SYLLABUS FOR AUDITING

 

 

Term: Summer, 2005 (043) May 9 – July 30, 2005

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  5:30pm – 6:30pm and 10:00pm – 10:30pm

                         Other hours by appointment

 

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  6:30pm – 10:00pm

 

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

 

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 and Assurance Services, tenth edition, Arens/Elder/Beasley

                    

Learning Strategies: Lecture, Group Discussion, Practical Exercise

 

Assessment:

Mid Term Exam                                                                                      35 % of grade

Final Exam                                                                                                  35 % of grade

9 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.

 

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.

 

PLEASE NOTE: Calumet College of St. Joseph subscribes to Turnitin.com and all papers can and may be submitted for checks on plagiarism from the Internet/Electronic sources/Databases.

 

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).

 

School Closing Information:

Internet: http://www.ccsj.edu

               http://www.EmergencyClosings.com

Facility: Calumet College of St. Joseph

               Phone: 219-473-4770

Radio: WAKE – 1500 AM

            WGN – 720 AM

            WIJE – 105.5 FM

            WLS – 890 AM

            WZVN – 107.1 FM

            WBBM NEWS RADIO 78

TV Channels: 2, 5, 7, 9, 32

 

Course Outline:

Class Date                                                                  Topic-Assignment

 

May 10                                                             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 - 13

Multiple Choice 14, 15

Homework Ch 2 – Review Questions 1 - 15

                                                                               Multiple Choice 16, 17

 

 

 

 

 

 

 

 

 

 

May 17                                                                  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, 22

Multiple Choice 23, 24

Homework Ch 4 – Review Questions 1 – 17

Multiple Choice 18, 19

 

QUIZ – Ch’s 1 & 2

 

May 24                                                             Read Chapter 5 – Legal Liability

                                                                               Read Chapter 6 – Audit Responsibilities and Objectives

Homework Ch 5 – Review Questions 1 - 15

Multiple Choice 16, 17

                                                                               Homework Ch 6 – Review Questions 1 - 17

                                                                        Multiple Choice 18, 19, 20

                                                                       

QUIZ – Ch’s 3 & 4

 

May 31                                                             Read Chapter 7 – Audit Evidence

                                                                               Read Chapter 8 – Audit Planning and Analytical  Procedures

                                                                        Homework Ch 7 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27

                                                                        Multiple Choice 29, 30

                                                                               Homework Ch 8 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23

                                                                        Multiple Choice 25, 26, 27

 

                                                                        QUIZ – Ch’s 5 & 6

 

June 7                                                               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, 23, 24

                                                                               Homework Ch 10 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21

                                                                               Multiple Choice  23, 24, 25

 

                                                                        QUIZ – Ch’s 7 & 8

 

June 14                                                             MID TERM EXAM – Covers Ch’s 1 thru 10

                                                                               Read Chapter 11 – Fraud Auditing

                                                                        Homework Ch 11 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19

                                                                        Multiple Choice 20, 21, 22

                                                                       

 

June 21                                                             Read Chapter 13 – Overall Audit Plan and Audit Program

                                                                               Read Chapter 14 – Audit of the Sales and Collection Cycle: Tests of Controls and Substantive Tests of Transactions

                                                                        Homework Ch 13 – Review Questions 2, 4, 6, 8, 10, 12, 14, 16, 18, 20

                                                                        Multiple Choice 22, 23, 24

                                                                               Homework Ch 14 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19

                                                                        Multiple Choice 21, 22, 23

                                

                                                                               QUIZ – Ch 11

 

June 28                                                             Read Chapter 15 – Audit Sampling for Tests of Controls and Substantive Tests of Transactions

                                                                               Read Chapter 16 – Completing the Tests in the Sales and Collection Cycle: Accounts Receivable

                                                                               Homework Ch 15 – Review Questions 2, 4, 6, 8, 10, 12, 14, 16, 18, 20

                                                                               Multiple Choice 22 - 24

                                                                               Homework Ch 16 – Review Questions 2, 4, 6, 8, 10, 12, 14, 16, 18

                                                                               Multiple Choice 20, 21, 22    

 

                                                                               QUIZ – Ch’s 13 & 14

 

July 5                                                                Read Chapter 17 – Audit Sampling for Tests of Details of Balances

                                                                               Read Chapter 21 – Audit of the Inventory and Warehousing Cycle

                                                                        Homework Ch 17 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23

                                                                        Multiple Choice 25, 26

                                                                        Homework Ch 21 – Review Questions 2, 4, 6, 8, 10, 12, 14, 16

 

                                                                        QUIZ – Ch’s 15 & 16

 

 

 

 

 

 

 

 

 

 

 

 

July 12                                                                   Read Chapter 19 – Audit of the Acquisition and Payment Cycle: Tests of Controls, Substantive Tests of Transactions, and Accounts Payable

                                                                        Read Chapter 20 – Completing the Tests in the Acquisition and Payment Cycle: Verification of Selected Accounts

                                                                        Homework Ch 19 – Review Questions 2, 4, 6, 8, 10, 12, 14, 16

                                                                        Multiple Choice – 18, 19

                                                                        Homework Ch 20 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15

                                                                               Multiple Choice 17, 18, 19, 20

 

                                                                        QUIZ – Ch’s 17 & 21

 

July 19                                                              Read Chapter 23 – Audit of cash Balances

                                                                               Read Chapter 24 – Completing the Audit

                                                                               Homework Ch 23 – Review Questions 1, 3, 5, 7, 9, 11, 13, 15, 17

                                                                        Multiple Choice 18, 19

                                                                               Homework Ch 24 – Review Questions 2, 4, 6, 8, 10, 12, 14, 16, 18

                                                                               Multiple Choice 20, 21, 22, 23

                                                                                                                                                                

                                                                        QUIZ – Ch’s 19 & 20

 

July 26                                                                   FINAL EXAM – Covers Ch’s 11, 13 thru 17, 19 thru 21, 23, 24