acct 4261 - auditing - westga.edu · acct 4261 - auditing course outline ... 60 11% total 550 100%...
TRANSCRIPT
1
ACCT 4261 - AUDITING
Course Outline
Summer 2016
(M- F 5:30 – 7:45 pm)
Instructor: Dr. S. Seay Office Hours: M- F 4:30-5:30 pm
Office: Adamson 203B & by appointment
E-Mail: [email protected]
The policy of the University of West Georgia is that each student is responsible for checking his/her
my.westga.edu e-mail account on a regular basis. When your mailbox is full, you will not receive
important updates and information.
I. Catalog Description:
The course is designed to give the student an understanding of auditing objectives and standards,
and a working knowledge of auditing procedures and techniques. Standards, ethics, and legal
responsibilities of the public accounting profession, as well as preparation of audit reports are
emphasized.
II. Required Background or Experience:
A. Prerequisites: ACCT 3213; ACCT 4241
B. Prerequisite Justification:
In-depth knowledge of financial accounting, cost accounting, tax accounting, and
accounting systems is required to understand the audit function.
C. General Education (Core) Contributions:
The course uses the writing skills developed in English, the oral skills developed in Speech
and the critical thinking and analysis abilities developed in Mathematics. The knowledge
gained in core area IV courses of ACCT 2101 and 2102, CISM 2201(Computer skills), and
BUSA 2106 (Legal liability) are also used.
III. Expected Outcomes (www.westga.edu/accfin/outcomes.htm):
Improve communication effectiveness in oral presentations and writing.
(LG1-Learning Goal 1);
Display critical thinking and analysis abilities through examinations and assigned
projects and problems (LG 6);
Understand and apply accounting principles related to the auditing function (LG 4:
LO 4.5; LO4.6);
Have an understanding of legal, and ethical considerations that affect decision
making in the auditing area (LG5);
2
IV. Text and References:
Text: Auditing & Assurance Services, Messier, 9th edition, McGraw-Hill, 2014,
ISBN 1-2591-6234-6.
References: Auditing and Systems, Gleim & Hillison, Gleim Publications.
V. Expanded Description of the Course and Instructional Methods:
A. Description
The course provides a carefully balanced presentation of auditing theory and practice. The
approach is to integrate auditing material with that of previous courses in accounting
systems and financial and managerial accounting. The course emphasizes the philosophy
and the environment of the auditing profession, with special attention paid to the nature and
economic purpose of auditing, auditing standards, professional conduct, legal liability, audit
evidence, audit planning, consideration of internal control, audit sampling, and audit
working papers. The course also deals with obtaining evidence about various financial
statement accounts, selection of appropriate auditing procedures, and auditors’ reporting
responsibilities.
B. Instructional Methods
a. Lecture and problem solving:
Topics in auditing are discussed in lectures presented by the instructor. All
assignments turned in for grading should be prepared on the computer. Due dates
are listed on the course outline, and points will be deducted for late assignments.
b. Group problem solving:
Groups are formed at the beginning of the semester to prepare an audit project.
Specific instructions for the project will be forthcoming.
c. Article: Each student will write a summary of one article that relates to an auditing
topic. The minimum length is 500 words. A cover sheet with the word count, your
name and row-seat is required. A copy of the article must be attached to the
summary.
d. Lecture and videotape:
The topics of audit planning, risk assessment, and responsibility for fraud are
discussed using PricewaterhouseCoopers videotapes and materials.
e. Use of Internet:
Students will complete assignments using the Internet. Selected Web sites are
included as part of the course outline.
3
VI. Methods of Evaluating Outcomes:
Exam 1 100 18%
Exam 2 100 18%
Exam 3 100 18%
Exam 4 100 18%
Audit project 80 15%
Article summary 10 02%
Quizzes (10 @ 6 points each) 60 11%
Total 550 100%
There is no extra credit in this course beyond that explicitly stated in the course syllabus.
Work submitted for credit in other courses will not be accepted for credit in this course.
Learning Domains:
1) Cognitive: Knowledge, comprehension, application, analysis, synthesis,
and, evaluation.
2) Affective: Receiving, responding, valuing, organization, and characterization.
NOTE 1. This course covers the following AACSB perspectives:
Influences of legal and regulatory issues
Ethics
Oral & written communications
NOTE 2. This course covers the following teaching objectives:
Develops analytical/critical thinking skills
Develops interpersonal and group skills
Develops written and oral communication skills
VII. Policies:
A. Student Rights and Responsibilities
Please carefully review the information at the following link:
http://www.westga.edu/assetsDept/vpaa/Common_Language_for_Course_Syllabi.pdf
The document at this link contains important information pertaining to your rights and
responsibilities in this class. Because these statements are updated as federal, state,
University, and accreditation standards change, you should review the information each semester.
4
B. Credit Hour Policy
Students in this class will spend 405 - 675 minutes per week with faculty instruction. Generally,
students can expect to spend about 600 - 900 minutes of class work outside of the classroom each
week. This out-of-class work may include, but is not limited to, readings, assignments, projects,
group work, research, and test preparation. The amount of out of class time required for a given
outcome will vary by student.
C. Attendance
Attendance is essential in this course. There is a considerable amount of material covered in class.
Roll is taken at the beginning of class. If you come in late, it is your responsibility to make sure you
are counted present.
D. Assignments
There is a 10% penalty per day for late assignments. Some assignments are unavailable after the
due date.
E. Exam Procedures
You will need a simple calculator and pencil for each exam. The instructor will provide
scantrons for all exams. All students will be required to turn off cell phones and put them away.
F. Classroom Behavior
Laptops are not to be used during class unless you are using the text e-book. Cell phones must be
turned off and put away. I will collect your phone until the end of class if I see it on your desk.
Listening is a very important skill for a successful career as an accountant. You cannot listen if you
are talking or texting. I will be more than happy to repeat what I’ve said if you didn’t understand me.
Please do not leave the classroom and come back during class. Coming and going during class is
disruptive to both students and the instructor. Be sure all business is taken care of before class
begins.
Day Date
Chapter Assignment
M Jun 6 Introduction
Chapter 1 – Intro to Assurance and Auditing
Tu Jun 7 Chapter 2 – Fin. Statement Auditing Environment
W Jun 8 Chapter 3 – Audit Planning & Materiality
Th Jun 9 Chapter 4 – Risk Assessment
F Jun 10 Exam I – Chapters 1 – 4
5
M Jun 13 Chapter 5 – Evidence and Documentation
Tu Jun 14 Chapter 6 – Internal Control in an Audit
W Jun 15 Chapter 7 – Auditing Internal Control over FR
Th Jun 16 Chapter 8 – Audit Sampling Last day to withdraw with
A grade of “W”
F Jun 17 Exam II – Chapters 5 - 8
M Jun 20 Chapter 10 – Auditing the Revenue Process
Tu Jun 21 Chapter 11 – Auditing the Purchasing Process
W Jun 22 Chapter 13 – Auditing Inventory Management
Th Jun 23 Chapter 16 – Auditing Cash & Investments
F Jun 24 Exam III– Chapters 10, 11, 13, 16
M Jun 27 Chapter 17 – Completing the Audit Engagement
Tu Jun 28 Chapter 18 – Reports on Audited Financial Stmts
Chapter 19 – Professional Ethics Audit Project & Article
Summary due
W Jun 29 Reading Day – No class
Th Jun 30 Final Exam 5:30 – 7:30 pm
Chapters 17-19