Overview - 2019/2020
Fanshawe's four-year Honours Bachelor of Commerce (Accounting) degree program will give you the skills and knowledge to help any business, big or small, realize their goals. You'll graduate with many valuable and transferable skills including financial accounting, cost accounting, management accounting, business finance, auditing and taxation in addition to a variety of general business management concepts including business strategy, marketing and human resources. You'll be dynamic, with the power to continue a journey of life-long learning. Available in a traditional in-class format with a September admission.
A requirement for graduation is the completion of a paid Co-operative Education work term. This process combines your studies with paid, related work experience. Fanshawe will be there to help you find the right business fit for your dream. You'll have access to consultants who will deliver classes, counsel and advise you as you move from the classroom, to the real business world.
Upon graduation you may be eligible to complete a Master's degree program at many other post-secondary institutions or complement your degree with a graduate certificate offered at Fanshawe College. Students currently enrolled in the Business-Accounting diploma program or Business Administration-Accounting advanced diploma program may be eligible to receive advanced standing in this degree program.
You'll satisfy the degree requirements for all accounting professional bodies and will be closely aligned with the requirements for the Chartered Professional Accountants of Ontario (CPA).
Prof. Darren Johnson, M.Sc., MBA
Phone: 519-452-4430 x2898
Admission Requirements - 2019/2020OSSD with courses from the University (U) or University/College (M) stream WITH:
- Grade 12 English (U)
(Note: minimum final grade required is 65)
-Mathematics ONE OF:
- Grade 12 Advanced Functions (U)
- Grade 12 Calculus and Vectors (U)
- Grade 12 Mathematics of Data Management (U)
(Note: minimum final grade required is 65)
- Plus four additional Grade 12 University (U) or University/College (M) courses
- Final minimum average of 65.0% based on the highest six Grade 12 University (U) or University/College (M) courses
Mature Applicant with standing in the required courses and grades stated above
Post-Secondary Standing* (if applicable)
English Language Requirements
Applicants whose first language is not English will be required to demonstrate proficiency in English by one of the following methods:
- A Grade 12 College Stream or University Stream English credit from an Ontario Secondary School, or equivalent, depending on the program's Admission Requirements
- Test of English as a Foreign Language (TOEFL) test with a minimum score of 560 for the paper-based test (PBT), or 84 for the Internet-based test (iBT), with test results within the last two years
- International English Language Testing System (IELTS) Academic test with an overall score of 6.5 with no score less than 6.0 in any of the four bands, with test results within the last two years
- Canadian Academic English Language (CAEL) test with an overall score of 70, with test results within the last two years
- Pearson Test of English Academic (PTE) with a minimum score of 59, with test results within the last two years
- A Cambridge English Test (FCE/CAE/CPE) with an overall score on the Cambridge English Scale of 176 with no language skill less than 169, with test results within the last two years
- An English Language Evaluation (ELE) at Fanshawe College with a minimum score of 75% in all sections of the test, with test results within the last two years
- Fanshawe College ESL4/GAP5 students: Minimum grade of 80% in ESL4/GAP5 Level 9 or 75% in ESL4/GAP5 Level 10
Recommended Academic Preparation
- In addition to required mathematics courses in secondary school, students are encouraged to take additional mathematics and accounting courses.
Recommended Personal Preparation
- Students are encouraged to strengthen their critical thinking, problem solving and time management skills prior to entering the program
- Applicants with a Fanshawe College Diploma in Business - Accounting with a minimum GPA of 3.5 can apply to Level 4 of the Honours Bachelor of Commerce (Accounting) Degree.
- Applicants with a Fanshawe College Advanced Diploma in Business Administration - Accounting with a minimum GPA of 3.0 can apply to Level 6 of the Honours Bachelor of Commerce (Accounting) Degree.
- Applicants applying for individual course credits from Canadian universities must provide a detailed course content of theory and laboratory exercises (if appropriate).
- International applicants may apply for course credit achieved at the post-secondary level. Detailed course content of theory and laboratory exercises from the international institution must be included with a transcript as part of the request (official documents provided to the Office of the Registrar in a sealed envelope). If translation of the documents into English is necessary this must be performed by a recognized service.
- Based on the guidelines established by the Postsecondary Quality Assessment Board for Honours Degree Programs, credits for advanced standing cannot exceed 50% of the program's total.
