In this course, students will outline the elements of an organization's internal control system and risk management. They will be required to adopt a risk- based approach for identifying significant IT threats and describing the audit test and procedures for evaluating internal controls. Students will apply and integrate knowledge from various subject areas of accounting in order to provide extensive treatment of accounting application risks, application controls for mitigating risk, tests of controls and substantive testing techniques. Students will asses an organization's internal control system by preparing and maintaining relevant documentation on an organization's internal control system and making appropriate recommendations.
Students will have a greater chance of success in this course if they have completed ACC 1117.