Accounting (ACCT) 460

Principles of Auditing (Revision 9)

ACCT 460

Revision 9 is closed for registrations, replaced by current version

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Delivery Mode: Individualized study online (with eTextbook)

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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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: Auditor's Report and Responsibilities
  • Lesson 3: Professional Ethics, Audit Objectives, Phases of the Audit, and Audit Evidence
  • Lesson 4: Audit Planning, Materiality, and Risk
  • Lesson 5: Introduction to Internal Control, Assessment of Control Risk, and Audit Program Concepts
  • Lesson 6: Corporate Governance, Advanced Information Systems, and Audit Sampling
  • Lesson 7: Audit of the Sales and Receivables Cycle and Cash Balances
  • Lesson 8: Audit of the Purchases and Payables Cycle
  • Lesson 9: Audit of the Payroll and Inventory Cycles
  • Lesson 10: Completion of the Audit and Fraud (Assessment and Management)


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:

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

The examination(s) for this course will be written in the traditional pen and paper format.

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

Note: Students planning to transfer this course to a Chartered Professional Accountant designation are advised that they will be required to achieve a grade higher than the minimum passing grade. See CPA Requirements for details.

Course Materials


Registration in this course includes an electronic textbook. For more information on electronic textbooks, please refer to our eText Initiative site.

Arens, A. A., Elder, R. J., Beasley, M. S., & Splettstoesser-Hogeterp, I. B. (2013). Auditing: The Art and Science of Assurance Engagements (Can. 12th ed.). Toronto, ON: Pearson Canada Inc. ISBN 9780132791564

You may be able to acquire a print copy of the textbook on your own, if you wish. Ensure that the edition number and ISBN match those given above.

Other Resources

All other learning resources will be available 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 9, February 10, 2014.

View previous syllabus