Advance Topics In Auditing, Accounting, Fraud & Ethics Course

Course Description

This case-based course enables students to look at advanced topics in auditing through the spectrum of significant audit failures. Cases will cover four major topics including (1) fraud: violation of accounting principles, (2) ethics and professional responsibility, (3) fraud and inherent risk, and (4) violations of internal control. This course is an opportunity for students to apply the principles that they learned in their undergraduate auditing course to real-life situations in practice.

Course Objectives

Video Transcript

Welcome to Advanced Topics in Accounting, Auditing, Fraud, and Ethics. I’m very pleased to have you here and to present a little introduction to our course and my own background and approach to it. I was fortunate in my career to work for Coopers & Lybrand. I started out with Coopers & Lybrand and had a wonderful, wonderful experience with them, particularly in audit, but also in some consulting. And then I had an opportunity to start my own firm with Coopers & Lybrand’s blessing. I went on and did that, and that turned out to be a tremendous blessing in my life, and a lot of what I bring to this course, relative particularly to the cases, where generally accepted accounting principles were being fouled or became an issue, I’m quite familiar with that.

The approach with this course is that we’re going to review 20 cases in our 10 weeks together. These are all cases that would have existed prior to Sarbanes-Oxley and prior to subsequent legislation, particularly the Dodd-Frank legislation. So what that will allow us to do is: number one examine the failures of the profession, because we’re looking at it from an auditing point of view, we’re examining the failures of the profession relative to not detecting those frauds; and then, second of all, to look at the new legislation and the pieces that have been put in, particularly the emphasis on internal control, and that was all in the Sarbanes-Oxley legislation, to see how that would have affected it now. And then we’ll also add some of the concepts from Dodd-Frank, which deal a little bit more with the investing community as in the investment industry as opposed to maybe the general business public, but nevertheless significant from an audit point of view. And we’ll look and see whether or not with those improvements and those controls in place, some of this fraud would have been avoided.

So, I think you’re going to enjoy this very much. I’m looking forward to some very lively conversation the classes will have. I’ll have you write up the cases beforehand and submit those prior to the class, and then in the class, in the synchronous session, will go through and I hope have a nice, lively discussion. We will have two cases for each class, so we should we should have a pretty good lively discussions in those classes, and I think you’re really going to enjoy it. And I think what this will do is give you a whole different perspective relative to what you’re doing when you’re auditing. I think it will give a real emphasis to the fact that you can never completely rule out the possibility of fraud in audit. So enjoy.

Course Objectives

By the end of the course, students will be able to:

  • Recognize violations of generally accepted auditing standards (GAAS)
  • Research recent pronouncements in and legislation that are applicable to the cases
  • Write and communicate effectively about applying GAAS to complicated situations
  • Understand the application of new accounting and auditing standards and federal laws as they would have applied had they been in place at the time
  • Understand the implications of recent legislation such as Sarbanes-Oxley and Dodd-Frank.