Applicant Selection CriteriaWhere the number of eligible applicants exceeds the available spaces in the program, the Applicant Selection Criteria will be:
- Preference for Permanent Residents of Ontario
- Receipt of Application by February 1st (After this date, Fanshawe College will consider applicants on a first-come, first-served basis until the program is full)
- Achievement in the Admission Requirements
- Achievement in Post-Secondary Studies* (if applicable)
- *Applicants currently enrolled in a university or who have previously attended university or other post-secondary institutions and are applying to transfer into the Honours Bachelor of Commerce (Accounting) program are considered on the basis of their post-secondary standing. Specifically, applicants currently enrolled in a university or who have previously attended university must maintain a minimum average of 65.0% on the last ten full credit or full credit equivalent courses in order to be considered for admission. Applicants with less than ten full credit courses must maintain a minimum average of 65.0% on all courses in order to be considered for admission. Applicants applying from a community college must have successfully completed a diploma program with an overall GPA of 2.5 in their program. In addition, all students applying from university or college must have completed the pre-requisite courses in Mathematics and English as stated in the Admission Requirements.
Honours Bachelor of Commerce (Accounting)-2019/2020
MATH-7007 Mathematics for Decision Making 4 In this course, students will study the fundamental mathematical concepts required to understand and analyze a variety of business-related applications. These applications include: mathematics of merchandising, cost-volume-profit analysis, simple and compound interest, annuities, debt retirement through amortization or sinking funds, bonds, net present value, internal rate of return and an introduction to probability. ACCT-7002 Accounting 1-Intro 4 This introductory course in financial accounting gives students an overview of accounting concepts, the accounting cycle and the preparation of financial statements for various forms (proprietorship, partnership and corporation) and types (service and merchandising) of business. Other topics include: recording merchandising transactions using a perpetual vs. periodic inventory system, owner investments/withdrawals including shareholder equity transactions, cash flow and financial statement analysis. COMP-7012 Computer Applications for Business 3 This is an introductory course where students will learn to use the major elements of the Microsoft Office application suite, specifically Word, Excel, Access and PowerPoint. The training is provided in a hands-on lab and entails the completion of weekly assignments pertaining to each of the application areas. Emphasis will be placed on developing analytical skills in Excel, and in using data extracted from databases. This course will prepare students to take an active role as knowledge workers. MGMT-7006 Management Fundamentals 3 MGMT 7006 is a foundation course in the principles and practices of managing people and organizations. Structured around four functions of management-namely, leading, planning, organizing and controlling, the course looks at the challenges managers face in modern organizations. Topics include analysis of environmental constraints and the development of internal resources in relation to leading and planning and the role of structure, process and controls in organizing and controlling.
ACCT-7003 Accounting 2-Intro 3 This is the second introductory course in financial accounting that gives students an overview of the accounting cycle and the preparation of financial statements. Topics include: short-term investments, inventory valuation, capital assets, current and long-term liabilities, partnership accounting and accounting for corporations, bonds payable as well as the statement of cash flow and financial statement analysis. MKTG-7001 Marketing 1 3 High performing businesses create value for their customers and build profitable customer relationships. This course introduces students to the methods used to understand the marketplace and the consumer. Through the use of case studies and brand examples, students will learn the techniques used to segment a market and identify target customers. They will also learn methods marketers use to develop a compelling value proposition through the integration of product (service) mix, pricing, promotion and channel management strategies. The course culminating project is the creation of a marketing plan. ECON-7005 Microeconomics 3 Microeconomics is the study of how households and firms make decisions and interact within defined markets. This course will provide an overview of fundamental models utilized to explain economic phenomena including, opportunity cost; demand and supply; price elasticity; government interaction in private and public markets; industry structure and international trade. Students will apply these models to explain historical and current Canadian domestic activity and its interaction(s) in the global environment. SYST-7001 Business Information Systems 3 This course provides a strategic view of management issues associated with the governance, development, acquisition and deployment of information systems. With an emphasis on the strategic importance of Information Systems the following topics will be explored: IT governance; systems development analysis, design and issues; systems implementation, testing and support; networks; ecommerce/EDI; IS operational and security issues; and the human side of Information Systems management. COMM-7018 Professional Comm. in a Diverse World 3 This course teaches students the fundamentals of intercultural and diverse communication; topics examined include identity, ethics, and multiculturalism issues, and are studied in the form of case studies and thematic readings. Students learn how to craft effective communications (written, nonverbal and verbal) that are sensitive to issues involving geographic, cultural, gender and ability diversity. These issues are examined through the lens of professional communications. Assessments in this course encompass both written assignments and presentations (individual and group).
