BUS4068 examines auditing as both a financial assurance function and an investigative tool. Students study the auditing environment — regulatory frameworks, professional standards, and the legal liability landscape — and learn the background, theory, and practical methods used in conducting both financial and forensic audits. The course also covers ancillary audit services including reviews, compilations, and agreed-upon procedures, providing a comprehensive view of the assurance services marketplace.
Financial and forensic auditing
Core topics
- The auditing environment: The regulatory framework governing audits — PCAOB standards for public company audits, GAAS for private company audits, the Sarbanes-Oxley Act requirements, and the AICPA's role in setting auditing standards and maintaining audit quality
- Financial audits: The audit process from engagement acceptance through opinion issuance — risk assessment, internal control evaluation, audit evidence and sampling, substantive testing procedures, and the structure and content of audit opinions
- Forensic auditing: Investigative accounting techniques applied to detect, quantify, and document financial fraud — fraud risk assessment, analytical procedures for identifying anomalies, interview techniques, and the documentation standards required for evidence to be usable in legal proceedings
- Fraud theory and detection: The fraud triangle (pressure, opportunity, rationalization) and fraud diamond frameworks, common fraud schemes (asset misappropriation, financial statement fraud, corruption), and data analytics approaches for fraud detection
- Ancillary services: The spectrum of assurance and related services below full audits — reviews (limited assurance), compilations (no assurance), agreed-upon procedures, and attestation engagements — and how each differs in scope, procedures, and the assurance provided
- Auditor independence and ethics: The independence requirements that protect audit quality, threats to independence, safeguards, and the ethical standards that govern auditor conduct
BUS4068 assignments include audit program development, fraud case analyses, and internal control evaluations
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Frequently asked questions
A financial audit aims to provide reasonable assurance that financial statements are free of material misstatement — the auditor is not primarily looking for fraud. A forensic audit is specifically investigative: it is initiated because fraud is suspected or alleged, and its objective is to gather and document evidence that can withstand legal scrutiny. Forensic auditors use more invasive procedures, apply fraud-specific analytical techniques, and produce work product designed for courts and regulators. BUS4068 addresses both types because understanding the full spectrum of auditing — from routine attestation through fraud investigation — makes for more capable accounting professionals who can serve clients in multiple contexts.