ACC-640 is a study of the concepts and methods of professional auditing. Students examine the various aspects of completing an audit engagement, applying industry frameworks and governing standards to the audit planning process, applying audit strategies based on risk assessment and internal controls, and preparing standard audit reports grounded in substantive testing, fieldwork, and evidence that meets regulatory compliance standards.
Planning a complete audit engagement
ACC-640 walks through completing an entire audit engagement. Applying the specific industry frameworks and governing standards that structure how audit planning is actually done at the graduate, professional level.
Risk-based strategy and reporting
The course covers applying audit strategies that account for risk assessment and internal controls, then preparing standard audit reports built on substantive testing, fieldwork, and evidence sufficient to meet regulatory compliance standards.
Key topics in ACC640
- Industry frameworks and governing audit standards
- The audit planning process
- Risk assessment and internal controls in audit strategy
- Substantive testing and fieldwork
- Preparing standard audit reports
- Regulatory compliance in auditing
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Worked example: risk assessment shaping audit strategy
- High-risk area identified: Weak internal controls around inventory valuation
- Audit strategy response: More extensive substantive testing focused specifically on inventory, rather than uniform testing across all accounts
- Lesson: ACC-640 teaches that a well-planned audit concentrates effort where risk assessment indicates it's genuinely needed, rather than spreading testing evenly regardless of risk
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Frequently asked questions
Auditors have limited time and resources for any given engagement, and areas with weaker internal controls or greater inherent risk of misstatement are genuinely more likely to contain an actual problem than areas with strong controls and low risk, so directing more substantive testing toward the higher-risk areas produces a more effective audit than spreading the same total effort evenly regardless of risk. ACC-640 teaches this risk-based approach because it reflects how professional auditing actually operates: risk assessment isn't a preliminary formality, it's what should genuinely shape where audit effort and evidence-gathering concentrate.
Auditing standards and frameworks only make sense in the context of how they connect across a full engagement. Planning informed by risk assessment, testing strategy shaped by that planning, and a final report grounded in the evidence gathered through fieldwork. And studying these pieces in isolation misses how they build on each other. ACC-640 walks through completing a full engagement because graduate-level auditing competency, especially for the MS.PAC program's professional accountancy focus, requires understanding this complete sequence, not just individual auditing techniques disconnected from the broader engagement they're meant to serve.