Presenters:
Violet C. Rogers, Stephen F. Austin State University
Jack R. Ethridge, Stephen F. Austin State University
Description:
Integrating Audit Practice, Technology, and Theory into an Advanced Audit Course sounds like a great idea. However, when the Professor adds "audit practice" and "practice implementation" to classroom conversations and assignments, s/he might feel like s/he is speaking a foreign language. Our auditing students possessed a good understanding of audit theory, yet had difficulty separating GAAP from GAAS in some instances, and had similar difficulty integrating GAAP with GAAS in others. Additionally, developing a working knowledge of the AU sections in GAAS proved problematic. Some student types were better than others at grasping the integration, especially those that had recently returned from an internship or had excelled in the systems course. Other problems were noted in ethical, materiality, and risk judgments and interpretations. Hours might be spent recommending a journal entry for $1000, yet a $5 million problem might be ignored. Additionally, separating internal control violations from fraud proved problematic. The session focuses on classroom and homework methods that aid integration of practice, technology, and theory in an advanced audit course setting. Examples of unexpected and common student/practice disconnects are highlighted in the presentation. Best Practices are also highlighted.