ACCT-7004 Management Accounting 3 This course introduces students to the role of a manager and the managers need for information for decision making in planning, implementation and organizational control. Students are providedwith instruction toward a fundamental understanding of cost concepts and terminology, such that they are able to isolate areas of cost and costing techniques leading to sound information for management decision making. The main topics covered are cost accounting fundamentals, traditional and contemporary approaches to product costing, and the application of a selection of cost analysis and planning tools. ECON-7006 Macroeconomics 3 Macroeconomics is the study of economy wide phenomena including inflation, unemployment and economic growth. This course will explain the how these major economic forces impact the economy through analysis and application of concepts such as gross domestic product; cost of living calculations; unemployment; economic growth theories; Canadas banking system; aggregate demand and supply and government domestic and international policy strategies (monetary policy, fiscal policy and international policy). The student will apply these macroeconomic concepts to describe historical and current Canadian performance in both a domestic and international context. MGMT-7007 Human Resources Management 3 This foundational HR course will introduce students to the strategic role of the human resources professional in the context of the human resources management field and the current business environment. Topics include organizational goals and strategic objectives, job analysis, training and development, recruitment and selection, planning, performance management, employment legislation, and career development. Students will apply their knowledge and understanding of HR management to critically analyse and propose revisions to a human resources strategy and plan.This course is HRPA approved and is required to write the Comprehensive Knowledge Exam 1 (CKE1) and/or the Comprehensive Knowledge Exam 2 (CKE2). These exams are part of the attainment of the externally accredited entry level Certified Human Resources Professional (CHRP) designation (CKE1) and/or the advanced level Certified Human Resources Leader (CHRL) designation (CKE2), respectively. You must achieve a minimum of 65% in any one of the nine CHRP/CHRL courses and an overall average of 70% in these nine courses to be eligible to write the CKE1 and/or CKE 2. For further information on this designation, please see: http://www.hrpa.ca/RegulationandHRDesignations/Pages/HR-Designations.aspx METH-7022 Statistics for Business 3 The purpose of this course is to introduce students to the field of statistics and its many applications to the business world. Applications of data analysis and statistical methodology will form an integral component of the course, supported by the sound development of statistics and appropriate computer software. Topics include: presentation and description of data, summary measures, probability, probability distributions, sampling distributions, confidence intervals, hypothesis testing and regression analysis.
LAWS-7002 Business Law 3 This course is an introductory survey of Canadian Business Law with a focus on Ontario legislation and common law. Topics include; the Canadian constitution and court system, torts (particularly negligence and professional responsibility), contracts, property (personal, real and intellectual), security interests, agency, forms of business organization, the legal aspects of credit, and employment law. The purpose of the course is to enhance the students decision making ability with respect to various legal and ethical issues that arise in a business setting. MGMT-7008 Operations Management 3 Students will learn the art and science of ensuring that goods and services are created and delivered successfully through the value chain to the end customer. The course covers practical applications of operations in both the manufacturing and services environments with an emphasis on operational strategy, leadership, decision making and customer satisfaction. Topics will include: competitiveness, strategy and productivity, forecasting, Lean System, Total Quality Management (TQM) and the ability to analyze key issues and problems in operations management. MGMT-7009 Principles of Organizational Behaviour 3 Beginning with the concept of the organization as an open system, students will examine key elements pertaining to the behaviour of people within an organization. They will examine models of motivation, group dynamics, teamwork, change management and communication. They will then analyze the effects of the organization's leadership, structure and external environment on culture, climate and on human behaviour. They will apply this knowledge and understanding to recommend strategies for a minor transformation and develop an appropriate change plan. METH-7023 Quantitative Methods 3 The objective of this course is to introduce students to the mathematical techniques and models used in management science, supported by extensive use of business applications and computer software. Topics include: decision modelling and analysis; regression analysis; time series analysis and forecasting; linear programming, including sensitivity analysis and application to distribution and network models; simulation. ACCT-7005 Accounting 1-Inter 4 This advanced course is designed to strengthen problem-solving skills. Students will apply tax principles and concepts to complex tax situations of individuals, partnerships, corporations and trusts. Students will be introduced to corporate reorganizations and the concept of tax planning. The course will stress the use of the ITA to solve tax problems.
