Accounting (ACCT) 460

Principles of Auditing (Revision 8)

ACCT 460

Revision 8 is closed for registrations, replaced by current version

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Delivery Mode: Individualized study online or grouped study.**

Credits: 3

Area of Study: Applied Studies
(Business and Administrative Studies)

Prerequisite: ACCT 253

Faculty: Faculty of Business

ACCT 460 is not available for challenge.

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**Note:Students registering in grouped study, or grouped study international mode are advised that there may be some differences in the evaluation and course materials information indicated below. To obtain the most up-to-date information, contact the Faculty of Business Student Support Centre at 1-800-468-6531.


ACCT 460 introduces students to the concepts, principles, and practical applications of auditing in the business world. The course serves the needs of students planning to enter the accounting profession, particularly those who plan to pursue auditing careers. ACCT 460 emphasizes the concepts and practical applications that will serve as a foundation for developing auditing skills.


Lesson 1: Introduction to Auditing

Lesson 2: Professional Ethics, Audit Objectives, Phases of the Audit, and Audit Evidence

Lesson 3: Auditing Planning, Materiality, and Risk

Lesson 4: Introduction to Internal Control, Assessment of Control Risk, and Audit Program Concepts

Lesson 5: Corporate Governance, Advanced Information Systems, and Audit Sampling

Lesson 6: Audit of the Sales and Receivables Cycle and Cash Balances

Lesson 7: Audit of the Purchases and Payables Cycle

Lesson 8: Audit of the Payroll and Inventory Cycles

Lesson 9: Completion of the Audit, and Other Types of Auditing

Lesson 10: Fraud


To receive credit for ACCT 460, you must complete three written assignments, write a Midterm Examination and a Final Examination, and achieve a minimum grade of “D” (50%) on the Final Examination and a composite course grade of at least “D” (50 percent). If you fail to write an examination or submit an assignment, you will not pass the course. The weighting of the composite grade is as follows:

Assignment 1 Assignment 2 Assignment 3 Midterm Exam Final Exam Total
5% 5% 5% 35% 50% 100%

To learn more about assignments and examinations, please refer to Athabasca University's online Calendar.

Note: Students planning to transfer this course to a Professional Accounting designation (i.e., CMA, CGA, CA) are advised that they will be required to achieve a grade higher than the minimum passing grade. See the Professional Accounting Designation website for details.

Course Materials


Arens, A. A., Elder, R. J., Beasley, M. S., & Splettstoesser-Hogeterp, I. B. (2011). Auditing: The Art and Science of Assurance Engagements (Can. 11th ed.). Toronto, ON: Pearson Canada Inc. ISBN 978-0-13-505467-3

Other Materials

All other materials will be available to students online.

Athabasca University reserves the right to amend course outlines occasionally and without notice. Courses offered by other delivery methods may vary from their individualized-study counterparts.

Opened in Revision 8, June 8, 2011

View previous syllabus