Course Description:

This course is a study of the standards, principles, practices and procedures of auditing. Students are required to integrate and apply prior accounting coursework.

Prerequisites:

ACC 210, 211, 300, 301

Textbooks: Auditing: An Integrated Approach, seventh edition, Arens/Loebbecke

Handout Materials

Statement of Plagiarism:

If an instructor or other Calumet College of St. Joseph personnel find that a student has plagiarized or been involved in another form of academic dishonesty, the instructor or other personnel may elect to bring the matter up for judicial review. The maximum penalty for any form of academic dishonesty is dismissal from the College. The procedures for judicial review are listed under the section of this handbook that addresses student grievances.

Calumet College of St. Joseph adheres to citation guidelines as written in the Publication Manual of the American Psychological Association, Fourth Edition. A copy is available from the Calumet College of St. Joseph bookstore. This text outlines how to cite references from a variety of sources, including electronic media.

Withdrawal from Classes Policy:

After the last day for class changes has passed (see College calendar), students may withdraw from a course in which they are registered with permission from the faculty member conducting the course. A written request detailing the reason(s) for the withdrawal must be filed with the Registrar. Written request for withdrawal must be received by the Registrar by the last day of classes prior to the final examination dates specified in the catalogue. Written requests may be mailed to the Registrar or faxed to the College fax number 219-473-4259. Students are to make note of the refund schedule when withdrawing from courses. The request is forwarded to the faculty member, who makes the final determination to accept or deny the request. If the request is honored, the student will receive notification of official withdrawal; if denied, the notification will indicate why the withdrawal is disallowed. Note: Degree Completion Division (DCD) students should consult the DCD Student Handbook for information on DCD withdrawals.

An official withdrawal is recorded as a "W" grade on the student's transcript. Dropping a

course without written permission automatically incurs an "F" grade for the course (see

Refund Schedule).

Class Policy on Attendance: Attendance at all class sessions is important. Advance notice should be given of any anticipated absence. Your absence from six class sessions will reduce your grade one level.

Class Policy For Assignments: All problems must be turned in at the end of the class period for which they are assigned. Late class assignments will not be accepted without approval prior to the due date. Excessive missed assignments could reduce grade one level.

Course Objectives:

Students in this course will develop the analytical capability for understanding the application of auditing procedures and systems.

Assessment:

Mid Term Exam 35 % of grade

Final Exam 35 % of grade

10 Short Quizzes 15 % of grade

Homework 10 % of grade

Class participation/collaboration/attendance 5 % of grade

Grading Scale:

A: 93 A-: 90 B+: 88 B: 83 B-: 80 C+: 78

C: 73 C-: 70 D+: 69 D: 67 D-: 65 F: Below 65

Class Assignments

Class Date Topic-Assignment

September 2 Introduction to Course Outline. General discussion of auditing.

Chapter 1 – The Auditing Profession

Homework Ch 1 – Review Questions 3, 7, 8, 9, 10, 11, 13, 14, 15, 20

Multiple Choice 23, 24, 25

September 9 Read Chapter 2 – Audit Reports

Read Chapter 3 – Professional Ethics

Homework Ch 2 – Review Questions 1, 2, 3, 4, 5, 6, 7, 9, 10, 12, 13

Multiple Choice 14, 15, 16

Homework Ch 3 – Review Questions 2, 3, 4, 5, 6, 7, 8, 10, 13, 14

Multiple Choice 16, 17, 18

QUIZ – Ch 1

September 16 Read Chapter 4 – Legal Liability

Homework Ch 4 – Review Questions 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14

Multiple Choice 16, 17, 18

QUIZ – Ch’s 3 & 4

September 23 Read Chapter 5 – Audit Responsibilities and Objectives

Homework Ch5 – Review Questions 1, 2, 3, 4, 6, 7, 9, 10, 11, 12, 14

Multiple Choice 18, 19, 20

QUIZ – Ch 4

September 30 Read Chapter 6 – Audit Evidence

Homework Ch 6 – Review Questions 2, 3, 4, 6, 10, 11, 12, 13, 19

Multiple Choice 20, 21

QUIZ – Ch 5

October 7 Read Chapter 7 – Audit Planning and Documentation

Homework Ch 7 – Review Questions 1, 2, 3, 4, 5, 9, 15, 20

Multiple Choice 22, 23, 24, 25

QUIZ – Ch 6

October 14 MID TERM EXAM – Covers Ch’s 1 through 7

October 21 Read Chapter 8 – Materiality and Risk

Homework Ch 8 – Review Questions 1, 2, 3, 4, 5, 7, 11, 12, 14, 17

Multiple Choice 22, 23, 24

October 28 Read Chapter 9 – The Study of Internal Control and Assessment of Control Risk

Homework Ch 9 – Review Questions 1, 4, 5, 6, 7, 9, 10, 11, 12, 13, 17, 18

Multiple Choice 20, 21, 22

QUIZ – Ch 8

November 4 Read Chapter 10 – Overall Audit Plan and Audit Program

Homework Ch 10 – Review Questions 1, 2, 3, 4, 7, 8, 9, 10, 11, 13, 18, 20

Multiple Choice 21, 22, 23

Discussion Question 24

QUIZ – Ch 9

November 11 Read Chapter 11 – Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

Homework Ch 11 – Review Questions 1, 2, 3, 5, 7, 9, 11, 14, 15, 17, 18

Multiple Choice 20, 21, 22

Discussion Question 24(A)

QUIZ – Ch 10

November 18 Read Chapter 12 – Audit Sampling for Tests of Controls and Substantive Tests of Transactions

Homework Ch 12 – Review Questions 1, 2, 3, 6, 7, 8, 10, 11, 13, 14, 15, 16

Multiple Choice 22, 23

QUIZ – Ch 11

November 25 Read Chapter 13 – Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

Homework Ch 13 – Review Questions 3, 4, 6, 7, 10, 11, 12, 13, 14, 15

Multiple Choice 18, 19

Discussion Question 20

QUIZ – Ch 12

December 2 Read Chapter 22 – Completing the Audit

Homework Ch 22 – Review Questions 1, 2, 3, 5, 7, 9, 11, 13, 15, 16, 17

Multiple Choice 18, 19, 20

December 9 FINAL EXAM – Covers Ch’s 8 through 13 and 22