FINA-7001 Business Finance 1 4 This course introduces students to the theory of financial management and its application to the business world. The main goal of the course is to teach students how financial managers make decisions within a framework that emphasizes the time value of money and the relationship between expected return and risk. In addition students will be taught the techniques that financial managers use to evaluate the feasibility of undertaking new projects. Specific topics include financial ratio analysis, time value of money, net present value, capital asset pricing model, capital budgeting, capital' structure, weighted average cost of capital and working capital management. ACCT-7006 Accounting 2-Inter 4 This intermediate financial accounting course builds on the basic understanding of accounting principles, emphasizing the critical concepts of liabilities and equities. The main goal of the course is to teach students to determine what financial information should be reported and how it should be quantified and disclosed according to generally accepted accounting principles. Topics include: legal and financial aspects of partnerships and corporations; current and long-term liabilities and shareholder's equity; complex debt and equity instruments; leases; accounting for income taxes; pension and other benefits; accounting changes; cash flow statement; and the analysis of financial statements. ACCT-7007 Management Accounting 2 4 This course is a continuation of Management Accounting 1 which introduces students to fundamental management accounting concepts and techniques used by managers in making decisions. Management Accounting 2 teaches additional tools and techniques used in decision making which continue to build on the fundamentals taught in Management Accounting 1. The primary topics covered are CVP Analysis, Standard Costing, Flexible Budgeting, Relevant Costing, Pricing Decisions, Profitability Analysis, Capital Budgeting and trends in management accounting.
FINA-7002 Personal Taxation 5 This course will cover the fundamental principles and concepts of Canadian federal income tax legislation. Students will be introduced to the concept of income tax and then focus on the inclusions and deductions for the computation of taxable income for individuals. They will also learn to compute taxes payable for individual taxpayers. The course integrates the use of tax preparation software. FINA-7003 Business Finance 2 4 This advanced finance course provides an in-depth study of issues and tools that financial managers use in making decisions. The main goal of the course is to teach students to explore issues and make sound corporate financing decisions. Specific topics include financial markets and portfolio risk; capital budgeting under uncertainty; long term sources of funds, capital structure and dividend policy; special financing and investment decision making; valuation of corporations; treasury risk management; futures, forwards, options and swaps; and, financial planning. ACCT-7008 Financial Accounting 1-Adv 3 This advanced financial accounting course takes an in-depth look at the accounting for business consolidations, inter-corporate investments and intercompany transactions. The main goal of the course is to teach students to evaluate different types of inter-corporate investments and appropriately account for the investments based on GAAP and international accounting standards. Specific topics include the standard setting process in Canada and internationally, business combinations, reporting requirements for business consolidations and reporting requirements for intercompany transactions. ACCT-7009 Accounting Theory-Adv 3 This course is designed to provide students with knowledge of financial accounting theory forming the foundation of accounting standards and practice. During the course, students will study and discuss contemporary and controversial issues in the financial accounting area. In addition, this course will introduce to students the mainstream of accounting research and some accounting research methodologies. Topics covered include the contributions of economics, finance, and other disciplines to accounting theory; the practical and the theoretical problems of the present value model; the process and issues with the standard setting; agency theory; and other topics related to specific industries or sectors of the economy.
ACCT-7010 Financial Accounting 2-Adv 3 This financial accounting course focuses on advanced topics in accounting. The main goal of this course is to review relevant theory, including generally accepted accounting principles and international accounting standards, and help students apply professional judgment in unique situations and technical application of current accounting rules for presenting these advanced topics. Specific topics include business consolidation issues, foreign currency translation and consolidation of foreign subsidiaries, hedge accounting and not-for-profit and public sector accounting. FINA-7004 Corporate Taxation 4 This course will continue the coverage of the fundamental principles and concepts of Canadian federal income tax legislation. Students will focus on the inclusions and deductions for the computation of taxable income for corporations. They will also learn to compute taxes payable for corporate taxpayers. The course integrates the use of tax preparation software. ACCT-7011 Auditing 4 This course will provide an overview of auditing concepts and procedures of external auditing. Students will learn key topics and apply concepts to each of the major accounting cycles. Studentswill work in small groups to develop an audit plan for a public company. COOP-1021 Co-Op Educ. Employment Prep 1 This workshop will provide an overview of the Co-operative Education consultants and students' roles and responsibilities as well as the Co-operative Education Policy. It will provide students with employment preparatory skills specifically related to co-operative education work assignments and will prepare students for their work term.
