Since all students enrolled in this course are familiar with audits, the course attempts to establish a conceptual framework to support the auditing practices. The conceptual framework is designed to provide students with a basis for understanding the limitations of the current state of auditing practice and to enable them, as professionals, to participate in the dynamic auditing environment. This course gives risk and its impact on the audit a high profile. In today's litigious environment, with society placing greater expectations on auditors, the ability to analyze risk and design audit procedures to minimize risk and audit cost is crucial. The course also emphasizes materiality levels determination, analytical review, audit sampling and considering the work of internal auditing for audit planning purposes to minimize audit costs and to maximize audit results. Auditing in a computer information systems environment is also emphasized in this course.