assessments impact the audit program.
  • Analyze internal controls and determine audit procedures to test controls.
  • Utilize sampling techniques to select sample sizes, items and to analyze sampling results in an audit.
  • Apply appropriate audit activities to audit the sales and collections cycle, cash balances, the human resources and payroll cycle, the acquisition and payment cycle, the inventory and distribution cycle and the capital acquisition and repayment cycle.
  • Describe other assurance and non-assurance engagements undertaken by public accountants and audit activities carried out by government and internal auditors.

Course topics

  • Module 1: The Demand for Audit and Other Assurance Services, the Public Accounting Profession and Audit Quality
  • Module 2: Professional Ethics and Legal Liability
  • Module 3: Audit Responsibilities and Objectives and Audit Evidence
  • Module 4: Client Acceptance, Preliminary Planning, Materiality, Risk Assessment and Inherent Risk
  • Module 5: Understanding the Internal Control System and Control Risk Assessment
  • Module 6: Audit Strategy, Overall Approach, Audit Program, and Sampling Concepts
  • Module 7: Audit of the Revenue Cycle
  • Module 8: Audit of the Acquisition and Payment Cycle
  • Module 9: Audit of the Inventory Distribution Cycle and the Human Resources, and Payroll Cycle
  • Module 10: Audit of the Cash and Cash Equivalents
  • Module 11: Completing the Audit and Reporting
  • Module 12: Other Audits, Assurance Engagements, and Related Services

Required text and materials

Students require the following e-textbook. An access card/code for this e-text can be purchased directly from the TRU bookstore website. Instructions on how to use the access code are provided in the course after registration.

Arens, A., et al. (2022). MyLab Accounting – Standalone Access Card – for Auditing: The art and science of assurance engagements, fifteenth Canadian edition. Pearson Canada Inc. Type: Access Card: ISBN 9780136691976


Please be aware that should your course have a final exam, you are responsible for the fee to the online proctoring service, ProctorU, or to the in-person approved Testing Centre. Please contact with any questions about this.

To successfully complete this course, students must achieve a passing grade of 50% or higher on the overall course, and 50% or higher on the final mandatory exam.

Assignment 1: Modules 1 – 3: Questions and Cases 12.5%
Assignment 2: Modules 4 – 6: Questions and Cases 12.5%
Assignment 3: Modules 7 – 9: Questions and Cases 12.5%
Assignment 4: Modules 10 – 12: Questions and Cases 12.5%
Final Exam (mandatory) 50%
Total 100%

Open Learning Faculty Member Information

An Open Learning Faculty Member is available to assist students. Students will receive the necessary contact information at the start of the course.

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