ACCT-7012 Management Accounting-Adv 4 This advanced course provides students with a conceptual understanding of the design and use of management accounting information. The class explores tools and techniques that enableeffective managerial decisions and learns the role and ethical responsibility of the management accountant in the process of decision making. The course builds on an earlier introduction to Management Accounting and introduces new topics including, design and implementation of effective management control systems, strategic decision making, customer profitability analysis, qualityand time as competitive tools in cost management, supply-chain analysis, agency theory and transfer pricing, performance measures and the balanced scorecard, and emerging issues. FINA-7005 Taxation-Adv 3 This advanced course is designed to strengthen problem-solving skills. Students will apply tax principles and concepts to complex tax situations of individuals, partnerships, corporations and trusts. Students will be introduced to corporate reorganizations and the concept of tax planning. The course will stress the use of the ITA to solve tax problems. ACCT-7013 Auditing-Adv 3 This course offers in-depth coverage of the concepts and procedures of external auditing and other assurance engagements. The role of external auditing in society and the current issues, future trends, and environmental factors that impact auditors and the assurance profession, will also be addressed. MGMT-7023 Strategic Policy & Planning 3 This course explores the four elements of strategic management from a leadership perspective: environmental analysis, strategy formulation, strategy implementation and evaluation and control. The course also explores the external and internal checks and balances that keep organizations vital, focused and able to respond to change or when unnoticed may lead to failure. Cases are used to bridge theory and practice that integrate the concepts and techniques of marketing, accounting, finance, management, production and information systems with strategic management in relation to performance goals, external shifts, internal capabilities and strategy formulation and implementation. This course also examines corporate governance and latest examples of corporate failure and controversy. COOP-5001 Degree Co-Op Integration 2 The purpose of this capstone course is to prepare students for careers in their field post-graduation. Students will have an opportunity to reflect on their co-op work term to identify career options, skill gaps, and opportunities to guide them in their career search. Students will also be exposed to a variety of guest speakers and topics that will provide them with an understanding on industry trends, job opportunities, professional accreditation, and key industry insights. Students will also be coached on career search skills, interview and networking skills to help prepare them post-graduation.
COOP-BCA1W BCA1 Co-op Work Term 1
COMM-7021 Argumentation & Persuasion 3 Argumentation and Persuasion is an advanced writing and communications breadth course. The purpose of this course is to examine the sophisticated interrelationship between rhetorical choices (including modes, style, and tone), audience requirements, engagement with outside sources, and texts' ultimate success. Students will learn how to apply these concepts to their own writing, and thus how to construct a variety of successful texts, including advanced argumentation.
LIBS-7001 Ethics in a Global Context 3 The last half century or so has seen a rapid shift towards globalization. As a result, even our most mundane actions can easily and unwittingly impact someone halfway around the world. As good global citizens, we must consider our actions in a global context. This course introduces students to the four most prominent ethical theories - Utilitarianism, Deontology, Ethics of Care and Virtue Ethics - as well as the two chief models of business ethics - Friedmans account that shareholders interests trump all and Freemans more recent suggestion that corporations must balance the interests of all stakeholders. We also consider these theories within the context of a variety of topics, including abortion, euthanasia, the death penalty, sexual morality, pornography, addictions, terrorism, human rights, world hunger, poverty, economic justice and environmental issues.
Careers - 2019/2020
Career OpportunitiesStudents will be well prepared to write certification examinations for the CPA designation as well as fulfill experience requirements for these organizations after completion of the degree program. Graduates may work in positions such as accountant, budget analyst, controller, financial analyst, taxation specialist, treasurer or auditor.
