Calumet College of St.
Joseph
SYLLABUS FOR AUDITING
Term: Summer,
2001-2002 (013) April 29 August 3,
2002
Course Number: ACC 470X
Instructor: Mr. Kenneth Taylor, CPA
Office: Room
# 518
Office Phone: (219)
473-4294
E-mail: kentcpa@surfnetinc.com
Home Phone: (219) 865-1516 after 6pm
Office Hours: Tuesday 6:00pm 7:00pm and 10:00pm 10:30pm
Instructor Background: Certified
Public Accountant licensed in Indiana and Illinois. Partner in public
accounting firm. BS in Accounting from Purdue University Calumet.
Course Time: Tuesday 7:00 p.m. 10:00 p.m.
This
course is a study of the standards, principles, practices and procedures of
auditing. Students are required to integrate and apply prior accounting
coursework.
ACC
210, 211, 300, 301
Learning
Outcomes/Competencies:
Upon
completion of this course the student will be able to:
1.
Describe
assurance services and distinguish audit services from other assurance and
non-assurance services.
2.
Differentiate
the three main types of audits.
3.
Describe
the nature of CPA firms, what they do, and their structure.
4.
Identify
quality control standards and practices within the accounting profession.
5.
Describe
the parts of the standard unqualified audit report.
6.
Describe
the five circumstances when an unqualified report with an explanatory paragraph
or modified wording is appropriate.
7.
Resolve
ethical dilemmas using an ethical framework.
8.
Apply
the AICPA code rules and interpretations on independence and explain their
importance.
9.
Describe
accountants liability to clients and related defenses.
10.
Specify
what constitutes criminal liability for accountants.
11.
Explain
the objective of conducting an audit of financial statements.
12.
Explain
the relationship between audit objectives and the accumulation of audit
evidence.
13.
Identify
the four audit evidence decisions that are needed to create an audit program.
14.
Preplan
an audit.
15.
Apply
the concept of materiality to the audit.
16.
Define
risk in auditing.
17.
Explain
the five components of internal control.
18.
Select
the appropriate types of audit tests.
19. Integrate the audit evidence gathered and
evaluate the overall audit results.
Textbooks: Auditing: An Integrated
Approach,
eighth edition, Arens/Loebbecke
Handout Materials
Learning Strategies: Lecture,
Group Discussion, Practical Exercise
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
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.
Grading Scale:
A:
92-100 A-: 90-91 B+: 88-89 B: 82-87 B-:
80-81 C+: 78-79
C:
72-77 C-: 70-71 D+: 68-69 D: 62-67 D-:
60-61 F: 59 & below
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 on Electronic
Devices: To avoid disruption of the class, please turn off
all cell phones, pagers
etc.
Class Date Topic-Assignment
April 30 Introduction
to Course Outline. General discussion of auditing.
Chapter 1 The Demand For Audit And
Assurance Services
Chapter
2 The CPA Profession
Homework Ch 1 Review Questions 1 - 11
Multiple Choice 12, 13
Homework Ch 2 Review Questions 1 - 12
Multiple Choice 13 14
May
7
Read Chapter 3 Audit Reports
Read Chapter 4 Professional Ethics
Homework Ch 3 Review Questions 2, 4, 6, 8, 10, 12,
14, 16, 18, 20
Multiple Choice 21, 22
Homework Ch 4 Review Questions 1 17
Multiple Choice 18, 19
QUIZ Ch 1 & 2
May
14 Read Chapter 5 Legal Liability
Homework Ch 5 Review Questions 1 - 15
Multiple Choice 16, 17
QUIZ Chs 3 & 4
May 21 Read
Chapter 6 Audit Responsibilities and Objectives
Homework
Ch 6 Review Questions 1 - 17
Multiple
Choice 18, 20
QUIZ
Ch 5
May 28 Read
Chapter 7 Audit Evidence
Homework
Ch 7 Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19
Multiple
Choice 20, 21
QUIZ
Ch 6
June 4 Read
Chapter 8 Audit Planning and Documentation
Homework
Ch 8 Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21
Multiple
Choice 22 - 25
QUIZ
Ch 7
June 11 MID TERM EXAM Covers Chs 1
through 8
June 18 Read
Chapter 9 Materiality and Risk
Read Chapter 10 Internal Control and Control Risk
Homework
Ch 9 Review Questions 2, 4, 6, 8, 10, 12, 14, 16, 18, 20
Multiple
Choice 22 24
Homework Ch 10 Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19
Multiple
Choice 20 - 22
June 25 Read
Chapter 11 The Impact of Information Technology on the Audit Process
Homework
Ch 11 Review Questions 1 - 15
Multiple
Choice 16, 17
QUIZ
Ch 9 & 10
July 2 Read
Chapter 12 Overall Audit Plan and Audit Program
Homework
Ch 12 Review Questions 2, 4, 6, 8, 10, 12, 14, 16, 18, 20
Multiple
Choice 21 - 23
QUIZ
Ch 11
July 9 Read Chapter 13 Audit of the Sales and Collection Cycle
Homework
Ch 13 Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19
Multiple
Choice 20 22
QUIZ
Ch 12
July 16 Read
Chapter 14 Audit Sampling for Tests of Controls and Substantive Tests of
Transactions
Homework Ch 14 Review Questions 2, 4, 6, 8, 10, 12, 14, 16, 18, 20
Multiple Choice 22 - 24
QUIZ
Ch 13
July 23 Read
Chapter 23 Completing the Audit
Homework
Ch 23 Review Questions 1 - 17
Multiple
Choice 18 20
QUIZ Ch 14
July
30 FINAL
EXAM Covers Chs 9 through 14 and
Ch 23
Center for Academic
Excellence:
Tutoring assistance is free to all students of
Calumet College of St. Joseph. Call the Center for Academic Excellence (CAE),
to make an appointment at 473-4287. The Center has experienced and well-trained
tutors in most subject areas to help students who are struggling in a course or
who are doing well and would like to do better. Regular weekly tutoring
sessions are likely to improve your grade.
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 CCSJ handbook that addresses student grievances. (Academic
Planner 2001/2002 p.27)
Citation
Guidelines:
Calumet
College of St. Joseph adheres to citation guidelines as prescribed by the
particular discipline (i.e., MLA, APA, and the Chicago Manual of Style or
Turabian). All of these guidelines are available in the Calumet College of St.
Joseph library or bookstore. These texts outline 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.
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).