The study of the independent accountants attest function, generally accepted auditing standards, compliance and substantive tests, and auditor reports and opinions. The course explores audit planning and the role of internal controls and their effect on the auditability of financial statements. The course includes the study of various audit concepts, including how auditors develop an audit strategy, determine materiality in various contexts, set the acceptable level of audit risk, assess control and inherent risk and set detection risk, develop audit objectives, accumulate audit evidence and prepare workpapers, and audit firm quality control.