More Information - 2019/2020A Mandatory Mobile Computing (Laptop) Program
A Co-operative Education Program
A Four-Year Honours Degree ProgramProgram Code: BCA1
Campus Code: LC (LC - London)
15 week terms
Academic Calendars available at www.fanshawec.ca/academicdates
Lawrence Kinlin School of Business: 519-452-4290
Program DescriptionThe Honours Bachelor of Commerce (Accounting) program is a four-year, honours level degree with a mandatory co-op work term between Levels 7 and 8. Students will study many aspects of accounting including financial accounting, cost accounting, management accounting, business finance, auditing and taxation in addition to a variety of general business management concepts including business strategy, marketing and human resources. The program will satisfy the degree requirements for all accounting professional bodies and will be closely aligned with the requirements for the Chartered Professional Accountants of Ontario (CPA). Students will be required to write certification exams for the professional bodies after graduation and fulfill experience requirements as part of the certification process for any professional body.
- Students entering Level 1 of the program in January are expected to proceed into Level 2 of the program in the summer term
- A CONNECT lab fee is included in the Additional Program Fees stated in the Fee Schedule. This fee helps cover costs associated with the delivery of the CONNECT mobile computing program.
- Students should not purchase a laptop computer or software until the College publishes the recommended configuration, models, software titles and versions for that academic year.
Co-operative EducationThis four-year Honours Degree program requires completion of one mandatory co-op work term. More information about Co-operative Education can be found at www.fanshawec.ca/co-op.
President: P. Devlin, CMM, MSC, CD, HBA, MSS
Senior Vice-President Academic Services: G. Lima, MA
Vice-President Student Services: M. Beaudoin, BA, MLS
Dean (Acting), Faculty of Business: S. Deakin, MAcc, CPA, CA
Chair, Lawrence Kinlin School of Business:: M. Pierce, BA, MA
Faculty: S. Ngan, BBA, MSc, LLB, PhD K. Said, BA, MBA, PhD
A. Fahmy, BSc, MSc, PhD A. Agbodovie BA, AACSB
D. Johnson, BSc, MSc, MBA
S. Deakin, MAcc, CPA
H. Otten, MAcc, CPA
Within the program, breadth courses are taught by a variety of faculty with graduate credentials in Social Sciences, Humanities and Sciences.
Fanshawe College has been granted a consent by the Minister of Advanced Education and Skills Development to offer this degree program for a seven-year term starting November 2014. The College shall ensure that all students admitted to the above-named program during the period of consent will have the opportunity to complete the program within a reasonable time frame.Learning Outcomes
The graduate has reliably demonstrated the ability to:
1. Use the interdependence of various functional areas of business (i.e. financial, marketing, operations, human resources) to achieve organizational success in domestic and international environments.
2. Develop strategies that will achieve organizational goals through integration of business methodologies that assess costs, benefits, risks, and opportunities, and that utilize current and emerging technology and trends.
3. Enhance business opportunities by incorporating external variables into various business decision models.
4. Assess the unique business needs of organizations of various sizes, public sector, private sector, and not-for-profit firms.
5. Evaluate professional, ethical, and legal codes of conduct.
6. Research, analyze, and critically evaluate qualitative and quantitative data from a variety of sources to support effective business decisions and encourage innovation through problem-solving, critical thinking, logic and reasoning.
7. Communicate information, arguments, and analysis accurately and reliably for the message, audience, and purpose.
8. Perform effectively and efficiently within groups or teams, demonstrating leadership, team-building, and influencing skills.
9. Design personal learning plans and integrate learning strategies into current and future development goals.
10. Assess resource allocation decisions that influence sustainability practices and drive economic, social, cultural, and environmental stewardship.
11. Analyze domestic and international business opportunities within an international context.
12. Plan, implement, and evaluate projects and programs, using project planning principles and tools.
13. Apply management-level decision-making and strategic planning skills.
14. Develop a business plan based on sound research that integrates business principles and best practices.
15. Prepare, analyze and interpret financial statements and reports for both private and public corporations.
16. Prepare, analyze and interpret individual and corporate tax returns.
17. Apply and demonstrate computer skills and knowledge of information systems to support the accounting, auditing and taxation functions including maintaining accounting records, preparing financial statements, preparing reports and tax returns.
18. Advise on basic personal and corporate tax issues using the principles of Canadian tax law.
19. Design and evaluate an organization's internal control and accounting information system, taking risk management (including risk of fraud and illegal acts) into account.
20. Plan and perform an audit of financial statements in accordance with generally accepted auditing standards.