SYLLABUS FOR AUDITING
Term: Summer, 2006 (053) May 8 – July 29, 2006
Course Number: ACC 470X
Instructor: Mr. Kenneth Taylor, CPA
Office: Room # 518
Office Phone: (219) 473-4294
E-mail: kentcpa@jorsm.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
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 and Assurance Services, eleventh 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
Class Date Topic-Assignment
May 9 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 16 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
May 23 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
May 30 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 6 Read Chapter 9 – Materiality and Risk
Read Chapter 10 – Section 404 Audits of 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, 23, 25, 27, 29
Multiple Choice 31, 32, 33
QUIZ – Ch’s 7 & 8
June 13 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 20 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 27 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, 23, 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 4 JULY 4TH HOLIDAY-NO CLASS MEETING
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
Multiple Choice 18, 19, 20
July 11 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 15, 16, 17 & 21
July 18 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
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 25 FINAL EXAM – Covers Ch’s 11, 13 thru 17, 19 thru 21, 23, 24